Canaccord Genuity Maintains a 'Buy' on Pioneer Natural Resources (PXD); Production Momentum Bodes Well for Q3/11; Strong Hedge Position
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Price: $269.62 --0%
Rating Summary:
28 Buy, 20 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
28 Buy, 20 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on Pioneer Natural Resources (NYSE: PXD) price target of $141.00.
Canaccord analyst, John Gerdes, said, "We are buyers of PXD heading into Q3/11 results as we believe operational momentum in the Eagle Ford Shale and Permian Spraberry Field should drive Q3 production toward the high end of guidance (expect 130 Mboepd vs. guidance of 125-131 Mboepd). Additionally, we anticipate a full operational update regarding Pioneer’s Permian activity, which we expect will include results from the company’s first horizontal middle Wolfcamp test in Upton County, TX (6,000’ lateral, 30 frac stages)...Looking out to ’12, PXD has the strongest hedge position in our coverage portfolio with ~60% of production hedged next year at attractive prices (~$80 floor on oil, ~$5.80 floor on gas)."
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 $68.45 yesterday.
Canaccord analyst, John Gerdes, said, "We are buyers of PXD heading into Q3/11 results as we believe operational momentum in the Eagle Ford Shale and Permian Spraberry Field should drive Q3 production toward the high end of guidance (expect 130 Mboepd vs. guidance of 125-131 Mboepd). Additionally, we anticipate a full operational update regarding Pioneer’s Permian activity, which we expect will include results from the company’s first horizontal middle Wolfcamp test in Upton County, TX (6,000’ lateral, 30 frac stages)...Looking out to ’12, PXD has the strongest hedge position in our coverage portfolio with ~60% of production hedged next year at attractive prices (~$80 floor on oil, ~$5.80 floor on gas)."
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 $68.45 yesterday.
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