Canaccord Genuity Maintains a 'Buy' on Pioneer Natural Resources (PXD); Wolfcamp Well Outperformance

Canaccord Genuity maintains a 'Buy' on Pioneer Natural Resources (NYSE: PXD) price target of $117.00 (from $120.00).

Analyst, John Gerdes, said, "We are lowering our target price $3 per share due to a lower oil price realization and higher operating expense. Pioneer’s capital productivity is ~10% better than the industry (liquids-normalized). The company’s superior productivity is underpinned by Spraberry field development and associated oilfield service vertical integration."

'Yet, PXD trades at a premium (’13E EBITDA) to the group though offers ~20% less CFPS growth (’12-’14E). Consequently, PXD presents ~20% less implied upside to our target than the group as investors apply a premium for the company’s drilling inventory depth and potential for further productivity gains in Wolfcamp."

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 $100.07 yesterday.

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