Mizuho Securities Starts Pioneer Natural Resources (PXD) at Neutral
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Mizuho Securities initiates coverage on Pioneer Natural Resources (NYSE: PXD) with a Neutral rating and a price target of $196.00.
Analyst Timothy Rezvan commented, "Pioneer offers a pristine balance sheet, a deep Midland Basin inventory, a strong operations team, and vertical integration. However, with those attributes comes a rich multiple for PXD shares (15.1x 2017E EV/EBITDA). Our Neutral rating reflects our view on the equity's value, not our view on the quality of the alpha dog of the Midland Basin. A strong balance sheet and non-core asset sale candidates provide funding visibility for management's planned rig ramp, but we prefer more attractively valued equities offering similar/higher growth from the Permian."
Shares of Pioneer Natural Resources closed at $182.50 yesterday.
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