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

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.

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Comments (3)
  • sophocles
    , contributor
    Comments (240) | Send Message
    What is PXD's NAV according to FBR?
    29 May 2014, 03:02 PM Reply Like
  • bgold1955
    , contributor
    Comments (2352) | Send Message
    You might want to do a search for SA author Jennifer Warren. She has some very good oil/gas articles on most Permian operators that depict estimated bbls & other geographic info that may give you good info.
    29 May 2014, 04:12 PM Reply Like
  • sophocles
    , contributor
    Comments (240) | Send Message
    There is a news item on Bloomberg dated 5/13/2013 stating FBR raised PXD NAV to $455. I have not seen how they arrive at that number. It is a year old too.
    30 May 2014, 08:37 AM Reply Like
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