Pioneer Natural price target lowered to $268 from $271 at Raymond James

Raymond James analyst John Freeman lowered the firm’s price target on Pioneer Natural to $268 from $271 and keeps a Strong Buy rating on the shares. Pioneer returned more than 100% of free cash flow again, marking four consecutive quarters the company has returned 95% or more of their free cash flow, the analyst tells investors in a research note. The company’s strong balance sheet, attractive shareholder return program, unhedged philosophy, and peer leading drilling inventory keeps it in an enviable position, the firm contends.