12 Best Gas Stocks To Buy According to Hedge Funds

7. Permian Resources Corporation (NYSE:PR)

Number of Hedge Fund Holders: 56

Permian Resources Corporation (NYSE:PR) is a prominent independent oil and natural gas company. Based in Midland, Texas, the company focuses on acquiring and developing oil and liquids-rich natural gas assets in the Permian Basin. It is one of the largest pure-play exploration and production companies in this region.

In the third quarter of 2024, Permian Resources Corporation (NYSE:PR) demonstrated strong operational efficiency by reducing its drilling and completion costs to $800 per lateral foot, marking a 16% decrease from the previous year. The company also achieved a 16% reduction in drilling cycle times and a 19% increase in completion crew pump hours per day. These improvements not only cut costs but also enhance profitability.

On September 17, 2024, the company completed its acquisition of the Barilla Draw assets, adding approximately 29,500 net acres to its portfolio. This strategic acquisition is expected to boost production significantly, with the new properties already yielding about 2 MBoe/d during the third quarter. Additionally, Permian Resources Corporation (NYSE:PR) has been actively pursuing smaller acquisitions, adding around 460 net acres during Q3 2024.

The corporation is also looking to divest non-core assets to streamline operations and create value for shareholders. On December 10, 2024, Permian Resources Corporation (NYSE:PR) announced it would sell its natural gas and oil gathering systems in Reeves County, Texas, to Kinetik Holdings for $180 million. With its focus on operational improvements and strategic acquisitions, Permian Resources Corporation (NYSE:PR) presents a strong case for investment. PR ranks among the best energy stocks to buy.