Pioneer Natural Resources Company (PXD) Raised to “Hold” at Zacks Investment Research
Pioneer Natural Resources Company (NYSE:PXD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Pioneer Natural Resources is focused on the Permian Basin, which is among the lucrative oil shale plays with lesser risks. The company’s second-quarter 2017 results were strong on the back of significantly high commodity price realizations along with the Spraberry/Wolfcamp horizontal drilling program. Moreover, the upstream player has excellent financial health. For second-quarter 2017, the company’s production grew 12% year over year to 259.1 MBOE/d, which touched the high end of the company’s guidance. On top of that, Pioneer expects production growth between 15% and 18% for 2017. However, we are concerned about the high exploration expenses incurred during the second quarter of this year. Also, over the last one year, the company’s price fell 28.4%, following the trend of the broader industry’s 31% decline over the same time frame.”
Other analysts have also issued reports about the stock. Jefferies Group LLC set a $243.00 price target on shares of Pioneer Natural Resources and gave the company a “buy” rating in a research report on Wednesday, May 17th. Scotiabank reissued a “buy” rating and set a $245.00 price target on shares of Pioneer Natural Resources in a research report on Monday, May 15th. Credit Suisse Group reissued a “buy” rating on shares of Pioneer Natural Resources in a research report on Monday, May 15th. Royal Bank Of Canada reissued a “buy” rating and set a $233.00 price target on shares of Pioneer Natural Resources in a research report on Friday, May 12th. Finally, Barclays PLC reissued a “buy” rating and set a $196.00 price target (down from $204.00) on shares of Pioneer Natural Resources in a research report on Thursday, April 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $210.71.
Pioneer Natural Resources (PXD) traded up 0.5926% during mid-day trading on Thursday, reaching $132.4101. 97,540 shares of the company’s stock traded hands. Pioneer Natural Resources has a 12-month low of $128.50 and a 12-month high of $199.83. The stock has a 50 day moving average of $152.70 and a 200 day moving average of $171.58. The company has a market cap of $22.52 billion, a P/E ratio of 133.6126 and a beta of 0.91.
Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings data on Tuesday, August 1st. The oil and gas development company reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.10. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.06 billion. Pioneer Natural Resources had a net margin of 3.10% and a return on equity of 1.79%. The firm’s revenue for the quarter was up 107.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.22) earnings per share. On average, equities research analysts predict that Pioneer Natural Resources will post $1.15 earnings per share for the current fiscal year.
In other Pioneer Natural Resources news, Director J Kenneth Thompson bought 750 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The shares were purchased at an average price of $133.40 per share, for a total transaction of $100,050.00. Following the transaction, the director now directly owns 10,865 shares of the company’s stock, valued at approximately $1,449,391. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andrew F. Cates bought 350 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were acquired at an average price of $135.37 per share, for a total transaction of $47,379.50. Following the transaction, the director now directly owns 14,556 shares in the company, valued at $1,970,445.72. The disclosure for this purchase can be found here. Insiders have bought a total of 1,200 shares of company stock worth $161,102 in the last quarter. Insiders own 0.92% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Independence Advisors LLC acquired a new position in shares of Pioneer Natural Resources during the second quarter worth about $822,000. Capital Advisors Inc. OK acquired a new position in shares of Pioneer Natural Resources during the first quarter worth about $660,000. Murphy Capital Management Inc. raised its position in shares of Pioneer Natural Resources by 4.5% in the second quarter. Murphy Capital Management Inc. now owns 115,080 shares of the oil and gas development company’s stock worth $18,364,000 after buying an additional 4,980 shares during the period. BlackRock Inc. raised its position in shares of Pioneer Natural Resources by 2,397.3% in the first quarter. BlackRock Inc. now owns 11,376,848 shares of the oil and gas development company’s stock worth $2,118,708,000 after buying an additional 10,921,279 shares during the period. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Pioneer Natural Resources during the first quarter worth about $260,000. Hedge funds and other institutional investors own 92.85% 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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