UPDATE: Susquehanna Upgrades Pioneer Natural Resources (PXD) to Positive

(updated to add analyst comment)

Susquehanna analyst Biju Perincheril upgraded Pioneer Natural Resources (NYSE: PXD) from Neutral to Positive with a price target of $216.00 (from $211.00).

The analyst comments "Concerns about the company's capital efficiency has been a headwind for the shares since management initially discussed an increase to this year's capital budget. However, results from PXD's latest completion designs (Version 3.0+) show higher productivity and returns, which should become more evident in company-level figures as the newer designs are more widely implemented. Next step is tailored completions which could provide additional upside as it is implemented across the company's Midland Basin position. We've increased '19/'20 production estimates modestly, though risk is still biased higher."

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 $170.43 yesterday.

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