UPDATE: Societe Generale Upgrades Pioneer Natural Resources to Hold, Reiterates $92 PT
In a report published earlier today, Societe Generale S.A. upgraded its rating for Pioneer Natural Resources (NYSE: PXD) from Sell to Hold, and reiterated its $92.00 price target.
Societe Generale went on to say “We're upgrading PXD shares to HOLD from SELL. Oil leveraged or oil growth focused E&Ps fell differentially on Friday, and have gone in lock step with WTI prices (off 25-30%, on average, from their 2012 highs). We try to stay disciplined with our price target methodology. PXD's shares closed Friday 4% under our target, so we've opted to go to a HOLD, even though we realize that there may be more oil pricing risk ahead.”
Pioneer Natural Resources closed on Friday at $88.30.
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