Tudor Pickering
Tudor, Pickering, Holt & Co.
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.
Company history
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.
- 2004Pickering Energy Partners founded as research-only energy firm
- 2007Combined with Tudor Capital; launched energy investment banking
- 2016Combined with Perella Weinberg Partners as its energy business
- 2019Energy asset management spun out as Pickering Energy Partners
- 2021Parent Perella Weinberg Partners listed on Nasdaq
- 2026Research team became independent TPH Research
Research
TPH Research covers 103 companies as of 2026 across the energy value chain, including exploration and production, midstream, energy infrastructure and renewables, built on proprietary basin economics, channel checks and field-level datasets. TPH&Co. rated stocks on a five-tier Buy, Accumulate, Hold, Trim and Sell scale.
Coverage12M
- Stocks
- 8
- Ratings
- 0
- Price targets
- 12
- Median upside
- +21.7%
- Upgrades
- 0
- Downgrades
- 0
- Initiations
- 0
- Reiterations
- 0
- Targets raised
- 3
- Targets cut
- 3
Sectors
Listing
Activity24M
Most covered24M
Analysts24M
- William PickeringBEAM · BIIB · BMRN13
Recent actions
| Stock | Rating action | Target | Date |
|---|---|---|---|
 Beam Therapeutics Inc.BEAM | Target | $41 →$39 | May 13 |
 BioMarin Pharmaceutical Inc.BMRN | Target | $88 →$82 | May 5 |
 BridgeBio Pharma, Inc.BBIO | Target | $100 | Feb 13 |
 Biogen Inc.BIIB | Target | $157 →$201 | Feb 9 |
 Regeneron Pharmaceuticals, Inc.REGN | Target | $916 →$925 | Feb 2 |
| Regeneron Pharmaceuticals, Inc.REGN | Target | $916 | Jan 27 |
| Beam Therapeutics Inc.BEAM | Target | $37 →$41 | Jan 21 |
 Arrowhead Pharmaceuticals, Inc.ARWR | Target | $35 | Jan 2 |
 Dyne Therapeutics, Inc.DYN | Target | $23 | Dec 9, 2025 |
| Biogen Inc.BIIB | Target | $157 | Nov 3, 2025 |
| BioMarin Pharmaceutical Inc.BMRN | Target | $110 →$88 | Nov 3, 2025 |
 Intellia Therapeutics, Inc.NTLA | Target | $14.50 | Oct 28, 2025 |
Similar coverage12M
References
- TPH&Co. | Energy Business of Perella Weinberg Partnerstphco.com
- Third-Party Independent Research Disclosures | TPH&Co.tphco.com
- About – TPH Researchtphresearch.com
- Team – TPH Researchtphresearch.com
- Perella Weinberg Partners and Tudor, Pickering, Holt & Co. Complete Combination (2016)pwpartners.com
- Tudor, Pickering, Holt Unit Spins Out – Hart Energy (2019)hartenergy.com