Pioneer Natural Resources (NYSE: PXD), Tekelec (NASDAQ: TKLC), OmniVision Technologies, Inc. (NASDAQ: OVTI), PAA Natural Gas Storage (NYSE: PNG), Progress Software (NASDAQ: PRGS) and Quinstreet Incorporated (NASDAQ: QNST) were downgraded by analysts.
Pioneer Natural Resources (PXD) was downgraded by Susquehanna from a “Positive” rating to a “Neutral” rating.
Tekelec (TKLC) was downgraded by Capstone from a “Hold” rating to a “Sell” rating
OmniVision Technologies, Inc. (OVTI) was downgraded by Oppenheimer from an “Outperform” rating to a “Perform” rating.
PAA Natural Gas Storage (PNG) was downgraded by Barclays Capital from an “Overweight” rating to an “Equal Weight” rating.
Progress Software (PRGS) was downgraded by Longbow Research from a “Buy” rating to a “Neutral” rating.
Quinstreet Incorporated (QNST) was downgraded by Credit Suisse (NYSE:CS) from an “Outperform” rating to a “Neutral” rating. They have a price target of $12.00 on the company.
Showing posts with label Pioneer Natural Resources. Show all posts
Showing posts with label Pioneer Natural Resources. Show all posts
Wednesday, November 9, 2011
Friday, August 26, 2011
Pioneer (PXD) (GKSR) (MO) (SYY) (SSI) (CATO) (RGS) (MOCO) Declare Dividends
The Board of Directors of Pioneer Natural Resources Co. (NYSE:PXD) declared a quarterly common stock dividend of $0.04 per share payable 10/14/11 to shareholders of record at the close of business on 9/30/11.
The Board of Directors of G & K Services (NASDAQ:GKSR) declared a quarterly common stock dividend of $0.13 per share payable 9/29/11 to shareholders of record at the close of business on 9/22/11.
The Board of Directors of Altria Group Inc. (NYSE:MO) declared a quarterly common stock dividend of $0.41 per share payable 10/11/11 to shareholders of record at the close of business on 9/15/11.
The Board of Directors of Sysco Corp. (NYSE:SYY) declared a quarterly common stock dividend of $0.26 per share payable 10/28/11 to shareholders of record at the close of business on 10/7/11.
The Board of Directors of Stage Stores Inc (NYSE:SSI) declared a quarterly common stock dividend of $0.09 per share payable 9/21/11 to shareholders of record at the close of business on 9/6/11.
The Board of Directors of Cato Corp. (NYSE:CATO) declared a quarterly common stock dividend of $0.23 per share payable 9/26/11 to shareholders of record at the close of business on 9/12/11.
The Board of Directors of Regis Corp. (NYSE:RGS) declared a quarterly common stock dividend of $0.06 per share payable 9/22/11 to shareholders of record at the close of business on 9/8/11.
The Board of Directors of MOCON Inc. (NASDAQ:MOCO) declared a quarterly common stock dividend of $0.10 per share payable 11/18/11 to shareholders of record at the close of business on 11/4/11.
The Board of Directors of G & K Services (NASDAQ:GKSR) declared a quarterly common stock dividend of $0.13 per share payable 9/29/11 to shareholders of record at the close of business on 9/22/11.
The Board of Directors of Altria Group Inc. (NYSE:MO) declared a quarterly common stock dividend of $0.41 per share payable 10/11/11 to shareholders of record at the close of business on 9/15/11.
The Board of Directors of Sysco Corp. (NYSE:SYY) declared a quarterly common stock dividend of $0.26 per share payable 10/28/11 to shareholders of record at the close of business on 10/7/11.
The Board of Directors of Stage Stores Inc (NYSE:SSI) declared a quarterly common stock dividend of $0.09 per share payable 9/21/11 to shareholders of record at the close of business on 9/6/11.
The Board of Directors of Cato Corp. (NYSE:CATO) declared a quarterly common stock dividend of $0.23 per share payable 9/26/11 to shareholders of record at the close of business on 9/12/11.
The Board of Directors of Regis Corp. (NYSE:RGS) declared a quarterly common stock dividend of $0.06 per share payable 9/22/11 to shareholders of record at the close of business on 9/8/11.
The Board of Directors of MOCON Inc. (NASDAQ:MOCO) declared a quarterly common stock dividend of $0.10 per share payable 11/18/11 to shareholders of record at the close of business on 11/4/11.
Thursday, August 11, 2011
Anadarko (APC) (OXY) (PXD) (SMT) (DIS) Price Targets Changed
Anadarko Petroleum (NYSE: APC), Occidental Petroleum Co. (NYSE: OXY), Pioneer Natural Resources (NYSE: PXD), SMART Technologies Inc (NYSE: SMT) and Walt Disney (NYSE: DIS) price targets adjusted by analysts.
Occidental Petroleum Co. (OXY) had its price target lowered by Barclays Capital from $104.00 to $93.00. They have an “Equal Weight” rating on the company.
Pioneer Natural Resources (PXD) had its price target lowered by Barclays Capital from $113.00 to $93.00. They have an “Overweight” rating on the company.
Anadarko Petroleum (APC) had its price target lowered by Barclays Capital from $88.00 to $80.00. They have an “Equal Weight” rating on the company.
SMART Technologies Inc. (SMT) had its price target lowered by Deutsche Bank (NYSE:DB) from $12.00 to $10.00. They have a “Buy” rating on the company.
Walt Disney (DIS) had its price target lowered by Barclays Capital from $52.00 to $44.00. They have an “Overweight” rating on the company.
Occidental Petroleum Co. (OXY) had its price target lowered by Barclays Capital from $104.00 to $93.00. They have an “Equal Weight” rating on the company.
Pioneer Natural Resources (PXD) had its price target lowered by Barclays Capital from $113.00 to $93.00. They have an “Overweight” rating on the company.
Anadarko Petroleum (APC) had its price target lowered by Barclays Capital from $88.00 to $80.00. They have an “Equal Weight” rating on the company.
SMART Technologies Inc. (SMT) had its price target lowered by Deutsche Bank (NYSE:DB) from $12.00 to $10.00. They have a “Buy” rating on the company.
Walt Disney (DIS) had its price target lowered by Barclays Capital from $52.00 to $44.00. They have an “Overweight” rating on the company.
Friday, July 15, 2011
Petrohawk (HK) Bid from BHP (BHP) Pushes Up (PXD) (SM) (SFY)
Shares of companies like Pioneer Natural Resources (NYSE:PXD), SM Energy (NYSE:SM) and Swift Energy (NYSE:SFY), which own acreage in Eagle Ford, got a big boost from the premium offered from BHP Billiton (NYSE:BHP) for Petrohawk (NYSE:HK).
BHP's bid of $38.75 a share, was a 60 percent premium over the Thursday close of $23.79 a share by Petrohawk. The $12.1 billion bid was an all-cash offer.
Immediate response from some analysts is this deal is more than likely specific to Petrohawk, rather than an industry consolidation trend. Even so, it is good news for some in the natural gas industry, which could benefit from possible higher valuations as a result.
Swift Energy was trading at $40.92, gaining $3.18, or 8.43 percent, as of 10:51 AM EDT. SM Energy was at $77.97, up $5.83, or 8.08 percent. Pioneer Natural Resources was trading at $92.91, up $6.82, or 7.92 percent. HK was at $28.21, jumping $14.72, or 62.66 percent.
Other companies with large exposure to natural gas were also trading up on the day. EOG Resources (NYSE:EOG) was trading at $100.98, up $4.27, or 4.42 percent. EQT Corporation was at $57.13, gaining $2.40, or 4.39 percent. Carrizo Oil & Gas was at $39.44, up $1.45, or 3.82 percent. Chesapeake Energy (NYSE:CHK) was at $32.12, soaring $1.91, or 6.32 percent.
Pioneer Natural Resources holds 310,000 acres in the Eagle Ford. SM Energy holds 250,000 acres in the Eagle Ford, and Swift Energy holds 79,000 acres in the Eagle Ford.
BHP was trading at $91.15, down $1.13, or 1.22 percent.
BHP's bid of $38.75 a share, was a 60 percent premium over the Thursday close of $23.79 a share by Petrohawk. The $12.1 billion bid was an all-cash offer.
Immediate response from some analysts is this deal is more than likely specific to Petrohawk, rather than an industry consolidation trend. Even so, it is good news for some in the natural gas industry, which could benefit from possible higher valuations as a result.
Swift Energy was trading at $40.92, gaining $3.18, or 8.43 percent, as of 10:51 AM EDT. SM Energy was at $77.97, up $5.83, or 8.08 percent. Pioneer Natural Resources was trading at $92.91, up $6.82, or 7.92 percent. HK was at $28.21, jumping $14.72, or 62.66 percent.
Other companies with large exposure to natural gas were also trading up on the day. EOG Resources (NYSE:EOG) was trading at $100.98, up $4.27, or 4.42 percent. EQT Corporation was at $57.13, gaining $2.40, or 4.39 percent. Carrizo Oil & Gas was at $39.44, up $1.45, or 3.82 percent. Chesapeake Energy (NYSE:CHK) was at $32.12, soaring $1.91, or 6.32 percent.
Pioneer Natural Resources holds 310,000 acres in the Eagle Ford. SM Energy holds 250,000 acres in the Eagle Ford, and Swift Energy holds 79,000 acres in the Eagle Ford.
BHP was trading at $91.15, down $1.13, or 1.22 percent.
Saturday, April 30, 2011
Dividend Yields for (QEP) (PXD) (SYY) (SVU) (WMT)
Indicated dividend yields for Standard & Poor's 500 Index companies QEP Resources Inc (QEP), Pioneer Natural Resources Co (PXD), Sysco Corp (SYY), SUPERVALU Inc (SVU) and Wal-Mart Stores Inc (WMT).
These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.
QEP Resources Inc (QEP) has a dividend yield of 0.19 percent on a declared dividend of $0.02. The payout ratio is 4.8 percent.
Pioneer Natural Resources Co (PXD) has a dividend yield of 0.08 percent on a declared dividend of $0.04. The payout ratio is 4.3 percent.
Sysco Corp (SYY) has a dividend yield of 3.60 percent on a declared dividend of $0.26. The payout ratio is 58.9 percent.
SUPERVALU Inc (SVU) has a dividend yield of 3.11 percent on a declared dividend of $0.09. The payout ratio is 19.5 percent.
Wal-Mart Stores Inc (WMT) has a dividend yield of 2.66 percent on a declared dividend of $0.36. The payout ratio is 31.8 percent.
These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.
QEP Resources Inc (QEP) has a dividend yield of 0.19 percent on a declared dividend of $0.02. The payout ratio is 4.8 percent.
Pioneer Natural Resources Co (PXD) has a dividend yield of 0.08 percent on a declared dividend of $0.04. The payout ratio is 4.3 percent.
Sysco Corp (SYY) has a dividend yield of 3.60 percent on a declared dividend of $0.26. The payout ratio is 58.9 percent.
SUPERVALU Inc (SVU) has a dividend yield of 3.11 percent on a declared dividend of $0.09. The payout ratio is 19.5 percent.
Wal-Mart Stores Inc (WMT) has a dividend yield of 2.66 percent on a declared dividend of $0.36. The payout ratio is 31.8 percent.
Thursday, March 31, 2011
Look at (PXD) (NFX) (SWN) (END) in Shale Natural Gas
Talking the potential of natural gas in shale, Rehan Rashid, energy and natural resources analyst for FBR Capital Markets, said some of the companies he likes include Endeavour International Corporation (NYSE:END), Pioneer Natural Resources (NYSE:PXD), Newfield Exploration (NYSE:NFX) and Southwestern Energy (NYSE:SWN).
There is no doubt whatsoever that natural gas will become a huge source of energy in the United States, as it's only a question of when, not if, it becomes a major player.
Holding it back now is the extreme abundance of the resource, as new sources around the U.S. have been discovered recently, pushing down the price of the energy source, making it uneconomical at this time to produce in large quantities.
There are of course a number of other companies in the sector, but investors need to look closely and perform due diligence, as this could be one of the buys of the decade, and possibly century, as we may never see prices this low again for decades, once natural gas prices take off.
There is no doubt whatsoever that natural gas will become a huge source of energy in the United States, as it's only a question of when, not if, it becomes a major player.
Holding it back now is the extreme abundance of the resource, as new sources around the U.S. have been discovered recently, pushing down the price of the energy source, making it uneconomical at this time to produce in large quantities.
There are of course a number of other companies in the sector, but investors need to look closely and perform due diligence, as this could be one of the buys of the decade, and possibly century, as we may never see prices this low again for decades, once natural gas prices take off.
Thursday, March 17, 2011
FedEx (FDX), (AKAM), (CLF), (NOV), (SLB) Lead S&P 500
FedEx (NYSE:FDX), Akamai (NASDAQ:AKAM), Cliff Natural Resources (NYSE:CLF), National Oilwell Varco (NYSE:NOV), and Schlumberger (NYSE:SLB) were leading the S&P 500 up today, with FedEx helping pull the index up after a solid earnings report.
The delivery company was up over 5 percent earlier in the session but have pulled back some as the day progressed.
Natural resource and energy companies are dominating the S&P today, with others like Diamond Offshore (DO), Pioneer Natural Resources (PXD), Deere & Co. (DE) and Noble Energy (NBL) among the top performers.
Schlumberger was trading at $86.31, gaining $3.21, or 3.86 percent, as of 2:30 PM EDT. National Oilwell Varco was at $77.54, up $3.13, or 4.21 percent. Akamai was trading at $36.68, adding $1.72, or 4.92 percent. Cliffs Natural Resources was trading at $88.30, gaining $4.57, or 5.46 percent. FedEx was at $88.36, up $3.08, or 3.61 percent.
The delivery company was up over 5 percent earlier in the session but have pulled back some as the day progressed.
Natural resource and energy companies are dominating the S&P today, with others like Diamond Offshore (DO), Pioneer Natural Resources (PXD), Deere & Co. (DE) and Noble Energy (NBL) among the top performers.
Schlumberger was trading at $86.31, gaining $3.21, or 3.86 percent, as of 2:30 PM EDT. National Oilwell Varco was at $77.54, up $3.13, or 4.21 percent. Akamai was trading at $36.68, adding $1.72, or 4.92 percent. Cliffs Natural Resources was trading at $88.30, gaining $4.57, or 5.46 percent. FedEx was at $88.36, up $3.08, or 3.61 percent.
Tuesday, February 8, 2011
Pioneer Natural Resources (NYSE:PXD) Earnings Skyrocket on Increased Production
Increased production in the fourth quarter by Pioneer Natural Resources (NYSE:PXD) helped the company's earnings improve over 40 percent against last year's results.
The company said they boosted production at Eagle Ford and Spraberry at a fast pace than expected, driving revenue and earnings far beyond expectations.
Pioneer added they're going to increase production in 2011 from 15 percent to 19 percent.
To pay for that production boost, Pioneer said it'll come from the sale of subsidiaries based in Tunisia and operating cash flow. Assets in Tunisia will bring about $866 million for Pioneer.
Net income in the latest quarter rose to $80.3 million, or 67 cents a share, up from the $56.7 million, or 48 percent a share the company generated in the same quarter last year.
Excluding items, the company earned $59 million, or 51 cents a share, still much higher than the 39 cents a share analysts were looking for.
Revenue in the quarter soared from $310.1 million last year to $486.7 million this fourth quarter.
Annual revenue came to $2.47 billion, up from $1.35 billion in revenue the company generated in 2009.
Pioneer has set aside $1.8 for their capital budget, with $1.6 billion of that going to drilling.
Pioneer closed Monday at $95.00, losing $0.75, or 0.78 percent.
The company said they boosted production at Eagle Ford and Spraberry at a fast pace than expected, driving revenue and earnings far beyond expectations.
Pioneer added they're going to increase production in 2011 from 15 percent to 19 percent.
To pay for that production boost, Pioneer said it'll come from the sale of subsidiaries based in Tunisia and operating cash flow. Assets in Tunisia will bring about $866 million for Pioneer.
Net income in the latest quarter rose to $80.3 million, or 67 cents a share, up from the $56.7 million, or 48 percent a share the company generated in the same quarter last year.
Excluding items, the company earned $59 million, or 51 cents a share, still much higher than the 39 cents a share analysts were looking for.
Revenue in the quarter soared from $310.1 million last year to $486.7 million this fourth quarter.
Annual revenue came to $2.47 billion, up from $1.35 billion in revenue the company generated in 2009.
Pioneer has set aside $1.8 for their capital budget, with $1.6 billion of that going to drilling.
Pioneer closed Monday at $95.00, losing $0.75, or 0.78 percent.
Monday, January 31, 2011
Pioneer Natural Resources (NYSE:PXD) Capitalized for Drilling Acceleration
Contrary to some of their peers, Pioneer Natural Resources (NYSE:PXD) has the capital to accelerate drilling at its Eagle Ford Shale and Spraberry Trend projects.
Global Hunter says, "Pioneer is accelerating its drilling activity in the prolific and liquid-rich Spraberry Trend and Eagle Ford Shale plays, with upside to current market expectations. The company's recent sale of Tunisian assets provides substantial capital to further accelerate development."
Global Hunter Securities launched coverage on Pioneer Natural Resources (NYSE:PXD) with a "Buy." Pioneer closed Friday at $91.15, up $1.77, or 1.98 percent. Global has a price target of $120 on Pioneer.
Global Hunter says, "Pioneer is accelerating its drilling activity in the prolific and liquid-rich Spraberry Trend and Eagle Ford Shale plays, with upside to current market expectations. The company's recent sale of Tunisian assets provides substantial capital to further accelerate development."
Global Hunter Securities launched coverage on Pioneer Natural Resources (NYSE:PXD) with a "Buy." Pioneer closed Friday at $91.15, up $1.77, or 1.98 percent. Global has a price target of $120 on Pioneer.
Tuesday, January 18, 2011
Pioneer (NYSE:PXD), Devon (NYSE:DVN), Apache (NYSE:APA), Approach (Nasdaq:AREX), Cimarex (NYSE:XEC), Concho (NYSE:CXO) Top Bakken, Eagle Ford Exposure
With Eagle Ford and Bakken being a major part of the emergence of shale, FBR Capital noted that among those with the most exposure are Pioneer (NYSE:PXD), Devon (NYSE:DVN), Apache (NYSE:APA), Approach (Nasdaq:AREX), Cimarex (NYSE:XEC) and Concho (NYSE:CXO).
Heading into earnings, within their coverage universe Pioneer likes Pioneer and Devon.
FBR says, "As the shale revolution has unfolded, capital has rotated into the newest, most promising emerging asset class and helped fund the exploratory phase. Last year had belonged primarily to the Eagle Ford and Bakken as the underlying equities materially outperformed. Starting second half of last year, the Permian basin, which historically has produced billions of barrels of oil equivalent, came into investor focus. This year, we believe outsized gains will belong to equities with material exposure to the Permian basin. During the first half of the year, key exploratory catalysts are expected across the three main Permian sub-basins. Industry progress and success should help shed light on potential magnitude of additional recoverable reserves from the Permian basin. As such, our preference going into earnings would be to favor (from within our coverage universe) Pioneer Natural Resources (PXD) (Outperform) and Devon Energy (DVN) (Outperform). Investors also seem to favor Apache (APA) (Market Perform), Approach Resources (AREX) (Not Rated), Cimarex (XEC) (Market Perform), and Concho Resources (CXO) (Not Rated) for exposure to this trend."
Pioneer was trading at $93.70, gaining $0.29, or 0.31 percent, as of 12:07 PM EST. Devon was trading at $83.32, up $0.53, or 0.64 percent.
Heading into earnings, within their coverage universe Pioneer likes Pioneer and Devon.
FBR says, "As the shale revolution has unfolded, capital has rotated into the newest, most promising emerging asset class and helped fund the exploratory phase. Last year had belonged primarily to the Eagle Ford and Bakken as the underlying equities materially outperformed. Starting second half of last year, the Permian basin, which historically has produced billions of barrels of oil equivalent, came into investor focus. This year, we believe outsized gains will belong to equities with material exposure to the Permian basin. During the first half of the year, key exploratory catalysts are expected across the three main Permian sub-basins. Industry progress and success should help shed light on potential magnitude of additional recoverable reserves from the Permian basin. As such, our preference going into earnings would be to favor (from within our coverage universe) Pioneer Natural Resources (PXD) (Outperform) and Devon Energy (DVN) (Outperform). Investors also seem to favor Apache (APA) (Market Perform), Approach Resources (AREX) (Not Rated), Cimarex (XEC) (Market Perform), and Concho Resources (CXO) (Not Rated) for exposure to this trend."
Pioneer was trading at $93.70, gaining $0.29, or 0.31 percent, as of 12:07 PM EST. Devon was trading at $83.32, up $0.53, or 0.64 percent.
Pioneer Natural Resources (NYSE:PXD) Driven by Lower Wolfcamp, Spraberry wells
Even though Pioneer Natural Resources (NYSE:PXD) has soared since the beginning of November, there is still upside for them says FBR, citing Lower Wolfcamp and Spraberry wells as main catalysts.
FBR says, "Despite recent material outperformance, we remain bullish about the outlook. The revaluation drivers include continued improvement in performance from deepening of vertical Spraberry wells and successful results from lower Wolfcamp horizontal wells. We believe that improvements in EURs from deeper vertical drilling in the Spraberry field will ultimately increase to 50% from 30% currently (with material positive implications for IRRs) with the inclusion of data from the Strawn formation and production history. Also, we are optimistic about results from horizontal drilling currently being conducted in the Spraberry field."
FBR Capital maintains an "Outperform/Top Pick" rating on Pioneer Natural Resources, which closed Friday at $93.41, up $0.77, or 0.83 percent. FBR raised their price target on Pioneer from $105 to $115.
FBR says, "Despite recent material outperformance, we remain bullish about the outlook. The revaluation drivers include continued improvement in performance from deepening of vertical Spraberry wells and successful results from lower Wolfcamp horizontal wells. We believe that improvements in EURs from deeper vertical drilling in the Spraberry field will ultimately increase to 50% from 30% currently (with material positive implications for IRRs) with the inclusion of data from the Strawn formation and production history. Also, we are optimistic about results from horizontal drilling currently being conducted in the Spraberry field."
FBR Capital maintains an "Outperform/Top Pick" rating on Pioneer Natural Resources, which closed Friday at $93.41, up $0.77, or 0.83 percent. FBR raised their price target on Pioneer from $105 to $115.
Monday, December 20, 2010
Pioneer Natural Resources (NYSE:PXD), Newfield Exploration (NYSE:NFX), Rosetta Resources (Nasdaq:ROSE), Range Resources (NYSE:RRC) Favored by FBR
FBR Capital sees the margin challenge facing the natural gas sector as either being solved by lower cost structures or higher prices. With their belief it'll be higher prices which will result from the challenge, they see companies like Pioneer Natural Resources (NYSE:PXD), Newfield Exploration (NYSE:NFX), Rosetta Resources (Nasdaq:ROSE) and Range Resources (NYSE:RRC), who all have "platforms with strong technical expertise and premium acreage and leasehold positions," as strongly positioned to take advantage of it.
FBR said, "We believe that current operating margins are insufficient to incent the required level of shale gas investment needed to balance the market beyond 2011. As such, either cost structure needs to adjust materially lower or natural gas prices need to go higher for margins to become investable. As we do not see an abatement of service costs in the near future, we believe natural gas price increases will have to provide the margin improvement. Therefore, we are raising our 2H11 forward natural gas price forecast to $5.50/Mcf from $4.50/Mcf. On the crude oil front, we are in general agreement with the NYMEX futures price curve, the strength of which we believe reflects the lack of any new, material, long-term supply sources, rebounding demand, a tenuous outlook for the U.S. dollar, and geopolitical risk. Our investing focus, however, remains agnostic to the near-term direction of commodity prices and instead is oriented toward secular themes (NAV growth potential via investing in low-cost oil and gas shale growth, deepwater subsalt exploration, and international exploration; combined, we term this secular theme of reserve growth as the “real” energy super cycle). As such, we would remain buyers of platforms with strong technical expertise and premium acreage and leasehold positions. In this context, we heavily favor Pioneer Natural Resources Company (Outperform), Newfield Exploration Company (Outperform), Rosetta Resources Inc. (Outperform), and Range Resources Corporation (Outperform)."
Pioneer was trading at $85.34, up $0.28, or 0.33 percent, as of 12:45 PM EST. Newfield Exploration was trading at $71.12, up $0.11, or 0.15. Rosetta Resources was at $36.12, down 0.43, or 1.18 percent. Range Resources was trading at $43.19, up $0.48, or 1.12 percent.
FBR said, "We believe that current operating margins are insufficient to incent the required level of shale gas investment needed to balance the market beyond 2011. As such, either cost structure needs to adjust materially lower or natural gas prices need to go higher for margins to become investable. As we do not see an abatement of service costs in the near future, we believe natural gas price increases will have to provide the margin improvement. Therefore, we are raising our 2H11 forward natural gas price forecast to $5.50/Mcf from $4.50/Mcf. On the crude oil front, we are in general agreement with the NYMEX futures price curve, the strength of which we believe reflects the lack of any new, material, long-term supply sources, rebounding demand, a tenuous outlook for the U.S. dollar, and geopolitical risk. Our investing focus, however, remains agnostic to the near-term direction of commodity prices and instead is oriented toward secular themes (NAV growth potential via investing in low-cost oil and gas shale growth, deepwater subsalt exploration, and international exploration; combined, we term this secular theme of reserve growth as the “real” energy super cycle). As such, we would remain buyers of platforms with strong technical expertise and premium acreage and leasehold positions. In this context, we heavily favor Pioneer Natural Resources Company (Outperform), Newfield Exploration Company (Outperform), Rosetta Resources Inc. (Outperform), and Range Resources Corporation (Outperform)."
Pioneer was trading at $85.34, up $0.28, or 0.33 percent, as of 12:45 PM EST. Newfield Exploration was trading at $71.12, up $0.11, or 0.15. Rosetta Resources was at $36.12, down 0.43, or 1.18 percent. Range Resources was trading at $43.19, up $0.48, or 1.12 percent.
Friday, December 3, 2010
Pioneer Natural Resources (NYSE:PXD) Still Has Room to Grow
Even though Pioneer Natural Resources (NYSE:PXD) has been soaring lately, as they are up by about 40 percent over the last several months and outperformed their peers by 10 percent during that time, FBR Capital sees them with plenty of upside going forward.
FBR said, "Recent stock price outperformance (up 40% and outperformed the peer group by 10% over the last three months, S&P 500 up 12%) is leading investors to ask whether the stock is fairly valued at these levels. We maintain that there is room for continued multiple expansion as we believe production growth rate should accelerate and key catalysts should play out through early next year. We believe that improvements in EURs from deeper vertical drilling in the Spraberry field will move higher through next year (with material positive implications for IRRs) with the inclusion of more data from the Strawn formation. Also, we are optimistic about results from horizontal drilling being currently conducted in the Spraberry field."
FBR maintains their "Outperform/Top Pick" rating on Pioneer, which was trading at $84.25, up by $0.33, or 0.39 percent as of 11:27 AM EST. FBR raised their price target on them from $85 to $105.
FBR said, "Recent stock price outperformance (up 40% and outperformed the peer group by 10% over the last three months, S&P 500 up 12%) is leading investors to ask whether the stock is fairly valued at these levels. We maintain that there is room for continued multiple expansion as we believe production growth rate should accelerate and key catalysts should play out through early next year. We believe that improvements in EURs from deeper vertical drilling in the Spraberry field will move higher through next year (with material positive implications for IRRs) with the inclusion of more data from the Strawn formation. Also, we are optimistic about results from horizontal drilling being currently conducted in the Spraberry field."
FBR maintains their "Outperform/Top Pick" rating on Pioneer, which was trading at $84.25, up by $0.33, or 0.39 percent as of 11:27 AM EST. FBR raised their price target on them from $85 to $105.
Friday, October 29, 2010
Pioneer Natural Resources (NYSE:PXD) Should Enjoy Double-digit Growth Says Barclays (NYSE:BCS)
Pioneer Natural Resources (NYSE:PXD) should grow by double-digits for some time, says Barclays (NYSE:BCS), citing their exposure to Eagle ford shale and Spraberry Trend Field.
Barclays said, "Strong growth in the Spraberry Trend Field and from the emerging Eagle ford shale play should drive double-digit volume growth as well as margin expansion in 2011 and beyond. PXD trades at a premium to historical multiples of forward cash flow estimates but we feel the premium is justified by the prospects of accelerated cash flow growth.
"Higher projected 2011 cash flow (+$60mm) and an increased target multiple (to 7.5x 2011E PICF) each account for about half of the target price increase. PXD trades at a debt-adjusted multiple of 7.2 x mid-cycle estimates; a 13% premium to peer averages."
Barclays maintains an "Equalweight" oil and gas company. Pioneer closed Thursday at $69.18, losing $0.72, or 1.03 percent. Barclays has a price target of $72 on them, raising it from $65.
Barclays said, "Strong growth in the Spraberry Trend Field and from the emerging Eagle ford shale play should drive double-digit volume growth as well as margin expansion in 2011 and beyond. PXD trades at a premium to historical multiples of forward cash flow estimates but we feel the premium is justified by the prospects of accelerated cash flow growth.
"Higher projected 2011 cash flow (+$60mm) and an increased target multiple (to 7.5x 2011E PICF) each account for about half of the target price increase. PXD trades at a debt-adjusted multiple of 7.2 x mid-cycle estimates; a 13% premium to peer averages."
Barclays maintains an "Equalweight" oil and gas company. Pioneer closed Thursday at $69.18, losing $0.72, or 1.03 percent. Barclays has a price target of $72 on them, raising it from $65.
Thursday, October 28, 2010
Pioneer Natural Resources (NYSE:PXD) Production Looks Flat for Full Year
Pioneer Natural Resources (NYSE:PXD) looks like its production will be flat year over year, and UBS (NYSE:UBS) said they're going to maintain their "Neutral" rating on the company, although they did raise their price target.
"PXD reiterated its 4Q production growth target of 10% YoY (guidance range of 115-120 MBoed, or 8.5-13%) driven by accelerating drilling activity in the Spraberry and Eagle Ford, which implies full year production is flat YoY. 2010 capex budget remains $1.2 billion. We’ve fine tuned our 2010-11 EPS/CFPS estimates to $1.65/$9.05 and $2.75/11.45 from $1.70/$9.30 and $2.55/$11.55," UBS said.
Pioneer plunged to $69.90 Wednesday, losing $2.10, or 2.92 percent, although in after hours trading, they had gained all that back as of this writing.
UBS increased their price target on Pioneer from $70 to $73.
"PXD reiterated its 4Q production growth target of 10% YoY (guidance range of 115-120 MBoed, or 8.5-13%) driven by accelerating drilling activity in the Spraberry and Eagle Ford, which implies full year production is flat YoY. 2010 capex budget remains $1.2 billion. We’ve fine tuned our 2010-11 EPS/CFPS estimates to $1.65/$9.05 and $2.75/11.45 from $1.70/$9.30 and $2.55/$11.55," UBS said.
Pioneer plunged to $69.90 Wednesday, losing $2.10, or 2.92 percent, although in after hours trading, they had gained all that back as of this writing.
UBS increased their price target on Pioneer from $70 to $73.
Thursday, October 7, 2010
KeyBanc Launches Coverage on Pioneer (NYSE:PXD) with "Buy" Rating
Pioneer Natural Resources (NYSE:PXD) has had coverage initiated on them by KeyBanc, and there were started off with a "Buy," citing Spraberry and Eagle Ford.
"Manufacturing strong returns in the Spraberry...more to come. PXD has significant running room in the Spraberry with a huge inventory of more than 20,000 drilling locations in the play (- 800,000 net acres)...Eagle Ford operations just getting started...expecting a strong ramp. With a joint venture executed in mid-2010, we expect a significant increase in the drilling and completion of wells headed into 2011 and beyond ... Visible double-digit production growth, while spending within cash flow over the next three years (at least)," said KeyBanc.
Pioneer ended Wednesday's trading session at $69.54, adding $0.21, or 0.30 percent. KeyBanc started them off with a price target of $90, affording them a large amount of potential growth.
"Manufacturing strong returns in the Spraberry...more to come. PXD has significant running room in the Spraberry with a huge inventory of more than 20,000 drilling locations in the play (- 800,000 net acres)...Eagle Ford operations just getting started...expecting a strong ramp. With a joint venture executed in mid-2010, we expect a significant increase in the drilling and completion of wells headed into 2011 and beyond ... Visible double-digit production growth, while spending within cash flow over the next three years (at least)," said KeyBanc.
Pioneer ended Wednesday's trading session at $69.54, adding $0.21, or 0.30 percent. KeyBanc started them off with a price target of $90, affording them a large amount of potential growth.
Tuesday, September 21, 2010
FBR Capital Adds Pioneer (NYSE:PXD) to 'Top Pick' List; Drop Devon (NYSE:DVN)
FBR Capital reiterated its "Outperform" rating on Pioneer Natural Resources NYSE:PXD), adds to 'Top Picks' list, while dropping Devon Energy (NYSE:DVN) from the list.
"We are adding Pioneer Natural to our Top Picks list based on our expectations of a higher-than-guided production growth rate and recent operational change-driven material improvements in returns from its core Spraberry asset...We note that we are concurrently removing Devon Energy from our Top Picks list. We maintain an Outperform rating on Devon Energy shares, but are of the opinion that nearer-term risk/reward is better with Pioneer," said FBR.
Pioneer closed Monday at $66.89, up $1.51, or 2.31 percent. Devon closed at $62.93, gaining $0.96, or 1.55 percent.
"We are adding Pioneer Natural to our Top Picks list based on our expectations of a higher-than-guided production growth rate and recent operational change-driven material improvements in returns from its core Spraberry asset...We note that we are concurrently removing Devon Energy from our Top Picks list. We maintain an Outperform rating on Devon Energy shares, but are of the opinion that nearer-term risk/reward is better with Pioneer," said FBR.
Pioneer closed Monday at $66.89, up $1.51, or 2.31 percent. Devon closed at $62.93, gaining $0.96, or 1.55 percent.
Wednesday, September 8, 2010
Pioneer Natural Resources (NYSE:PXD) Upgraded by FBR Capital (Nasdaq:FBCM)
Citing the asset of Spraberry field, FBR Capital (Nasdaq:FBCM) upgraded Pioneer Natural Resources (NYSE:PXD) from "Market Perform" to "Outperform."
About the Spraberry field, an FBR analyst said, "...With a dominant 900,000 acre position (53% of total acreage available) in the Spraberry field, 20,000+ identified locations, and $1.1M to $1.2M per well, this asset base has the capacity to absorb a tremendous amount of capital and should allow the company to earn substantial above-average returns on it for decades to come."
FBR also increased the price target for Pioneer in a big way, moving it from $60 to $85.
Pioneer closed Tuesday at $61.83, losing $0.67, or 1.07 percent.
About the Spraberry field, an FBR analyst said, "...With a dominant 900,000 acre position (53% of total acreage available) in the Spraberry field, 20,000+ identified locations, and $1.1M to $1.2M per well, this asset base has the capacity to absorb a tremendous amount of capital and should allow the company to earn substantial above-average returns on it for decades to come."
FBR also increased the price target for Pioneer in a big way, moving it from $60 to $85.
Pioneer closed Tuesday at $61.83, losing $0.67, or 1.07 percent.
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