Zacks Investment Research downgraded shares of Pioneer Natural Resources Company (NYSE:PXD) from a buy rating to a hold rating in a report published on Thursday.
According to Zacks, “Pioneer remains focused on the Permian Basin, which is among the lucrative oil shale plays with less risk for operation. The region has been growing production even with reduced investment. The company’s low level of debt is also noteworthy. The company has an encouraging earnings surprise history. The oil & gas exploration and production firm was able to beat the Zacks Consensus Estimate in three of the last four quarters with an average positive earnings surprise of 46.74%. However, we are concerned about the high exploration expenses incurred during the second quarter of this year. Also, we see limited upside potential for shares, taking into consideration Pioneer’s sensitivity to gas/oil price volatility, as well as its drilling results, costs, geo-political risks and project timing delays.”
PXD has been the topic of a number of other research reports. Stifel Nicolaus set a $236.00 price objective on shares of Pioneer Natural Resources and gave the stock a buy rating in a report on Tuesday, August 8th. BMO Capital Markets decreased their price objective on shares of Pioneer Natural Resources from $240.00 to $230.00 and set an outperform rating on the stock in a report on Friday, July 14th. BidaskClub lowered shares of Pioneer Natural Resources from a sell rating to a strong sell rating in a report on Saturday, June 17th. Jefferies Group LLC set a $171.00 price objective on shares of Pioneer Natural Resources and gave the stock a buy rating in a report on Tuesday, August 29th. Finally, Barclays PLC increased their price objective on shares of Pioneer Natural Resources from $136.00 to $147.00 and gave the stock an overweight rating in a report on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eighteen have given a buy rating to the company. Pioneer Natural Resources has an average rating of Buy and a consensus price target of $200.16.
Shares of Pioneer Natural Resources (PXD) opened at 143.92 on Thursday. The firm’s 50 day moving average is $140.52 and its 200-day moving average is $157.21. The company has a market capitalization of $24.48 billion, a P/E ratio of 145.23 and a beta of 0.94. Pioneer Natural Resources has a 52-week low of $125.46 and a 52-week high of $199.83.
Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings data on Tuesday, August 1st. The oil and gas development company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.10. Pioneer Natural Resources had a net margin of 3.10% and a return on equity of 1.79%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the firm earned ($0.22) EPS. The company’s revenue was up 107.4% on a year-over-year basis. Equities research analysts anticipate that Pioneer Natural Resources will post $1.12 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Thursday, October 12th. Shareholders of record on Friday, September 29th were issued a dividend of $0.04 per share. The ex-dividend date was Thursday, September 28th. This represents a $0.16 annualized dividend and a yield of 0.11%. Pioneer Natural Resources’s dividend payout ratio (DPR) is currently 8.16%.
In related news, Director J Kenneth Thompson bought 750 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were purchased at an average cost of $133.40 per share, for a total transaction of $100,050.00. Following the acquisition, the director now owns 10,865 shares of the company’s stock, valued at approximately $1,449,391. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, VP Teresa A. Fairbrook sold 880 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $130.49, for a total transaction of $114,831.20. Following the sale, the vice president now owns 7,648 shares in the company, valued at $997,987.52. The disclosure for this sale can be found here. Insiders have acquired a total of 1,200 shares of company stock worth $161,102 over the last 90 days. Corporate insiders own 0.89% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Independence Advisors LLC acquired a new stake in Pioneer Natural Resources during the 2nd quarter worth approximately $822,000. Murphy Capital Management Inc. raised its holdings in Pioneer Natural Resources by 4.5% during the 2nd quarter. Murphy Capital Management Inc. now owns 115,080 shares of the oil and gas development company’s stock worth $18,364,000 after buying an additional 4,980 shares during the period. Summit Global Investments raised its holdings in Pioneer Natural Resources by 83.4% during the 2nd quarter. Summit Global Investments now owns 9,178 shares of the oil and gas development company’s stock worth $1,465,000 after buying an additional 4,173 shares during the period. BlackRock Inc. raised its holdings in Pioneer Natural Resources by 2,397.3% during the 1st quarter. BlackRock Inc. now owns 11,376,848 shares of the oil and gas development company’s stock worth $2,118,708,000 after buying an additional 10,921,279 shares during the period. Finally, Harbour Capital Advisors LLC acquired a new stake in Pioneer Natural Resources during the 1st quarter worth approximately $260,000. Hedge funds and other institutional investors own 91.46% of the company’s stock.
About Pioneer Natural Resources
Pioneer Natural Resources Company is an oil and gas exploration and production company. The Company explores for, develops and produces oil, natural gas liquids (NGLs) and gas within the United States, with operations primarily in the Permian Basin in West Texas, the Eagle Ford Shale play in South Texas, the Raton field in southeast Colorado and the West Panhandle field in the Texas Panhandle.
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