UBS analyst Josh Silverstein initiated coverage of Pioneer Natural with a Neutral rating and $238 price target. Pioneer’s 1.5x premium on 2024 EV/EBITDA fairly reflects its inventory depth, balance sheet strength and 75%+ of free cash flow return of capital framework, but limits valuation driven upside, the analyst tells investors in a research note. The firm also sees limited upside to volume outlook with Pioneer’s 2023 oil guidance and Street estimates already reflecting the expected well productivity improvement to come in 2023.
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Published first on TheFly
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