UPDATE: Wunderlich Initiates Coverage on Pioneer Natural Resources on Leading Wolfcamp Play Operations

In a report published Friday, Wunderlich Securities analyst Mostafa Dahhane initiated coverage on Pioneer Natural Resources PXD with a Buy rating and $197.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Pioneer Natural Resources Company (PXD) with a Buy rating and $197 price target. Pioneer is one of the most active operators in the Wolfcamp Play in the Midland Basin and has drilled some of the best wells to date. Pioneer has over 625,000 net acres prospective for the Wolfcamp Play in Midland Basin with total estimated net resource potential of 4.6 billion boe or more than 4x company total proved reserves. The stock had a great run recently but we believe there is more upside: EUR for the northern Wolfcamp Play could increase, and downspacing potential in the southern Wolfcamp and the Eagle Ford shale could add more locations. We expect at least 6 well tests to be released by 3Q13, including 2 Wolfcamp D wells and 1 Jo Mill well, which could be impactful.” Pioneer Natural Resources closed on Thursday at $186.81.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorInitiationAnalyst RatingsMostafa DahhaneWunderlich Securities
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!