Pioneer Natural Resources (PXD) Added to Credit Suisse U.S. Focus List; 'One of the Best Growth Stories in Big Cap E&P'
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Credit Suisse analyst Mark Lear reiterated an Outperform rating and $212 price target on Pioneer Natural Resources (NYSE: PXD) and added the stock to its U.S. Focus List. The analyst cited peer-leading growth at a compelling valuation.
Lear commented, "PXD remains one of the best growth stories in big cap E&P, with a deep inventory of high rate of return projects in the Midland Basin. The company continues to push capital and operating costs lower, while increased completion intensity holds the promise of delivering improving recoveries and returns. We note that PXD has de-rated relative to the peer group by 1.5x on 2018 strip estimates and trades at ~1.0x discount to large cap peers EOG and CXO. Given better leverage metrics and our forecast for superior debt-adjusted cash flow per share growth through 2018, we argue the discount is not warranted."
Shares of Pioneer Natural Resources closed at $182.25 yesterday.
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