Benchmark reiterates Buy rating on Permian Resources stock, maintains $14 target

Investing.com - Benchmark has reiterated its Buy rating on Permian Resources Corp (NYSE:PR) while maintaining its $14.00 price target. According to InvestingPro data, analysts’ targets range from $14 to $23, with a strong consensus recommendation of 1.4 (Buy), suggesting potential upside from current levels.

The research firm adjusted its second-quarter EBITDA estimate for Permian Resources to $891 million from $916 million, citing month-to-month commodity prices and differentials.

The revised EBITDA projection now aligns with the current consensus estimate of $891 million for the quarter.

Benchmark noted that Permian gas differentials plunged during the quarter, while gathering, processing, and transportation (GP&T) costs increased sequentially.

The firm made no changes to its capital expenditure forecasts for Permian Resources in its updated analysis.

In other recent news, Permian Resources Corporation has been the focus of several analyst updates and strategic developments. Citi has raised its price target for Permian Resources to $17.00 from $15.00, maintaining a Buy rating, citing efficiency gains and potential for further acquisitions. RBC Capital Markets also increased its price target to $17.00, reaffirming an Outperform rating, highlighting ongoing operational improvements and strategic acquisitions. UBS reiterated a Buy rating with a $16.00 price target, noting improving free cash flow and recent acquisitions as key factors. Piper Sandler maintained an Overweight rating with a $19.00 price target, pointing to enhanced reinvestment opportunities following acquisitions in the New Mexico Delaware Basin.

The company announced the acquisition of New Mexico assets from APA for $608 million, adding significant oil equivalent production and drilling locations. During its annual shareholder meeting, Permian Resources’ shareholders approved key proposals, including board director elections and executive compensation, reflecting confidence in the company’s governance. These developments indicate a focus on strategic growth and operational efficiency, which are crucial for investors to monitor.

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