Tudor Pickering
Tudor, Pickering, Holt & Co. (TPH&Co.) is the Houston-based energy investment banking business of Perella Weinberg Partners. Its energy equity research franchise has operated since 2026 as the independent, research-only TPH Research.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 812M
- Actions
- 1212M
- Ratings / Price targets
- 0 / 12
- Median upside
- +21.7%
- Targets raised / lowered
- 3 / 3
- On record
- May 2012 – May 2026
Overview
TPH Research covers 103 companies as of 2026 across the energy value chain, including exploration and production, midstream, energy infrastructure and renewables. It describes a deliberately lean analyst team.
Dan Pickering founded Pickering Energy Partners in 2004 as an independent, research-only energy firm. It merged with Bobby Tudor's Tudor Capital in 2007 and, after Maynard Holt joined, operated as Tudor, Pickering, Holt & Co., adding energy investment banking. TPH combined with New York-based Perella Weinberg Partners in 2016 as its energy business, and PWP listed on Nasdaq in 2021. In 2026 the research team became TPH Research, an entity unaffiliated with PWP.
Milestones
- 2004
Pickering Energy Partners founded as research-only energy firm
- 2007
Combined with Tudor Capital; launched energy investment banking
- 2016
Combined with Perella Weinberg Partners as its energy business
- 2019
Energy asset management spun out as Pickering Energy Partners
- 2021
Parent Perella Weinberg Partners listed on Nasdaq
- 2026
Research team became independent TPH Research
Firm facts
- Legal name
- Tudor, Pickering, Holt & Co.
- Type
- Boutique
- Founded
- 2004
- Headquarters
- Houston, United States
- Parent
- Perella Weinberg Partners
- Listing
- Nasdaq: PWP
- Co-Managing Partner and Head of Research, TPH Research
- Matthew Portillo
- Rating scale
- BuyAccumulateHoldTrimSell
- Website
- tphco.com
Research philosophy
Founded on a simple idea: the best research stands on its own.
TPH Research says it serves only institutional research clients, maintains no proprietary trading portfolio and sells no other products. Its stated principles of honesty and teamwork carry over from TPH&Co. As of 2026, its analysis draws on proprietary basin economics, channel checks and field-level datasets. Each analyst is responsible for a segment of the energy industry, from financial modeling and report writing to client discussions.
Rating methodology
TPH&Co. rated stocks on a five-tier Buy, Accumulate, Hold, Trim and Sell scale.
Coverage12M
Sectors
Most covered24M
Most active analysts
- William Pickering13 notesBEAMBIIBBMRN
Recent actions
| Date | Stock | Rating action | Target | Analyst |
|---|---|---|---|---|
| May 13 |  Beam Therapeutics Inc.BEAM | Target | $41 →$39 | William Pickering |
| May 5 |  BioMarin Pharmaceutical Inc.BMRN | Target | $88 →$82 | William Pickering |
| Feb 13 |  BridgeBio Pharma, Inc.BBIO | Target | $100 | William Pickering |
| Feb 9 |  Biogen Inc.BIIB | Target | $157 →$201 | William Pickering |
| Feb 2 |  Regeneron Pharmaceuticals, Inc.REGN | Target | $916 →$925 | William Pickering |
| Jan 27 | Regeneron Pharmaceuticals, Inc.REGN | Target | $916 | William Pickering |
| Jan 21 | Beam Therapeutics Inc.BEAM | Target | $37 →$41 | William Pickering |
| Jan 2 |  Arrowhead Pharmaceuticals, Inc.ARWR | Target | $35 | William Pickering |
| Dec 9, 2025 |  Dyne Therapeutics, Inc.DYN | Target | $23 | William Pickering |
| Nov 3, 2025 | Biogen Inc.BIIB | Target | $157 | William Pickering |
| Nov 3, 2025 | BioMarin Pharmaceutical Inc.BMRN | Target | $110 →$88 | William Pickering |
| Oct 28, 2025 |  Intellia Therapeutics, Inc.NTLA | Target | $14.50 | William Pickering |