Pioneer Natural Resources Company (PXD) Raised to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Pioneer Natural Resources Company (NYSE:PXD) from a sell rating to a hold rating in a research report released on Thursday morning.
According to Zacks, “Pioneer Natural Resources is focused on the Permian Basin, which is among the lucrative oil shale plays with lesser risks. The company’s second-quarter 2017 results were strong on the back of significantly high commodity price realizations along with the Spraberry/Wolfcamp horizontal drilling program. Moreover, the upstream player has excellent financial health. For second-quarter 2017, the company’s production grew 12% year over year to 259.1 MBOE/d, which touched the high end of the company’s guidance. On top of that, Pioneer expects production growth between 15% and 18% for 2017. However, we are concerned about the high exploration expenses incurred during the second quarter of this year. Also, over the last one year, the company’s price fell 28.4%, following the trend of the broader industry’s 31% decline over the same time frame.”
Several other research firms also recently weighed in on PXD. Royal Bank Of Canada reissued a buy rating and issued a $230.00 target price on shares of Pioneer Natural Resources in a research report on Tuesday, April 25th. Jefferies Group LLC set a $243.00 target price on shares of Pioneer Natural Resources and gave the stock a buy rating in a research report on Wednesday, May 17th. Barclays PLC reissued a buy rating and issued a $196.00 target price (down from $204.00) on shares of Pioneer Natural Resources in a research report on Thursday, April 20th. KLR Group lifted their target price on shares of Pioneer Natural Resources from $234.00 to $240.00 and gave the stock a buy rating in a research report on Tuesday, May 9th. Finally, Credit Suisse Group reissued a buy rating on shares of Pioneer Natural Resources in a research report on Monday, May 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $210.75.
Pioneer Natural Resources (NYSE PXD) opened at 131.95 on Thursday. The stock has a market cap of $22.44 billion, a P/E ratio of 133.15 and a beta of 0.91. Pioneer Natural Resources has a 52 week low of $128.50 and a 52 week high of $199.83. The company’s 50 day moving average is $151.24 and its 200 day moving average is $170.96.
Pioneer Natural Resources (NYSE:PXD) last announced its quarterly earnings data on Tuesday, August 1st. The oil and gas development company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.10. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Pioneer Natural Resources had a net margin of 3.10% and a return on equity of 1.79%. The business’s revenue was up 107.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.22) EPS. Equities analysts predict that Pioneer Natural Resources will post $1.17 earnings per share for the current year.
In other news, Director Andrew F. Cates purchased 350 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were bought at an average price of $135.37 per share, with a total value of $47,379.50. Following the completion of the transaction, the director now directly owns 14,556 shares in the company, valued at approximately $1,970,445.72. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director J Kenneth Thompson purchased 750 shares of the company’s stock in a transaction dated Tuesday, August 15th. The stock was purchased at an average cost of $133.40 per share, for a total transaction of $100,050.00. Following the transaction, the director now owns 10,865 shares of the company’s stock, valued at $1,449,391. The disclosure for this purchase can be found here. Insiders acquired 1,200 shares of company stock valued at $161,102 over the last quarter. Corporate insiders own 0.92% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in PXD. BlackRock Inc. raised its position in Pioneer Natural Resources by 2,397.3% in the first 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 in the last quarter. Capital World Investors raised its position in Pioneer Natural Resources by 45.4% in the second quarter. Capital World Investors now owns 8,005,002 shares of the oil and gas development company’s stock worth $1,277,438,000 after buying an additional 2,500,000 shares in the last quarter. Ameriprise Financial Inc. raised its position in Pioneer Natural Resources by 706.3% in the second quarter. Ameriprise Financial Inc. now owns 2,006,435 shares of the oil and gas development company’s stock worth $319,475,000 after buying an additional 1,757,576 shares in the last quarter. Boston Partners purchased a new position in Pioneer Natural Resources during the first quarter worth approximately $274,976,000. Finally, FMR LLC raised its position in Pioneer Natural Resources by 18.3% in the first quarter. FMR LLC now owns 8,424,493 shares of the oil and gas development company’s stock worth $1,568,894,000 after buying an additional 1,304,274 shares in the last quarter. 92.85% of the stock is currently owned by institutional investors.
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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