Pioneer Natural +3.1% premarket as investors like Permian results

|About: Pioneer Natural Resources C... (PXD)|By:, SA News Editor

Pioneer Natural Resources' (PXD) Q3 oil production of 173K boe/day broke records but fell shy of projections, due to increased pad drilling activity which delayed its own wells from going online.

But investors remain excited about the acreage PXD holds in the Permian Basin's Spraberry and Wolfcamp shales, where PXD drilled a record-breaking shale well that produced 3,156 boe/day in a 24-hour period.

PXD believes production in the Spraberry/Wolfcamp will grow 21%-22% up to 81K bbl/day; it plans to drill another 34 wells.

Citigroup raises its price target for PXD shares to $260 from $190, citing the solid Permian results; Capitol One calls the results "beyond impressive."

Shares +3.1% premarket.