Market Overview

UPDATE: Canaccord Genuity Downgrades Pioneer Natural Resources to Sell, Raises PT on Accretive Joint Venture

Share:
Related PXD
What Does The Russell Reconstitution Mean For You?
Benzinga's Top Downgrades
Why Beating The S&P 500 Is So Hard, And Why Even Protecting Against A 10-15% Correction Matters (Seeking Alpha)

In a report published Friday, Canaccord Genuity downgraded its rating on Pioneer Natural Resources (NYSE: PXD) from Buy to Sell, and raised its price target from $109.00 to $113.00.

Canaccord Genuity noted, “We are raising our target price $4 to $113/share as a consequence of the accretive joint venture in the southern portion of the Spraberry field and lower operating expense partly offset by a 9.2 million share equity offering (includes over-allotment). The company's $3 billion capital plan this year reconciles with our prior view, yet our '13 growth expectation declined ~4% to ~16% implying a higher asset capital intensity with PXD's increasing emphasis on horizontal Spraberry development.”

Pioneer Natural Resources closed on Thursday at $130.05.

Latest Ratings for PXD

DateFirmActionFromTo
Jun 2015SunTrust Robinson HumphreyMaintainsBuy
Jun 2015Evercore PartnersInitiates Coverage onBuy
Jun 2015Topeka CapitalUpgradesHoldBuy

View More Analyst Ratings for PXD
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Downgrades Analyst Ratings

 

Related Articles (PXD)

Around the Web, We're Loving...

Get Benzinga's Newsletters