UBS Maintains a 'Neutral' on Pioneer Natural Resources (PXD); Modest Beat Offset by Higher Unit Costs

May 3, 2012 1:17 PM EDT
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Price: $183.01 +1.10%

Rating Summary:
    33 Buy, 9 Hold, 1 Sell

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    Up: 13 | Down: 22 | New: 54
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UBS maintains a 'Neutral' on Pioneer Natural Resources (NYSE: PXD) price target raised from $113 to $118.

Analyst, William A. Featherson, said, "1Q modestly beats on production; partly offset by higher unit costs...PXD reiterated ‘12 growth of 23-27%, & its 2011-14 production CAGR of +20%. With production growing 7% QoQ each of the last three quarters, we conservatively forecast 3% QoQ growth for the balance of 2012 and estimate volumes of 154.2 MBoed (above guidance of 148-153 MBoed). PXD also reiterated its 2012 capex of $2.8bn, however, it appears spending is ahead of this run-rate and we expect PXD to revise capex up later this year. We adjusted 2012 EPS/CFPS to $4.90/$15.75 from $4.90/$15.60."

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 $112.64 yesterday.

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