Zacks Investment Research Upgrades Pioneer Natural Resources (PXD) to “Buy”

Pioneer Natural Resources (NYSE:PXD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday, November 10th. The brokerage presently has a $180.00 target price on the oil and gas development company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 19.08% 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 topic of several other reports. Williams Capital set a $184.00 target price on shares of Pioneer Natural Resources and gave the stock a “hold” rating in a research report on Wednesday, August 2nd. Morgan Stanley decreased their target price on shares of Pioneer Natural Resources from $202.00 to $197.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 18th. Wells Fargo & Company cut shares of Pioneer Natural Resources from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $190.00 to $160.00 in a research report on Wednesday, August 2nd. Mizuho reissued a “buy” rating and issued a $196.00 target price on shares of Pioneer Natural Resources in a research report on Friday, September 29th. Finally, Barclays set a $136.00 target price on shares of Pioneer Natural Resources and gave the stock a “buy” rating in a research report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-two have assigned a buy rating to the company. Pioneer Natural Resources presently has an average rating of “Buy” and a consensus target price of $194.20.

Shares of Pioneer Natural Resources (PXD) opened at $151.16 on Friday. Pioneer Natural Resources has a 12 month low of $125.46 and a 12 month high of $199.83. The stock has a market cap of $25,440.00, a PE ratio of 107.76, a price-to-earnings-growth ratio of 9.85 and a beta of 0.96. The company has a current ratio of 1.69, a quick ratio of 1.58 and a debt-to-equity ratio of 0.22.

Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings results on Wednesday, November 1st. The oil and gas development company reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.18. Pioneer Natural Resources had a net margin of 2.17% and a return on equity of 2.34%. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the company earned $0.13 EPS. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. sell-side analysts predict that Pioneer Natural Resources will post 1.53 earnings per share for the current fiscal year.

In other news, VP Teresa A. Fairbrook sold 880 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $130.49, for a total transaction of $114,831.20. Following the completion of the sale, the vice president now owns 7,648 shares of the company’s stock, valued at $997,987.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Timothy L. Dove sold 5,560 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $160.66, for a total transaction of $893,269.60. Following the sale, the chief executive officer now directly owns 260,083 shares of the company’s stock, valued at approximately $41,784,934.78. The disclosure for this sale can be found here. Insiders have sold 18,490 shares of company stock worth $2,926,897 in the last quarter. Insiders own 0.89% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PXD. State Board of Administration of Florida Retirement System boosted its holdings in Pioneer Natural Resources by 1.7% in the third quarter. State Board of Administration of Florida Retirement System now owns 247,807 shares of the oil and gas development company’s stock worth $36,561,000 after purchasing an additional 4,040 shares during the period. Murphy Capital Management Inc. boosted its holdings in Pioneer Natural Resources by 4.5% in the second quarter. Murphy Capital Management Inc. now owns 115,080 shares of the oil and gas development company’s stock worth $18,364,000 after purchasing an additional 4,980 shares during the period. Summit Global Investments boosted its holdings in Pioneer Natural Resources by 83.4% in the second quarter. Summit Global Investments now owns 9,178 shares of the oil and gas development company’s stock worth $1,465,000 after purchasing an additional 4,173 shares during the period. State of Tennessee Treasury Department boosted its holdings in Pioneer Natural Resources by 66.4% in the second quarter. State of Tennessee Treasury Department now owns 191,154 shares of the oil and gas development company’s stock worth $30,504,000 after purchasing an additional 76,268 shares during the period. Finally, First Washington CORP boosted its holdings in Pioneer Natural Resources by 34.0% in the second quarter. First Washington CORP now owns 16,385 shares of the oil and gas development company’s stock worth $2,615,000 after purchasing an additional 4,160 shares during the period. 90.94% of the stock is owned by institutional investors and hedge funds.

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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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