Bangor Savings Bank Boosts Position in Pioneer Natural Resources (PXD)
Bangor Savings Bank increased its holdings in shares of Pioneer Natural Resources (NYSE:PXD) by 6.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,849 shares of the oil and gas development company’s stock after purchasing an additional 306 shares during the quarter. Bangor Savings Bank’s holdings in Pioneer Natural Resources were worth $638,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC increased its stake in Pioneer Natural Resources by 27.9% during the 2nd quarter. FMR LLC now owns 6,431,051 shares of the oil and gas development company’s stock worth $1,217,012,000 after purchasing an additional 1,401,626 shares in the last quarter. Capital International Investors bought a new stake in Pioneer Natural Resources during the 3rd quarter worth approximately $783,866,000. Clearbridge Investments LLC increased its stake in Pioneer Natural Resources by 10.4% during the 3rd quarter. Clearbridge Investments LLC now owns 3,069,833 shares of the oil and gas development company’s stock worth $534,734,000 after purchasing an additional 290,320 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Pioneer Natural Resources by 1.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,395,793 shares of the oil and gas development company’s stock worth $417,324,000 after purchasing an additional 35,750 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Pioneer Natural Resources by 0.3% during the 2nd quarter. Northern Trust Corp now owns 2,007,607 shares of the oil and gas development company’s stock worth $379,919,000 after purchasing an additional 5,666 shares in the last quarter. 87.09% of the stock is owned by institutional investors and hedge funds.
In other Pioneer Natural Resources news, CEO Timothy L. Dove sold 4,800 shares of Pioneer Natural Resources stock in a transaction dated Wednesday, December 19th. The stock was sold at an average price of $134.18, for a total value of $644,064.00. Following the transaction, the chief executive officer now owns 276,901 shares in the company, valued at $37,154,576.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Andrew F. Cates bought 790 shares of the firm’s stock in a transaction on Thursday, December 27th. The stock was acquired at an average price of $124.27 per share, for a total transaction of $98,173.30. Following the transaction, the director now owns 13,370 shares of the company’s stock, valued at $1,661,489.90. The disclosure for this purchase can be found here. Insiders own 0.92% of the company’s stock.
Pioneer Natural Resources (NYSE:PXD) last released its earnings results on Tuesday, November 6th. The oil and gas development company reported $2.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.69 by $0.38. Pioneer Natural Resources had a return on equity of 9.47% and a net margin of 15.98%. The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the previous year, the business posted $0.48 earnings per share. The business’s revenue for the quarter was up 112.2% on a year-over-year basis. As a group, analysts expect that Pioneer Natural Resources will post 7.13 earnings per share for the current year.
Pioneer Natural Resources declared that its board has initiated a share buyback plan on Thursday, December 13th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the oil and gas development company to reacquire up to 8.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several equities analysts have recently weighed in on PXD shares. Oppenheimer started coverage on shares of Pioneer Natural Resources in a research note on Wednesday, October 3rd. They set a “market perform” rating for the company. Seaport Global Securities cut shares of Pioneer Natural Resources from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $230.00 to $210.00 in a research note on Wednesday, October 10th. MKM Partners started coverage on shares of Pioneer Natural Resources in a research note on Wednesday, December 5th. They set a “buy” rating and a $213.00 price target for the company. Cowen started coverage on shares of Pioneer Natural Resources in a research note on Thursday, November 29th. They set an “outperform” rating and a $230.00 price target for the company. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $215.00 price target on shares of Pioneer Natural Resources in a research note on Thursday, November 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have issued a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $229.43.
Pioneer Natural Resources Company Profile
Pioneer Natural Resources Company operates as an independent oil and gas exploration and production company in the United States. The company explores for, develops, and produces oil, natural gas liquids (NGLs), and gas. It has 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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