UBS Maintains a 'Neutral' on Pioneer Natural Resources (PXD); Q3 EPS Beats on Lower Tax Rate; Production in Line

UBS maintains a 'Neutral' on Pioneer Natural Resources (NYSE: PXD) price target raised $3 to $88.00.

UBS analyst says, "3Q EPS beats on lower tax rate; production in line with UBSe & guidance...Reiterated full year 2011 production and capex guidance. PXD also reiterated ’11 capex of $2.1bn & 2012 production growth target of 20%. We modestly raised our 2011-12 EPS/CFPS to $3.80/$12.40 and $4.05/$13.70."

"Other key takeaways from 3Q results: 1) Spraberry production running at the high end of expectation range largely offset by Eagle Ford at low end of guidance; 2) 4th horizontal well (30 frac stages) in the Wolfcamp Shale play had a 24-hour IP rate of 854 Boed (~92% liquids); and 3) maintained 2012 and 2013-14 growth
targets of +20% and +18%/annum."

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 $80.97 yesterday.

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