Pioneer Natural Resources (NYSE:PXD) has had coverage initiated on them by KeyBanc, and there were started off with a "Buy," citing Spraberry and Eagle Ford.
"Manufacturing strong returns in the Spraberry...more to come. PXD has significant running room in the Spraberry with a huge inventory of more than 20,000 drilling locations in the play (- 800,000 net acres)...Eagle Ford operations just getting started...expecting a strong ramp. With a joint venture executed in mid-2010, we expect a significant increase in the drilling and completion of wells headed into 2011 and beyond ... Visible double-digit production growth, while spending within cash flow over the next three years (at least)," said KeyBanc.
Pioneer ended Wednesday's trading session at $69.54, adding $0.21, or 0.30 percent. KeyBanc started them off with a price target of $90, affording them a large amount of potential growth.
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