Pioneer Natural target raised to $275 at FBR ahead of positive drilling results

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

Pioneer Natural Resources (PXD +3.9%) powers higher after FBR Capital raises its price target to $275 from $250 to reflect expectations of positive drilling results.

FBR says its visit with the company added to its comfort with the existing assessment of material NAV and production growth upside for the platform; FBR believes production growth over the next three to five years could be materially higher than guidance and expectations.

Jim Cramer reminds viewers that PXD owns ~20K potential drilling locations, ensuring it can sustain high production growth rates for years.