Pickering Energy Partners
Pickering Energy Partners (PEP) is a Houston-based energy-focused financial services firm offering investment banking, research, capital markets and investment management across oil and gas and the energy transition. It was founded by Tudor, Pickering, Holt & Co. co-founder Dan Pickering.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 012M
- Actions
- 012M
- On record
- Sep 2023 – Apr 2025
Overview
PEP Research provides market intelligence and investable ideas on energy services and upstream oil and gas, with analysts averaging more than 15 years of sector experience. Its products include a daily research note, macro and topical reports and earnings-season commentary. The firm also runs public energy equity strategies managed by its founder and, through SailingStone, natural-resources strategies; its broker-dealer, PEP Advisory LLC, is a FINRA member.
Dan Pickering launched the original Pickering Energy Partners in 2004 as an institutional energy research firm and in 2007 combined with Bobby Tudor and Maynard Holt to form Tudor, Pickering, Holt & Co., which Perella Weinberg Partners acquired in 2016. In 2019 Pickering and Walker Moody spun TPH's energy asset management business out as a standalone PEP. It merged with SailingStone Capital Partners in 2021, launched oil and gas investment banking in 2023 and sold its consulting practice to Opportune in 2026.
Milestones
- 2004
Dan Pickering founds original PEP as energy research firm
- 2007
Combines into Tudor, Pickering, Holt & Co.
- 2019
Relaunched as standalone firm, spun out of Perella Weinberg
- 2021
Merges with SailingStone Capital Partners
- 2023
Launches oil and gas investment banking unit
- 2026
Sells consulting and advocacy practice to Opportune
Firm facts
- Type
- Boutique
- Founded
- 2019
- Headquarters
- Houston, United States
- President
- Walker Moody
- Website
- pickeringenergypartners.com
Research philosophy
As investors and analysts, we must assess a multitude of datapoints, being careful not to give too much weight to near-term market reactions.
PEP says its private equity team uses fundamental research to assess oil and gas investments, looking for individual opportunities with substantial upside relative to the risk. Dan Pickering's commentary compares the oil price implied by energy stocks with an estimated equilibrium price that supports both new supply and demand growth. In a 2026 podcast, he described a countercyclical approach: adding to investments when investors are fearful and reducing positions as markets strengthen.
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Oceaneering International, Inc.OII | Neutral | — |
 Solaris Energy Infrastructure, Inc.SEI | Outperform | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Apr 2, 2025 | Oceaneering International, Inc.OII | Upgrade | Underperform →Neutral |
| Nov 6, 2024 | Solaris Energy Infrastructure, Inc.SEI | Upgrade | Neutral →Outperform |
| Jan 9, 2024 | CRComstock Resources, Inc.CRK | Upgrade | Underperform →Neutral |
| Sep 8, 2023 |  First Solar, Inc.FSLR | Upgrade | Neutral →Outperform |