UPDATE: Canaccord Genuity Downgrades Pioneer Natural Resources to Hold, Lowers PT

In a report published Friday, Canaccord Genuity downgraded its rating on Pioneer Natural Resources (NYSE: PXD) from Buy to Hold, and lowered its price target from $115.00 to $111.00.

Canaccord Genuity noted, “We are lowering our rating to HOLD and reducing our target price $4 to $111 per share due to higher operating and production tax expense. Our target price anticipates the sale of the Barnett Combo assets for $500-$600 million though does not include the full value uplift of a joint venture of the southern 200,000 net acres of the Spraberry field targeting the Wolfcamp shale.”

Pioneer Natural Resources closed on Thursday at $109.34.

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