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Pioneer Natural Resources (PXD) Pops on Buy Rating, Bullish Shale Outlook

By  +Follow October 16, 2013 7:35AM
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Pioneer Natural Resources ($PXD), the $27.5 billion independent oil & gas producer based in Irving, Texas, saw shares trading much higher in Wednesday's action.

Shares for Prioneer spiked over 7 percent in midday trading to $213.75, after the company received a “buy” rating from analysts at Raymond James. It is not hard to see why, either, as the company has presence in some of the US’s most promising shale plays, the Spraberry/Wolfcamp shale located near Midland, Texas.

Pioneer estimates that the Spraberry field contains some 50 billion barrels of oil equivalent, which would make it the largest known shale reserve not only in the US, but also one of the largest in the world. If the 50 billion barrel estimates proves out, Spraberry would be nearly twice as large as the much vaunted Eagle Ford shale, whose reserves are estimated at just over 26 billion barrels.

Much of this has to do with the fact that the Spraberry/Wolfcamp concern has what is called in industry parlance “stacked pay potential,” which simply means that the oil and gas hidden underneath the earth is stacked in various layers of shale. This makes for very nice drilling conditions, as one vertical well can be applied to several formations at once.

While it is common practice for oil companies to exaggerate numbers such as the amount of potential reserves they believe they will unlock from a particular play, other independents who are working in the region have also been giving similar estimates of late, making it more likely that Spraberry could likely become one of the most coveted plays, surpassing not only the Eagle Ford shale, but also others such as the Bakken and Marcellus shales.

Independent drillers and producers have so far been the The spike for Pioneer brought shares of other independents along with it. Diamondback Energy (FANG) was up 6.75 percent to $50, Clayton Williams Energy  (CWEI) gained 5.70 percent to $66.50, and Vaalco Energy (EGY) has all gained over five percent heading towards the closing bell.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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27 Feb 15 14:01:06
$PXD Pioneer Natural Resources Cuts Spending http://t.co/q1dGNQ8pEe
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27 Feb 15 09:19:11
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26 Feb 15 14:30:08
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26 Feb 15 09:03:46
$PXD goes down -2.70%, currently trading at $156.02
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26 Feb 15 08:33:41
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Hot Stock Bot
26 Feb 15 08:29:20
$PXD goes down -2.53%, currently trading at $156.29
Thomas Collins
26 Feb 15 07:35:04
$PXD Pioneer Natural Resources Cuts Spending http://t.co/gmGsZ2M8X5
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26 Feb 15 06:47:13
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25 Feb 15 18:28:32
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25 Feb 15 18:25:44
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25 Feb 15 16:02:49
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25 Feb 15 15:43:59
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25 Feb 15 11:39:51
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Maribel
25 Feb 15 11:02:18
@canuck2usa do you think $PXD will move past over 160 in the next few days?
DK1
25 Feb 15 10:09:57
$PXD downgrade recently was a planned theft as it turns out
Reza Panah
25 Feb 15 08:06:45
$PXD Holding it's own
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Market Int Center
25 Feb 15 05:22:00
Pioneer Natural Resources $PXD Trading Near $160.01 Resistance Level ( http://t.co/TR3OPqoUby )
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25 Feb 15 02:36:03
$PXD: Price Target Update on Pioneer Natural Resources: http://t.co/ZTh0sMerHT
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25 Feb 15 01:58:10
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24 Feb 15 20:51:50
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24 Feb 15 16:47:02
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24 Feb 15 14:35:03
$PXD Pioneer Natural Resources Cuts Spending http://t.co/zJVQVB8Qsa
Breaking News Now
24 Feb 15 14:04:02
$PXD: New Insider Transaction on PXD by EVP, Corporate: http://t.co/OGrHXVUIe2
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24 Feb 15 14:03:24
NEW insider transaction on $PXD reported a moment ago: http://t.co/8mNHA0UnZ0
Ticker Report
24 Feb 15 08:56:37
Jefferies Group Cuts Pioneer Natural Resources Price Target to $189.00 $PXD http://t.co/ICk7wJsflA
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The Legacy News
24 Feb 15 08:42:25
Pioneer Natural Resources Receives Average Recommendation of “Hold” from Analysts $PXD http://t.co/qzRtyx3L7O
Market Int Center
24 Feb 15 08:24:10
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24 Feb 15 06:25:46
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Breaking News Now
24 Feb 15 01:06:04
$PXD: Zacks Long Term Rating Update on Pioneer Natural Resources: http://t.co/XAhbcqfF7p
				
				
By  +Follow October 16, 2013 7:35AM
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