Initiating Coverage of Pioneer Resources; Shares Fairly Valued
We are initiating coverage of Pioneer Natural Resources with a fair value estimate of $190 per share and a narrow moat rating. Following planned asset sales, Pioneer will be a pure-play Permian Basin producer with the largest acreage position in the Midland area of the Permian. The company boasts 750,000 gross acres in the region with more than 20,000 horizontal drilling locations. We estimate the firm’s acreage is largely in the sweet spot of the Midland in terms of well productivity. This Tier...Pioneer Natural Resources is a holding company. Through its subsidiaries, the company is engaged in oil and gas exploration and production. The company explores for, develops and produces oil, Natural Gas Liquids and gas within the United States, with operations in the Permian Basin in West Texas. The company's portfolio of resources are located in the Spraberry/Wolfcamp oil field.
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