Pioneer Natural Resources Company (NYSE:PXD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, November 10th. The firm currently has a $180.00 price objective on the oil and gas development company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 16.82% from the company’s current price.
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. Moreover, we appreciate the excellent financial health of the company. Pioneer Natural has debt to capitalization ratio of 17.7% which is much lower than 49.5% for the broader industry. On top of that, the company outperformed the industry over the last three months. The company also beat the Zacks Consensus Estimate in all of the last four quarters with an average positive earnings surprise of 67.62%. Moreover, we appreciate Pioneer Natural’s strong financial position with less debt and more cash in hand.”
PXD has been the subject of a number of other reports. Stifel Nicolaus set a $236.00 price target 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 target price on shares of Pioneer Natural Resources from $240.00 to $230.00 and set an “outperform” rating on the stock in a research report on Friday, July 14th. Jefferies Group LLC set a $171.00 target price on shares of Pioneer Natural Resources and gave the stock a “buy” rating in a research report on Tuesday, August 29th. Barclays PLC raised their target price on shares of Pioneer Natural Resources from $136.00 to $147.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 11th. Finally, Cowen and Company reissued a “buy” rating and issued a $210.00 target price on shares of Pioneer Natural Resources in a research report on Sunday, September 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-two have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $194.45.
Pioneer Natural Resources (NYSE:PXD) traded up $1.85 during trading hours on Friday, reaching $154.08. 1,044,200 shares of the company’s stock traded hands, compared to its average volume of 1,870,881. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.69 and a quick ratio of 1.58. Pioneer Natural Resources has a 52-week low of $125.46 and a 52-week high of $199.83. The stock has a market cap of $26,530.00, a P/E ratio of 106.46, a P/E/G ratio of 10.35 and a beta of 0.96.
Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings results on Wednesday, November 1st. The oil and gas development company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.18. The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.15 billion. Pioneer Natural Resources had a net margin of 2.17% and a return on equity of 2.34%. The company’s quarterly revenue was up 23.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 earnings per share. sell-side analysts predict that Pioneer Natural Resources will post 1.44 EPS for the current year.
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In other news, CEO Timothy L. Dove sold 5,560 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $160.66, for a total transaction of $893,269.60. Following the completion of the transaction, the chief executive officer now owns 260,083 shares in the company, valued at $41,784,934.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jerome D. Hall, Jr. sold 1,800 shares of the company’s stock in a transaction dated Tuesday, November 14th. The stock was sold at an average price of $155.23, for a total transaction of $279,414.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,490 shares of company stock valued at $2,926,897. Insiders own 0.89% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Prospera Financial Services Inc grew its position in shares of Pioneer Natural Resources by 0.4% during the second quarter. Prospera Financial Services Inc now owns 1,848 shares of the oil and gas development company’s stock worth $293,000 after acquiring an additional 7 shares during the last quarter. Cadence Capital Management LLC lifted its holdings in Pioneer Natural Resources by 0.5% in the second quarter. Cadence Capital Management LLC now owns 6,003 shares of the oil and gas development company’s stock worth $958,000 after purchasing an additional 30 shares during the period. Stratos Wealth Partners LTD. lifted its holdings in Pioneer Natural Resources by 2.6% in the second quarter. Stratos Wealth Partners LTD. now owns 1,565 shares of the oil and gas development company’s stock worth $250,000 after purchasing an additional 40 shares during the period. Nordea Investment Management AB lifted its holdings in Pioneer Natural Resources by 0.5% in the second quarter. Nordea Investment Management AB now owns 8,003 shares of the oil and gas development company’s stock worth $1,277,000 after purchasing an additional 41 shares during the period. Finally, Intrust Bank NA lifted its holdings in Pioneer Natural Resources by 2.6% in the second quarter. Intrust Bank NA now owns 1,683 shares of the oil and gas development company’s stock worth $269,000 after purchasing an additional 43 shares during the period. Institutional investors and hedge funds own 89.53% 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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