Canaccord Genuity Reiterates a 'Buy' on Pioneer Natural Resources (PXD); Q3/11: Wolfcamp Takes the Stage, Eagle Ford Progressing Nicely
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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 reiterates a 'Buy' on Pioneer Natural Resources (NYSE: PXD) price target cut to $123.00.
Canaccord analyst, John Gerdes, says, "We are lowering our target price $6 to $123 due to higher operating expense though reiterating our BUY rating. We see 30% growth in ‘12, which is markedly above the company’s 20%+ guidance and should be the driving force behind share price outperformance. 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, ~$5.45 floor on gas). Consequently, we believe the company’s cash flow is relatively safe compared to its peers, which should benefit the stock given the current macro uncertainty."
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 $91.16 yesterday.
Canaccord analyst, John Gerdes, says, "We are lowering our target price $6 to $123 due to higher operating expense though reiterating our BUY rating. We see 30% growth in ‘12, which is markedly above the company’s 20%+ guidance and should be the driving force behind share price outperformance. 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, ~$5.45 floor on gas). Consequently, we believe the company’s cash flow is relatively safe compared to its peers, which should benefit the stock given the current macro uncertainty."
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 $91.16 yesterday.
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