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Fly News Breaks for January 28, 2020
PXD
Jan 28, 2020 | 07:51 EDT
Argus analyst Bill Selesky initiated coverage of Pioneer Natural with a Buy rating and $165 price target. The analyst cites the company's position as a pure-play E&P with nearly 95% of proven reserves being in the lost-cost Permian basin, which offers a margin of safety during periods of low crude oil prices. Selesky further notes that Pioneer Natural may be an "attractive acquisition target" as it is undervalued relative to its peers based on its "debt leverage, cost structure, dividend yield, share buyback program, and asset efficiency."
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