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Financial News Network
November 10, 2011 AT 12:00 PM
Pioneer Natural Resources (NYSE:PXD) announced that it agreed to sell 5.5 million shares of its common stock in an underwritten public offering.The company has granted the underwriters an option for 30 days to purchase up to an additional 825,000 shares of the company's common stock to cover over-allotments.Pioneer Natural Resources has a potential upside of 14.8% based on a current price of $92.03 and an average consensus analyst price target of $105.68.Pioneer Natural Resources is currently above its 50-day moving average (MA) of $76.44 and above its 200-day of $88.50.