UBS Upgrades Pioneer Natural Resources (PXD) to Buy; Recent Dip Offers High Growth Oil-levered E&P at Discount

UBS upgraded Pioneer Natural Resources (NYSE: PXD) from Neutral to Buy with a price target of $118.00.

Analyst, William A. Featherston, said, "Since E&P stocks have declined 26% while oil prices have fallen 23%. While cognizant of the risks (Euro debt concerns, Saudi over producing, high inventories, slowing China growth), global demand growth is up vs 2Q-4Q11and Brent is now below the targeted Saudi price ($100-105/Bbl), leading us to believe we are nearing a bottom. As such, we believe it is an opportune time to add to oil weighted E&Ps (currently discounting $70/Bbl), and are upgrading PXD to Buy."

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 $89.85 yesterday.

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