Pioneer Natural Resources Receives New Coverage from Analysts at Wunderlich (PXD)
Stock analysts at Wunderlich began coverage on shares of Pioneer Natural Resources (NYSE:PXD) in a report issued on Friday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $197.00 price target on the stock. Wunderlich’s target price points to a potential upside of 5.45% from the stock’s previous close.
The analysts wrote, “We are initiating coverage of Pioneer Natural Resources Company (PXD) with a Buy rating and $197 price target. Pioneer is one of the most active operators in the Wolfcamp Play in the Midland Basin and has drilled some of the best wells to date. Pioneer has over 625,000 net acres prospective for the Wolfcamp Play in Midland Basin with total estimated net resource potential of 4.6 billion boe or more than 4x company total proved reserves. The stock had a great run recently but we believe there is more upside: EUR for the northern Wolfcamp Play could increase, and downspacing potential in the southern Wolfcamp and the Eagle Ford shale could add more locations. We expect at least 6 well tests to be released by 3Q13, including 2 Wolfcamp D wells and 1 Jo Mill well, which could be impactful.”
Shares of Pioneer Natural Resources (NYSE:PXD) traded down 1.05% during mid-day trading on Friday, hitting $184.85. 286,934 shares of the company’s stock traded hands. Pioneer Natural Resources has a 1-year low of $99.75 and a 1-year high of $190.15. The stock’s 50-day moving average is $172.6 and its 200-day moving average is $144.. The company has a market cap of $25.610 billion and a P/E ratio of 51.14.
Pioneer Natural Resources (NYSE:PXD) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $1.10 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.13 by $0.03. The company had revenue of $845.10 million for the quarter, compared to the consensus estimate of $893.17 million. During the same quarter last year, the company posted $0.78 earnings per share. Pioneer Natural Resources’s revenue was up 31.7% compared to the same quarter last year. On average, analysts predict that Pioneer Natural Resources will post $4.76 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Pioneer Natural Resources (NYSE:PXD) in a research note to investors on Tuesday, September 3rd. They now have a $184.00 price target on the stock. Separately, analysts at Oppenheimer reiterated a “buy” rating on shares of Pioneer Natural Resources (NYSE:PXD) in a research note to investors on Tuesday, August 27th. They now have a $180.00 price target on the stock. Finally, analysts at Goldman Sachs Group Inc. raised their price target on shares of Pioneer Natural Resources (NYSE:PXD) from $193.00 to $216.00 in a research note to investors on Tuesday, August 27th.
One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Pioneer Natural Resources presently has a consensus rating of “Buy” and a consensus price target of $171.38.
The company also recently announced a semiannual dividend, which is scheduled for Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.04 per share. This represents a dividend yield of 0.05%. The ex-dividend date is Thursday, September 26th.
In other Pioneer Natural Resources news, CEO Scott D. Sheffield unloaded 10,000 shares of the stock on the open market in a transaction dated Thursday, September 5th. The stock was sold at an average price of $183.13, for a total transaction of $1,831,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Pioneer Natural Resources Company (NYSE:PXD) is an independent oil and gas exploration and production company with operations in the United States and South Africa.
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