Pioneer Natural Resources (PXD) Update - Jan 25

[dan_s]

On 1/23/2019 Raymond James sent a new report on PXD to Reuters. They rate PXD a BUY with a $250 valuation.

PXD is now trading at $140.

In the last 3 months, 17 ranked analysts set 12-month price targets for PXD. Their valuations range from $158 to $302. The average price target among the analysts is $220.69.
Derrick Whitfield at Stifel Nicolaus gave it the $302 valuation on 11/25/18 when WTI closed at $52/bbl.

2H 2019 will be when PXD takes off
> Production growth rate will slow in 1H 2019 due to asset sales and pipeline takeaway issues.
> I expect production to accelerate this summer to an exit rate of 420,000 Boepd in 2019 with ~23% YOY production growth in 2020.
> Proceeds from non-core asset sales and cash flow from operations will cover all capex going forward.

For anyone tells you that upstream companies are not making money at $50/bbl, tell them that PXD's F&D costs per BOE of proven reserves is under $10/BOE.