Pioneer Natural Resources (NYSE:PXD) should grow by double-digits for some time, says Barclays (NYSE:BCS), citing their exposure to Eagle ford shale and Spraberry Trend Field.
Barclays said, "Strong growth in the Spraberry Trend Field and from the emerging Eagle ford shale play should drive double-digit volume growth as well as margin expansion in 2011 and beyond. PXD trades at a premium to historical multiples of forward cash flow estimates but we feel the premium is justified by the prospects of accelerated cash flow growth.
"Higher projected 2011 cash flow (+$60mm) and an increased target multiple (to 7.5x 2011E PICF) each account for about half of the target price increase. PXD trades at a debt-adjusted multiple of 7.2 x mid-cycle estimates; a 13% premium to peer averages."
Barclays maintains an "Equalweight" oil and gas company. Pioneer closed Thursday at $69.18, losing $0.72, or 1.03 percent. Barclays has a price target of $72 on them, raising it from $65.
Showing posts with label Pioneer Natural Resources. Show all posts
Showing posts with label Pioneer Natural Resources. Show all posts
Friday, October 29, 2010
Thursday, October 28, 2010
Pioneer Natural Resources (NYSE:PXD) Production Looks Flat for Full Year
Pioneer Natural Resources (NYSE:PXD) looks like its production will be flat year over year, and UBS (NYSE:UBS) said they're going to maintain their "Neutral" rating on the company, although they did raise their price target.
"PXD reiterated its 4Q production growth target of 10% YoY (guidance range of 115-120 MBoed, or 8.5-13%) driven by accelerating drilling activity in the Spraberry and Eagle Ford, which implies full year production is flat YoY. 2010 capex budget remains $1.2 billion. We’ve fine tuned our 2010-11 EPS/CFPS estimates to $1.65/$9.05 and $2.75/11.45 from $1.70/$9.30 and $2.55/$11.55," UBS said.
Pioneer plunged to $69.90 Wednesday, losing $2.10, or 2.92 percent, although in after hours trading, they had gained all that back as of this writing.
UBS increased their price target on Pioneer from $70 to $73.
"PXD reiterated its 4Q production growth target of 10% YoY (guidance range of 115-120 MBoed, or 8.5-13%) driven by accelerating drilling activity in the Spraberry and Eagle Ford, which implies full year production is flat YoY. 2010 capex budget remains $1.2 billion. We’ve fine tuned our 2010-11 EPS/CFPS estimates to $1.65/$9.05 and $2.75/11.45 from $1.70/$9.30 and $2.55/$11.55," UBS said.
Pioneer plunged to $69.90 Wednesday, losing $2.10, or 2.92 percent, although in after hours trading, they had gained all that back as of this writing.
UBS increased their price target on Pioneer from $70 to $73.
Thursday, October 7, 2010
KeyBanc Launches Coverage on Pioneer (NYSE:PXD) with "Buy" Rating
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.
"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.
Tuesday, September 21, 2010
FBR Capital Adds Pioneer (NYSE:PXD) to 'Top Pick' List; Drop Devon (NYSE:DVN)
FBR Capital reiterated its "Outperform" rating on Pioneer Natural Resources NYSE:PXD), adds to 'Top Picks' list, while dropping Devon Energy (NYSE:DVN) from the list.
"We are adding Pioneer Natural to our Top Picks list based on our expectations of a higher-than-guided production growth rate and recent operational change-driven material improvements in returns from its core Spraberry asset...We note that we are concurrently removing Devon Energy from our Top Picks list. We maintain an Outperform rating on Devon Energy shares, but are of the opinion that nearer-term risk/reward is better with Pioneer," said FBR.
Pioneer closed Monday at $66.89, up $1.51, or 2.31 percent. Devon closed at $62.93, gaining $0.96, or 1.55 percent.
"We are adding Pioneer Natural to our Top Picks list based on our expectations of a higher-than-guided production growth rate and recent operational change-driven material improvements in returns from its core Spraberry asset...We note that we are concurrently removing Devon Energy from our Top Picks list. We maintain an Outperform rating on Devon Energy shares, but are of the opinion that nearer-term risk/reward is better with Pioneer," said FBR.
Pioneer closed Monday at $66.89, up $1.51, or 2.31 percent. Devon closed at $62.93, gaining $0.96, or 1.55 percent.
Wednesday, September 8, 2010
Pioneer Natural Resources (NYSE:PXD) Upgraded by FBR Capital (Nasdaq:FBCM)
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.
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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