Market Overview

Is David Einhorn Right About Pioneer Natural Resources?

Is David Einhorn Right About Pioneer Natural Resources?

David Einhorn took the stage at the Ira Sohn Conference and laid into Pioneer Natural Resources (NYSE: PXD).

Among many comments, Einhorn said the company "earns a positive but is not a positive value." The stock tumbled more than 6 percent to a low of $162.50.

Related Link: Ira Sohn Conference Live Blog: Movers, Shakers, Hedgie Comments

Of the firms covering Pioneer Natural, there are three this year with comments worth noting.

  • Cowen initiated Pioneer on April 27 at Outperform with a $216 price target. "We believe investors are missing the absolute scale of the resource potential, hard to quantify 20+ years of growth," analysts wrote at the time.
  • Wunderlich, meanwhile, said on February 12 that production would still grow in the face of a 45 percent CapEx cut. "PXD has plenty of flexibility to react to volatile market.  PXD is 'ironclad' for 2015 and, while the market might have been disappointed with quarter, we would use this as an entry point to buy this very well-run, premium name."
  • Also on February 12, Sterne issued a note: "It is clear that with current guidance, the company is planning for the worse, in terms of oil prices...we think investors should be prepared for notable changes to stated activity levels, especially is they deliver solid price for the sale of midstream assets."

Shares of Pioneer Natural Resources traded down roughly 3.5 percent to $165.63 in midday trading.


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