Price Differentials Not a Concern for Pioneer; Maintaining Our $190 Fair Value Estimate
We're leaving our fair value estimate for narrow-moat Pioneer Natural Resources unchanged at $190 per share following the release of the company's first-quarter results. Volumes rose sequentially to 312 mboe/d for an increase of 2%, putting production near the high end of first-quarter guidance. Permian volumes grew 3% sequentially and were held back somewhat by freezing temperatures in early January.With Midland and Cushing price differentials widening recently as oil and gas pipelines fill up...
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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