Pioneer Natural Resources (PXD -2.1%) is downgraded to Hold from Buy at Canaccord due to higher...

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

Pioneer 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.