Permian Resources price target lowered to $21 from $23 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on Permian Resources to $21 from $23 and keeps an Overweight rating on the shares. The firm reduced its gas price forecasts to reflect the view that the gas market remains over-supplied. Piper reduced its mid-cycle gas price forecast to $3.25 from $4 as it anticipates operating efficiencies and improving cycle times will continue to drive a lower marginal cost of supply. It also trimmed its intermediate-term oil forecast.