Permian Resources initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of Permian Resources with a Buy rating and $19 price target, implying 40% upside to the current price. The shares offer “several fundamental elements” that position it to outperform peers, as Permian carries scarcity value in its investment portfolio, the analyst tells investors in a research note. The firm says Permian Resources is among the few “high quality” pure-play Permian Basin focused companies, lending strong inventory quality versus peers given the concentration of acreage in the highest quality resource of the Delaware Basin.