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Pioneer Natural Resources (PXD -2.1%) is downgraded to Hold from Buy at Canaccord due to higher...
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Friday, November 2, 2012, 12:21 PM ETPioneer Natural Resources (PXD -2.1%) is downgraded to Hold from Buy at Canaccord due to higher operating and production tax expense. The firm calculates PXD's capital productivity is ~10% superior to the industry, yet shares trade at ~20% premium; thus PXD has minimal upside while the sector offers ~40% equity upside.
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