Mizuho Securities Starts Pioneer Natural Resources (PXD) at Neutral

October 5, 2016 4:22 PM EDT
Get Alerts PXD Hot Sheet
Price: $183.30 +1.26%

Rating Summary:
    33 Buy, 9 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 20 | New: 54
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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."

For an analyst ratings summary and ratings history on Pioneer Natural Resources click here. For more ratings news on Pioneer Natural Resources click here.

Shares of Pioneer Natural Resources closed at $182.50 yesterday.

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