Pioneer Natural Resources Company (PXD) Rating Increased to Buy at Zacks Investment Research
Pioneer Natural Resources Company (NYSE:PXD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $169.00 price objective on the oil and gas development company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.17% from the stock’s previous close.
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 for 2017, Pioneer expects production growth between 15% and 18%. The company’s low level of debt is also noteworthy. Since 2016, there has been a steady decline in the company’s long-term debt levels, reflecting strong balance sheet. Pioneer Natural Resources has an encouraging earnings surprise history despite persistent weak commodity prices. The oil & gas exploration and production firm was able to beat the Zacks Consensus Estimate in three of the last four quarters with an average positive earnings surprise of 46.74%.”
A number of other analysts have also recently commented on PXD. BMO Capital Markets set a $200.00 target price on shares of Pioneer Natural Resources and gave the company a “buy” rating in a report on Tuesday. Jefferies Group LLC restated a “buy” rating and set a $180.00 target price on shares of Pioneer Natural Resources in a report on Tuesday. Stifel Nicolaus set a $248.00 target price on shares of Pioneer Natural Resources and gave the company a “buy” rating in a report on Thursday, October 5th. Mizuho restated a “buy” rating and set a $196.00 target price on shares of Pioneer Natural Resources in a report on Friday, September 29th. Finally, Piper Jaffray Companies dropped their target price on shares of Pioneer Natural Resources from $229.00 to $185.00 and set an “overweight” rating on the stock in a report on Monday, September 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nineteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $199.58.
Pioneer Natural Resources (NYSE PXD) opened at 150.67 on Wednesday. Pioneer Natural Resources has a 52 week low of $125.46 and a 52 week high of $199.83. The company has a market capitalization of $25.63 billion, a price-to-earnings ratio of 152.04 and a beta of 0.94. The company’s 50-day moving average is $138.68 and its 200 day moving average is $158.04.
Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas development company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.10. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business posted ($0.22) earnings per share. On average, analysts forecast that Pioneer Natural Resources will post $1.11 EPS for the current fiscal year.
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In related news, VP Teresa A. Fairbrook sold 880 shares of the company’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $130.49, for a total value of $114,831.20. Following the transaction, the vice president now owns 7,648 shares in the company, valued at approximately $997,987.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrew F. Cates purchased 350 shares of the company’s stock in a transaction that occurred on Friday, August 11th. The stock was purchased at an average price of $135.37 per share, for a total transaction of $47,379.50. Following the purchase, the director now owns 14,556 shares in the company, valued at $1,970,445.72. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 1,200 shares of company stock worth $161,102. 0.89% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Independence Advisors LLC bought a new position in Pioneer Natural Resources in the 2nd quarter worth about $822,000. Murphy Capital Management Inc. boosted its stake in Pioneer Natural Resources by 4.5% in the 2nd quarter. Murphy Capital Management Inc. now owns 115,080 shares of the oil and gas development company’s stock worth $18,364,000 after purchasing an additional 4,980 shares in the last quarter. Summit Global Investments boosted its stake in Pioneer Natural Resources by 83.4% in the 2nd quarter. Summit Global Investments now owns 9,178 shares of the oil and gas development company’s stock worth $1,465,000 after purchasing an additional 4,173 shares in the last quarter. BlackRock Inc. boosted its stake in Pioneer Natural Resources by 2,397.3% in the 1st quarter. BlackRock Inc. now owns 11,376,848 shares of the oil and gas development company’s stock worth $2,118,708,000 after purchasing an additional 10,921,279 shares in the last quarter. Finally, Harbour Capital Advisors LLC bought a new position in Pioneer Natural Resources in the 1st quarter worth about $260,000. Institutional investors own 91.57% of the company’s stock.
Pioneer Natural Resources Company Profile
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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