Bernstein analyst Bob Brackett lowered the firm’s price target on Pioneer Natural (PXD) to $241 from $283 and keeps an Outperform rating on the shares. The firm notes Pioneer posted Q4 results on Wednesday in-line with consensus expectations. Friday ended with a Bloomberg headline around M&A, leading Pioneer to drop about 5% and apparent target, Range Resources (RRC), to rise ~15%. The company dis-affirmed the acquisition after the close. Bernstein believes that Pioneer will not be pursuing a deal, and its attention returns to the 2023 drilling program.
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