Morgan Stanley Cuts PT on Permian Resources (PR)

Permian Resources Corporation (NYSE:PR) is one of the top wonderful stocks to buy now. Morgan Stanley cut the price target on Permian Resources Corporation (NYSE:PR) to $24 from $25 on June 29 and maintained an Overweight rating on the shares. The firm stated that since the announcement of a memorandum of understanding between Iran and the United States on June 14, oil prices have declined, with WTI now sitting only slightly above pre-conflict levels. The firm thus refreshed its estimates for the latest energy prices.

Permian Resources (PR): Among Billionaire Jim Simons’ RenTech’s Small-Cap Stock Picks with Huge Upside Potential

Permian Resources Corporation (NYSE:PR) also received a rating update from Evercore ISI on June 23. The firm initiated coverage of the stock with an Outperform rating and $25 price target, telling investors that Permian Resources Corporation (NYSE:PR) “sits squarely at the intersection of the two themes the market will actually start paying for” in U.S. shale, namely low-breakeven inventory capable of compounding free cash flow per share and disciplined consolidation of core Permian acreage. Evercore believes that with security of supply back at the center of the energy debate after the Iran conflict and a renewed call on U.S. shale to meet it, the market “needs assets of exactly this nature”.

Permian Resources (NYSE:PR) is an independent natural gas and oil company specializing in acquiring, optimizing, and developing oil and natural gas properties. A significant majority of the company’s assets are concentrated within the Delaware Basin in Eddy and Lea Counties, New Mexico, and Reeves and Ward Counties, Texas.

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