Pioneer Natural Resources: What's Not to Like But The Price?
Over the last couple of years, Pioneer Natural Resources (NYSE: PXD ) has quickly developed into an oil major with a massive reserve base in the Permian Basin. Unfortunately, the company has garnered a stock valuation that equally matches the potential for production growth. At $28 billion, the stock now trades for seven times expected 2014 revenue.
After the divestiture of Alaska and Barnett shale assets, Pioneer Natural Resources is now focused on developing the Permian Basin and Eagle Ford Shale acreage with a net recoverable reserve potential of more than 10 billion barrels of oil equivalent.
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