Benchmark Research raised its Permian Resources Corp. price target to $16 from $14 Tuesday following the oil and natural gas company’s deal to acquire...
Benchmark Research raised its Permian Resources Corp. PR, +2.25% price target to $16 from $14 Tuesday following the oil and natural gas company’s deal to acquire Earthstone Energy Inc.
in an all-stock transaction valued at approximately $4.5 billion. Earthstone Energy is an excellent acquisition for Permian Resources, according to Benchmark Research analyst Subash Chandra. “From roots in the Southern Midland, ESTE has morphed into a pan-Permian operator through 8 acquisitions since 2020,” Chandra wrote, in a note. “The company has built scale, inventory and FCF potential without busting opex, capex or volumes expectations in any quarter.
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