StoneX analyst Subash Chandra reiterated a Hold rating on Permian Resources Corp (NYSE: PR).

The analyst commented, "Raising our 3Q EBITDA estimate to $1.35B from $1.10B. Consensus is $1.3B. PR likely optimized shortcycle efforts to take advantage of high oil prices. We expect production and capex run-rate to track to the high-end of annual guidance. FCF was used to de-lever (retired another $325m of debt this quarter) and make acquisitions. Reiterate our Hold-rating on valuation as we believe shares reflect $90+ l-t oil."

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Shares of Permian Resources Corp closed at $23.40 yesterday.