Wells Fargo Upgrades Pioneer Natural Resources (PXD) to Outperform; Premium Permian Leverage And Eagle Ford Upside Potential

Wells Fargo upgraded Pioneer Natural Resources (NYSE: PXD) from Market Perform to Outperform. Valuation Range: $120-$125 from $105-$110.

Wells analyst says, "Pioneer has made important strides in accelerating its growth plans. As the Spraberry and Eagle Ford ramps take further hold we see growth accelerating into 2H11. Our Outperform rating on Pioneer shares primarily reflects our positive view on the long-dated oil optionality represented by Pioneer's Permian asset as well as its strong comparative returns in the Eagle Ford...2011E/2012E EPS increase to $3.69/$5.73 from $3.10/$4.44, both of which are comfortably ahead of consensus."

For more ratings news on Pioneer Natural Resources click here and for the rating history of Pioneer Natural Resources click here.

Shares of Pioneer Natural Resources closed at $99.32 yesterday.

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