SunTrust analyst Neal Dingmann upgraded Pioneer Natural to Buy from Hold and raised his price target to $235 from $180 as part of his broader research note on Q1 reporting season for companies in the Permian basin. The analyst cites the company's higher dividend payout and a strong stock buyback as part of its 2018 plan, instead of relying solely on its production outlook. Dingmann also points to Pioneer Natural's limited exposure to the Midland Basin Hub differentials, resulting in "more linear production growth" due to the small nature of its pads that should lead to strong free cash flows.