UPDATE: Morgan Stanley Resumes Pioneer Natural Resources (PXD) at Equalweight
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Morgan Stanley analyst Devin McDermott resumes coverage on Pioneer Natural Resources (NYSE: PXD) with a Equalweight rating and a price target of $120.00.
The analyst comments "PXD's acquisition of PE is accretive to FCF and adds to an already peer-leading runway of high return drilling locations in the Permian. This, coupled with attractive scale, limited exposure to federal regulatory uncertainty, and a strong balance sheet, support PXD's premium valuation. Resume at EW."
Shares of Pioneer Natural Resources closed at $128.24 yesterday.
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