UPDATE: Societe Generale Downgrades Pioneer Natural Resources to Sell on Limited Catalysts

Societe Generale downgraded Pioneer Natural Resources

from Hold to Sell and maintained a $110.00 price target. Societe Generale noted, "Today Pioneer announced a $1.7B joint venture with Sinochem for 40% of Pioneer's Horizontal Wolrfcamp acreage, with $500m to be paid in cash and a $1.2B drilling carry. … In our opinion, the public Chinese companies often overpay, given different strategic agendas, and we don't view these kinds of deals as industry validating events. If an OECD IOC was the partner in this deal, to us it would speak volumes and would be much more meaningful for the industry as a whole." Pioneer Natural Resources closed at $116.21 on Wednesday.