Sitio Royalties upgraded to Equal Weight from Underweight at Barclays

Barclays analyst Betty Jiang upgraded Sitio Royalties (STR) to Equal Weight from Underweight with a price target of $21, down from $23. The firm believes Sitio is more competitively positioned relative to oil-weighted exploration and production companies in the current low oil price environment given its royalty model and sizable Permian exposure. The analyst values royalties “for their resilience in periods of extreme commodity prices.”