Although still constructive on the sector, Imperial Capital reduced the price targets on three Large Cap Exploration and Production stocks this morning, although maintaining Outperform rating on all three.
- Apache Corporation APA: Reduced Price Target from $92 to $82 (closed Monday at $57.43)
- Pioneer Natural Resources PXD: Reduced Price Target from $270 to $247 (closed Monday at $133.37)
- Range Resources Corp RRC : Reduced Price Target from $94 to $86 (closed Monday at $55.30)
The note goes on to state that Pioneer Natural Resources is 87 percent hedged to oil prices in 2015 at $82, and 45 percent hedged for 2016 at $80.
Range Resources Corp is 74 percent hedged in 2015 at $90 and 6 percent hedged in 2016 at $82.
Apache Corporation is not hedged, but Imperial points out the strong balance sheet and comparative undervaluation.
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