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UPDATE: Topeka Capital Markets Reiterates on Pioneer Natural Resources as Severe Weather Impacts 4Q13 Production

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In a report published Friday, Topeka Capital Markets analyst Gabriele Sorbara reiterated a Hold rating on Pioneer Natural Resources (NYSE: PXD), but lowered the price target from $225.00 to $210.00.

In the report, Topeka Capital Markets noted, “PXD announced that severe winter weather has significantly impacted production and drilling operations in the Spraberry/Wolfcamp, Eagle Ford Shale and Barnett Shale Combo plays. With these impacts, we could foresee production coming in below the low-end of its previously issued guidance (179 – 187 Mboe/d). In our view, these weather related impacts will obscure the Company's production growth from its horizontal Wolfcamp/Spraberry activity in the Permian Basin.We reaffirm our Hold rating and are lowering our PT to $210 (from $225). While PXD is asset-rich (our RNAV is $250), we do not think shares can outperform until its horizontal activity in the Midland Basin can translate into consistent production growth, an event that we expect in mid-to-late 2014.”

Pioneer Natural Resources closed on Wednesday at $178.91.

Latest Ratings for PXD

DateFirmActionFromTo
Jul 2018Morgan StanleyInitiates Coverage OnOverweight
Jul 2018TD SecuritiesInitiates Coverage OnBuy
Jun 2018JP MorganMaintainsOverweightOverweight

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Posted-In: Gabriele Sorbara Topeka Capital MarketsAnalyst Color Price Target Analyst Ratings

 

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