Initiating Coverage At Outperform

研报英文原文证据摘录

Initiating Coverage At Outperform

Energy | Exploration & Production

June 23, 2026

Permian Resources Chris Baker, CFA Stephen Richardson 917-741-8669 212-446-5639

PR | $18.56 chris.baker@evercoreisi.com stephen.richardson@evercoreisi.com

Outperform | Target Price/Base Case: $25.00 Chris Lee Chai Zhao, CFA

Initiating Coverage 212-653-9041 646-321-3097

chris.lee@evercoreisi.com chai.zhao@evercoreisi.com

Company Statistics Old-School E&P Built to Answer the Call for Growth in a World

Market Capitalization (M) $15,540 Increasingly Focused on Energy Security x Advantaged Delaware

Enterprise Value (M) $18,602 Consolidator Staring Down a ~$13bn Opportunity Set

Dividend Yield (Base) 3.4%

Avg. Daily Trading Value (M) $251 Permian Resources (PR) sits squarely at the intersection of the two

52-Week Range $11.92 - $22.68 themes the market will actually start paying for in US shale on the back

side of the Iran conflict: low-breakeven inventory capable of

compounding free cash flow per share, and disciplined consolidation of

Earnings Summary core Permian acreage. Post-conflict, with security of supply back at the

2026E 2027E 2028E center of the energy debate and a renewed call on US shale to meet it,

EPS Q1 $0.39A $0.56 $0.55 the market needs assets of exactly this nature, scalable, low cost, and

Q2 $0.56 $0.53 $0.52 growthy, and we think PR fits that brief as cleanly as any name in the

Q3 $0.56 $0.54 $0.53 mid-cap group. PR runs a narrower, cleaner model than most peers,

Q4 $0.54 $0.56 $0.56 built on a single-basin focus, and a management team that has earned

FY $2.05 $2.19 $2.16 the market's trust through disciplined capital allocation across

CFPS Q1 $1.15A $1.40 $1.40 development, ground game acquisitions, the balance sheet, and share

Q2 $1.39 $1.37 $1.37 buybacks.