Pioneer Natural Resources (PXD) Rating Lowered to Hold at 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 report issued on Tuesday.
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. It is to be noted that Pioneer expects fourth-quarter 2017 production to be in the range of 292 MBOE/D to 302 MBOE/D, significantly higher than 241.8 MBOE/D during the prior-year comparable quarter. The company’s low level of debt is also noteworthy. However, we are concerned about the high exploration expenses expected during the fourth quarter of this year. Also, the company looks overvalued as reflected by its EV/EBITDA ratio of 12.4, higher than that of the industry’s 10.8. Therefore, 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.”
A number of other brokerages have also commented on PXD. Jefferies Group set a $171.00 price target on Pioneer Natural Resources and gave the stock a “buy” rating in a report on Tuesday, August 29th. Barclays lifted their price target on Pioneer Natural Resources from $136.00 to $147.00 and gave the stock an “overweight” rating in a report on Wednesday, October 11th. Cowen reiterated a “buy” rating and set a $210.00 price target on shares of Pioneer Natural Resources in a report on Sunday, September 17th. Mizuho reiterated a “buy” rating and set a $196.00 price target on shares of Pioneer Natural Resources in a report on Friday, November 3rd. Finally, BMO Capital Markets set a $200.00 price target on Pioneer Natural Resources and gave the stock a “buy” rating in a report on Tuesday, October 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-three have given a buy rating to the company. Pioneer Natural Resources has an average rating of “Buy” and a consensus price target of $191.63.
Pioneer Natural Resources (NYSE:PXD) last announced its earnings results on Wednesday, November 1st. The oil and gas development company reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.18. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Pioneer Natural Resources had a return on equity of 2.34% and a net margin of 2.17%. Pioneer Natural Resources’s quarterly revenue was up 23.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.13 earnings per share. research analysts forecast that Pioneer Natural Resources will post 1.55 EPS for the current year.
In related news, EVP Kenneth H. Sheffield, Jr. sold 3,250 shares of the business’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $157.57, for a total transaction of $512,102.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Frank E. Hopkins sold 2,000 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $160.00, for a total value of $320,000.00. Following the sale, the senior vice president now owns 38,101 shares in the company, valued at $6,096,160. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,392 shares of company stock worth $4,356,997. Corporate insiders own 0.89% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System raised its stake in shares of Pioneer Natural Resources by 1.7% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 247,807 shares of the oil and gas development company’s stock valued at $36,561,000 after purchasing an additional 4,040 shares during the period. Summit Global Investments raised its stake in shares of 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 valued at $1,465,000 after purchasing an additional 4,173 shares during the period. State of Tennessee Treasury Department grew its position in Pioneer Natural Resources by 66.4% during 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 buying an additional 76,268 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in Pioneer Natural Resources by 4.8% during the third quarter. Schwab Charles Investment Management Inc. now owns 566,122 shares of the oil and gas development company’s stock worth $83,526,000 after buying an additional 26,050 shares in the last quarter. Finally, First Washington CORP grew its position in Pioneer Natural Resources by 34.0% during 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 buying an additional 4,160 shares in the last quarter. Institutional investors own 90.69% 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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