Billionaire Jim Simons’ RenTech’s 10 Small-Cap Stock Picks with Huge Upside Potential

7. Permian Resources Corporation (NYSE:PR)

Renaissance Technologies’ Stake Value: $155,436,972

Upside Potential as of May 1: 43.93%

Market Capitalization as of May 1: $9.677 Billion

Number of Hedge Fund Holders: 54

Permian Resources Corporation (NYSE:PR) is an independent oil and natural gas producer. It explores for, extracts, and develops crude oil, natural gas, and natural gas liquids. Its products serve the energy sector, supplying fuel to refineries and other industrial buyers in both domestic and global markets.

In Q4 2024, Permian Resources (NYSE:PR) reported solid operational performance. The quarter’s crude oil production averaged 171,274 barrels per day (Bbls/d), and total production reached 368,414 barrels of oil equivalent per day (Boe/d). On the financial front, the company generated $872 million in cash from operating activities and $400 million in adjusted free cash flow during the quarter. Notably, the corporation has achieved commendable operational efficiency gains; it reduced drilling and completion costs to approximately $775 per lateral foot, a 3% reduction from the previous quarter and a 14% reduction year-over-year.

For 2025, Permian Resources (NYSE:PR) has outlined a capital-efficient operational plan focused on delivering approximately 8% higher annual production compared to 2024. It also aims to maintain a similar capital budget of between $1.9 billion and $2.1 billion. The company expects to average 170-175 mega barrels per day (MBbls/d) of oil production and 360-380 mega barrels of oil equivalent per day (MBoe/d) of total production.

On April 29, 2025, Bank of America (BofA) lowered its price target for Permian Resources (NYSE:PR) from $17 to $15, while maintaining a Buy rating. This adjustment reflects BofA’s updated oil market projections, which predict lower WTI oil prices for the second to fourth quarters of 2025.