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.
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