Pioneer Natural Resources Co. (PXD) Reaches New 1-Year High After Analyst Upgrade
Shares of Pioneer Natural Resources Co. (NYSE:PXD) hit a new 52-week high on Monday after Wunderlich raised their price target on the stock from $182.00 to $207.00. Wunderlich currently has a buy rating on the stock. Pioneer Natural Resources traded as high as $192.99 and last traded at $192.22, with a volume of 1,122,158 shares. The stock had previously closed at $186.39.
PXD has been the subject of a number of other reports. KeyCorp boosted their price objective on shares of Pioneer Natural Resources from $190.00 to $215.00 and gave the stock an “overweight” rating in a research note on Monday, August 22nd. Credit Suisse Group AG restated an “outperform” rating and issued a $212.00 price objective (up from $182.25) on shares of Pioneer Natural Resources in a research note on Wednesday, August 24th. Mizuho initiated coverage on shares of Pioneer Natural Resources in a research note on Wednesday, October 5th. They issued a “neutral” rating and a $196.00 price objective for the company. KLR Group restated a “buy” rating and issued a $238.00 price objective (up from $218.00) on shares of Pioneer Natural Resources in a research note on Sunday, July 31st. Finally, Zacks Investment Research upgraded shares of Pioneer Natural Resources from a “hold” rating to a “buy” rating and set a $169.00 price objective for the company in a research note on Tuesday, July 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $179.66.
In related news, Director Frank A. Risch sold 500 shares of the stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $185.08, for a total transaction of $92,540.00. Following the completion of the sale, the director now directly owns 11,156 shares of the company’s stock, valued at approximately $2,064,752.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Timothy L. Dove sold 57,363 shares of the stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $176.29, for a total value of $10,112,523.27. Following the sale, the chief operating officer now directly owns 289,693 shares of the company’s stock, valued at $51,069,978.97. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.
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Several institutional investors have recently modified their holdings of the company. Glenmede Trust Co. NA boosted its position in shares of Pioneer Natural Resources by 1.4% in the first quarter. Glenmede Trust Co. NA now owns 6,445 shares of the oil and gas development company’s stock valued at $906,000 after buying an additional 87 shares in the last quarter. Commonwealth Equity Services Inc boosted its position in shares of Pioneer Natural Resources by 12.3% in the first quarter. Commonwealth Equity Services Inc now owns 6,021 shares of the oil and gas development company’s stock valued at $847,000 after buying an additional 660 shares in the last quarter. Ngam Advisors L.P. acquired a new position in shares of Pioneer Natural Resources during the first quarter valued at $1,452,000. Prudential Financial Inc. boosted its position in shares of Pioneer Natural Resources by 8.7% in the first quarter. Prudential Financial Inc. now owns 207,435 shares of the oil and gas development company’s stock valued at $29,195,000 after buying an additional 16,655 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Pioneer Natural Resources by 8.1% in the first quarter. Franklin Resources Inc. now owns 432,560 shares of the oil and gas development company’s stock valued at $60,878,000 after buying an additional 32,467 shares in the last quarter. 93.62% of the stock is owned by institutional investors.
The firm’s market capitalization is $32.54 billion. The firm has a 50-day moving average of $181.35 and a 200 day moving average of $163.10.
Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings results on Wednesday, July 27th. The oil and gas development company reported ($0.22) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.34) by $0.12. The company had revenue of $786 million for the quarter, compared to analysts’ expectations of $797.28 million. Pioneer Natural Resources had a negative return on equity of 1.79% and a negative net margin of 10.75%. The business’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.10 earnings per share. Equities analysts predict that Pioneer Natural Resources Co. will post ($0.25) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 12th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.09%. The ex-dividend date is Wednesday, September 28th. Pioneer Natural Resources’s dividend payout ratio (DPR) is currently -2.52%.
About Pioneer Natural Resources
Pioneer Natural Resources Company is an independent oil and gas exploration and production company with operations in the United States. The Company operates through the oil and gas development, exploration and production segment. The Company focuses on production of oil, natural gas liquid (NGLs) and gas through development drilling, production enhancement activities and acquisitions of producing properties.
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