Pioneer Natural price target raised to $276 from $239 at Wells Fargo

Wells Fargo raised the firm’s price target on Pioneer Natural to $276 from $239 and keeps an Equal Weight rating on the shares. Based on robust operational momentum, the firm sees potential upside to FY24 U.S. onshore oil production estimate, translating to another year of higher-than-expected U.S. supply growth. Continued D&C efficiency improvements, incremental cost deflation, and a focus on high grading should combine to create positive momentum throughout 2024, Wells adds.