Baird analyst Joseph Allman maintained an Outperform rating but lowered his price target to $112 from $136, citing lower oil prices. In a research note to investors, Allman says the stock's outperformance over the last three months is a testament to improved Permian oil differentials and Henry Hub gas prices and the company's multiyear cash flow outlook, positive operations, growing return of capital and visible free cash flow generation. Allman sees continued relative stock outperformance and "strong" absolute stock performance over the next few years.