XOM - Analyst Favors Exxon Mobil Deal But Downgrades Pioneer Natural Resources: Here's Why | Benzinga
BMO Capital Markets analyst Phillip Jungwirth downgraded Pioneer Natural Resources Co (NYSE: PXD) to Market Perform from Outperform rating.
The analyst reduced the rating on its all-stock merger with Exxon Mobil Corp (NYSE: XOM) for $59.5 billion, or $253 per share.
Under the terms of the deal, Pioneer shareholders will receive 2.3234 shares of ExxonMobil for each Pioneer share at closing. The acquisition deal represents an ...