Canaccord Genuity Maintains a 'Buy' on Pioneer Natural Resources (PXD); Lowering PT on Equity Offering; '12 Funding Gap Now Closed
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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 lowered from $123 to $119.
Canaccord analyst, John Gerdes, said, "We are lowering our target price on the company’s 6.325 million share common stock offering (includes overallotment). Proceeds will go toward adding a second horizontal Wolfcamp rig in early ’12 and increasing activity to up to seven rigs by year-end ’12. Pioneer plans to drill ~80 horizontal Wolfcamp wells by year-end ’13 and anticipates drilling wells with 7,000’ laterals and 30+ frac stages. We note the planned increase in drilling activity is largely accounted for in our $2.2 billion ’12 capital plan. With the proceeds from this offering, we believe PXD has essentially bridged the ’12 capital spending shortfall."
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 $92.03 yesterday.
Canaccord analyst, John Gerdes, said, "We are lowering our target price on the company’s 6.325 million share common stock offering (includes overallotment). Proceeds will go toward adding a second horizontal Wolfcamp rig in early ’12 and increasing activity to up to seven rigs by year-end ’12. Pioneer plans to drill ~80 horizontal Wolfcamp wells by year-end ’13 and anticipates drilling wells with 7,000’ laterals and 30+ frac stages. We note the planned increase in drilling activity is largely accounted for in our $2.2 billion ’12 capital plan. With the proceeds from this offering, we believe PXD has essentially bridged the ’12 capital spending shortfall."
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 $92.03 yesterday.
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