Pioneer Natural Resources (PXD) Stock Rating Lowered by Zacks Investment Research
Pioneer Natural Resources (NYSE:PXD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
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. Pioneer has strong earnings surprise history as reflected that the company managed to beat the Zacks Consensus Estimate in all the prior four quarters with an average positive surprise of 67.6%. Moreover, we appreciate the excellent financial health of the company. Pioneer Natural has debt to capitalization ratio of 21.2% which is much lower than 49.7% for the broader industry. However, we are concerned about the company’s expectation of higher exploration expenses during fourth-quarter 2017. Also, over the prior six months, the upstream energy player fell 5%, significantly underperforming the industry’s 6.6% gain. “
A number of other brokerages have also recently issued reports on PXD. Royal Bank Of Canada set a $201.00 target price on Pioneer Natural Resources and gave the stock a “buy” rating in a report on Sunday, October 15th. Piper Jaffray Companies dropped their target price on Pioneer Natural Resources from $229.00 to $185.00 and set an “overweight” rating for the company in a report on Monday, September 18th. SunTrust Banks reissued a “buy” rating and issued a $180.00 target price on shares of Pioneer Natural Resources in a report on Friday, November 3rd. Sanford C. Bernstein increased their target price on Pioneer Natural Resources from $173.00 to $187.00 and gave the stock an “outperform” rating in a report on Friday, November 3rd. Finally, Imperial Capital started coverage on Pioneer Natural Resources in a report on Tuesday, August 22nd. They issued an “outperform” rating and a $160.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-one have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $194.20.
Pioneer Natural Resources (NYSE:PXD) last posted its quarterly earnings results on Wednesday, November 1st. The oil and gas development company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.30 by $0.18. Pioneer Natural Resources had a return on equity of 2.34% and a net margin of 2.17%. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm posted $0.13 EPS. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. equities research analysts expect that Pioneer Natural Resources will post 1.53 earnings per share for the current year.
In related news, Chairman Scott D. Sheffield sold 5,000 shares of the stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $161.14, for a total transaction of $805,700.00. Following the sale, the chairman now directly owns 585,466 shares in the company, valued at approximately $94,341,991.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy L. Dove sold 5,560 shares of the stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $160.66, for a total value 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,072 shares of company stock worth $3,644,749. 0.89% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in PXD. Capital World Investors boosted its position in Pioneer Natural Resources by 45.4% in the 2nd quarter. Capital World Investors now owns 8,005,002 shares of the oil and gas development company’s stock valued at $1,277,438,000 after buying an additional 2,500,000 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Pioneer Natural Resources by 706.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,006,435 shares of the oil and gas development company’s stock valued at $319,475,000 after buying an additional 1,757,576 shares during the last quarter. Boston Partners boosted its position in Pioneer Natural Resources by 48.5% in the 2nd quarter. Boston Partners now owns 2,192,806 shares of the oil and gas development company’s stock valued at $349,928,000 after buying an additional 716,266 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Pioneer Natural Resources by 2,357.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 739,763 shares of the oil and gas development company’s stock valued at $109,145,000 after buying an additional 709,663 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its position in Pioneer Natural Resources by 1,138.7% in the 2nd quarter. Janus Henderson Group PLC now owns 577,107 shares of the oil and gas development company’s stock valued at $92,095,000 after buying an additional 530,517 shares during the last quarter. Hedge funds and other institutional investors own 90.89% of the company’s stock.
Pioneer Natural Resources Company Profile
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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