XOM - Pioneer Natural Resources downgraded to Sell at Argus Research

2023-11-24 10:16:09 ET

Pioneer Natural Resources ( NYSE: PXD ) on Friday was downgraded to Sell from a previous investment rating of Buy at Argus Research. It said the rating change reflects the energy driller’s planned acquisition by Exxon ( XOM ).

“We do not expect competing offers for Pioneer ( PXD ) to emerge, and believe that the risk of a further share price decline outweighs any additional near-term upside for Pioneer ( PXD ) investors,” Bill Selesky, analyst at Argus, said in a November 24 report.

Exxon ( XOM ) last month agreed to acquire Pioneer ( PXD ) in an all-stock deal initially valued at $59.5 billion, or $253 a share.

More on Pioneer Natural Resources

• Exxon Has Huge Production Upside For 2024
• Exxon Mobil: Why The Pioneer Deal Is A Game-Changer (Rating Upgrade)
• Pioneer Natural And Exxon Mobil: The Benefits Of An All-Stock Deal
• Pioneer Natural Resources declares $3.20 dividend
• Pioneer Natural Resources Non-GAAP EPS of $5.83 beats by $0.38, revenue of $5B beats by $50M

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