The stock has come down pretty hard this month so far, nearly 25%, on pretty large volume. My hunch is that this could be due to some of their $14 warrants getting exercised and the underlying stock sold. They issued 3.25M warrants in connection with their acquisition of the Marcellus assets on 4/1/21, and those warrants became exercisable on 6/30/21.
If you annualize 4Q projected EBITDA their EV is trading at about a 3.5 multiple. This is way too low when you see that a lot of their peers are trading at multiples over 4, or even higher, even after the carnage of the last few weeks.
I think of the stock as an ETF of sorts, cherry-picking the best operators and the best plays. Most of their current production is from the Bakken but they are now in the Permian as well as the Marcellus. Most of their growth from here is going to be in the Permian.