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Fly News Breaks for October 10, 2018
PXD
Oct 10, 2018 | 07:27 EDT
Seaport Global analyst John Aschenbeck downgraded Pioneer Natural to Neutral from Buy and trimmed its price target to $210 from $230 citing increased FY19 capex expectations. Aschenbeck believes Pioneer's FY19 capex is on a trajectory for a "hefty" $4.13B, 15% above the consensus average, with FY19 production outlook approximately inline with Street expectations. The analyst now expects subpar debt-adjusted production CAGR versus peers and a relatively light free cash flow yield through 2020.
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