Mizuho analyst Nitin Kumar raised the firm’s price target on Permian Resources (PR) to $17 from $16 and keeps a Buy rating on the shares. The acquisition of Earthstone Energy (ESTE) is slightly dilutive to the asset quality of standalone Permian Resources, but the ability to capture synergies gives confidence in the pro-forma entity, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on PR:
- Roth MKM ‘surprised’ Earthstone accepting Permian Resources takeover offer
- Earthstone Energy (NYSE: ESTE) to Merge with Permian Resources in $4.5 Billion Deal
- Permian Resources to acquire Earthstone Energy in $4.5B all-stock transaction
- TipRanks ‘Perfect 10’ List: These Top-Score Oil Stocks Just Got Upgraded
- Permian Resources price target raised to $15 from $14 at Stifel
Questions or Comments about the article? Write to editor@tipranks.com