Oil and gas producers' H2 commentary exceed expectations - Siebert Williams Shank

PDC Energy

13/08/2020 12:25

** Brokerage Siebert Williams Shank says it is now more
constructive on the oil and gas producing sector; upgrades
Pioneer Natural Resources  PXD.N  to "buy" from "hold", raises
PT to $147 from $117
    ** Says 2H20/2021 outlooks and commentary were generally
more efficient, exceeding expectations 
    ** Rating on PXD reflects a positive outlook and a new
long‐term framework unveiled with Q2 results, brokerage adds
    ** PXD shares justify a large premium for the new framework
which should drive consensus estimates higher and further share
outperformance - Siebert Williams Shank  
    ** Brokerage adds Cimarex Energy  XEC.N  to its 'top picks',
which include PDC Energy  PDCE.O , Parsley Energy  PE.N  and
Concho  CXO.N  
    ** Brokerage says natural gas has improving fundamentals 
and XEC offers good exposure at a cheap valuation
    ** Says while Q2 expectations were very low, actual results
were not as bad as feared for the sector; many exceeded
expectations with fewer curtailments and lower overall operating
costs

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))