Pioneer Natural Resources (PXD) Update - July 9

[dan_s]

From RBC Capital 7-8-2021

Rating: Outperform
Price Target: 215.00

Quarterly Check-Up: 2Q21
Our view: We updated our 2Q21 estimates to reflect final commodity prices
and made other changes to our model based on our channel checks, data
analysis, and conversations with the company. We see a few deviations to Street
expectations on CFPS (miss, transaction costs) and spending (miss, heightened
rig/completion levels). Overall performance otherwise seems on track but
management needs to show operational performance on the acquired properties
is on par to legacy assets.