Pioneer Has Favorable Pricing Differentials Locked in as Permian Production Continues to Grow
We're raising our fair value estimate for narrow-moat Pioneer Natural Resources to $200 per share from $190 following the release of the company's second-quarter results. Higher near-term oil prices account for the bulk of the fair value estimate increase. Our long-term outlook for oil remains unchanged at $55 per barrel for West Texas Intermediate.Permian volumes rose sequentially to 280 mboe/d for an increase of 8%, putting adjusted production right at the midpoint of guidance. Over the long ...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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