Pioneer Natural Resources (NYSE:PXD) – Investment analysts at Jefferies Group raised their Q2 2018 earnings estimates for shares of Pioneer Natural Resources in a research report issued on Wednesday. Jefferies Group analyst M. Lear now anticipates that the oil and gas development company will post earnings per share of $1.61 for the quarter, up from their previous estimate of $1.34. Jefferies Group has a “Buy” rating and a $238.00 price target on the stock. Jefferies Group also issued estimates for Pioneer Natural Resources’ Q3 2018 earnings at $1.76 EPS, FY2018 earnings at $6.66 EPS and FY2019 earnings at $8.30 EPS.
A number of other brokerages have also recently weighed in on PXD. Piper Jaffray Companies reiterated a “buy” rating and issued a $207.00 price objective on shares of Pioneer Natural Resources in a research note on Tuesday, January 9th. ValuEngine lowered Pioneer Natural Resources from a “hold” rating to a “sell” rating in a report on Sunday, December 31st. JPMorgan Chase & Co. set a $185.00 price objective on Pioneer Natural Resources and gave the stock a “buy” rating in a report on Wednesday, January 3rd. Royal Bank of Canada set a $201.00 price objective on Pioneer Natural Resources and gave the stock a “buy” rating in a report on Sunday, October 15th. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $180.00 price objective on shares of Pioneer Natural Resources in a report on Friday, November 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $207.88.
Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings data on Tuesday, February 6th. The oil and gas development company reported $1.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.63. Pioneer Natural Resources had a return on equity of 3.45% and a net margin of 13.69%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same quarter in the previous year, the business earned $0.49 earnings per share. The firm’s revenue for the quarter was up 48.4% on a year-over-year basis.
The company also recently announced a semiannual dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 29th will be issued a $0.16 dividend. This is a positive change from Pioneer Natural Resources’s previous semiannual dividend of $0.04. The ex-dividend date is Wednesday, March 28th. This represents a yield of 0.18%. Pioneer Natural Resources’s dividend payout ratio is 1.63%.
Pioneer Natural Resources declared that its board has approved a share repurchase program on Tuesday, February 6th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the oil and gas development company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, CEO Timothy L. Dove sold 1,000 shares of the stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $159.51, for a total transaction of $159,510.00. Following the transaction, the chief executive officer now directly owns 259,083 shares in the company, valued at $41,326,329.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jerome D. Hall, Jr. sold 1,800 shares of the stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $172.60, for a total value of $310,680.00. Following the transaction, the executive vice president now owns 22,964 shares in the company, valued at $3,963,586.40. The disclosure for this sale can be found here. Insiders sold 27,106 shares of company stock worth $4,444,339 in the last three months. 0.89% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PXD. Shelton Capital Management purchased a new position in Pioneer Natural Resources during the second quarter worth about $205,000. Westwood Holdings Group Inc. lifted its position in Pioneer Natural Resources by 45.8% during the second quarter. Westwood Holdings Group Inc. now owns 2,930 shares of the oil and gas development company’s stock worth $468,000 after buying an additional 920 shares during the period. Sterling Capital Management LLC lifted its position in Pioneer Natural Resources by 7.1% during the second quarter. Sterling Capital Management LLC now owns 8,268 shares of the oil and gas development company’s stock worth $1,319,000 after buying an additional 549 shares during the period. National Asset Management Inc. purchased a new position in Pioneer Natural Resources during the second quarter worth about $210,000. Finally, Cetera Investment Advisers purchased a new position in Pioneer Natural Resources during the second quarter worth about $206,000. Hedge funds and other institutional investors own 90.97% of the company’s stock.
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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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