Citing the asset of Spraberry field, FBR Capital (Nasdaq:FBCM) upgraded Pioneer Natural Resources (NYSE:PXD) from "Market Perform" to "Outperform."
About the Spraberry field, an FBR analyst said, "...With a dominant 900,000 acre position (53% of total acreage available) in the Spraberry field, 20,000+ identified locations, and $1.1M to $1.2M per well, this asset base has the capacity to absorb a tremendous amount of capital and should allow the company to earn substantial above-average returns on it for decades to come."
FBR also increased the price target for Pioneer in a big way, moving it from $60 to $85.
Pioneer closed Tuesday at $61.83, losing $0.67, or 1.07 percent.
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