Wells Fargo Starts Pioneer Natural Resources (PXD) at Outperform

October 9, 2012 8:25 AM EDT
Get Alerts PXD Hot Sheet
Price: $185.00 +1.09%

Rating Summary:
    33 Buy, 9 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 34 | New: 34
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Wells Fargo initiated coverage on Pioneer Natural Resources (NYSE: PXD) with an Outperform rating and a price target of $122 to $126.

"Pioneer Natural Resources' two core assets in the Permian and the Eagle Ford provide investors with exposure to a steady, low-risk asset base, a liquids-weighted production profile, and a repeatable and visible inventory of opportunities to fuel growth for years to come," said analyst Gordon Douthat.

He thinks the company is well positions to take advantage of promising plays, including emerging opportunities at a horizontal drilling site at Permian.

Wells Fargo’s EPS estimates for 2012 and 2013 are $3.88 and $5.25.

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 $102.59 yesterday.

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