Evercore ISI initiated coverage of Permian Resources with an Outperform rating and $25 price target. Permian \"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, the analyst tells investors. 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,\" the analyst added.
