Canaccord Genuity Downgrades Pioneer Natural Resources (PXD) to Hold

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Canaccord Genuity downgraded Pioneer Natural Resources (NYSE: PXD) from Buy to Hold with a price target of $111.00 (from $115.00) following Q3 results.

The analyst comments: "We are lowering our rating to HOLD and reducing our target price $4 to $111 per share due to higher operating and production tax expense. Our target price anticipates the sale of the Barnett Combo assets for $500-$600 million though does not include the full value uplift of a joint venture of the southern 200,000 net acres of the Spraberry field targeting the Wolfcamp shale."

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 $109.34 yesterday, with a 52 week range of $77.41-$119.19.

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