Zacks Investment Research upgraded shares of Pioneer Natural Resources (NYSE:PXD) from a hold rating to a buy rating in a research report sent to investors on Tuesday, December 26th. Zacks Investment Research currently has $192.00 price objective on the oil and gas development company’s stock.
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 Pioneer expects fourth-quarter 2017 production to be in the range of 292 MBOE/D to 302 MBOE/D, significantly higher than 241.8 MBOE/D during the prior-year comparable quarter. 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 all the prior four quarters with an average positive earnings surprise of 67.6%.”
A number of other research analysts have also recently weighed in on the company. Jefferies Group set a $192.00 price objective on Pioneer Natural Resources and gave the company a buy rating in a research report on Wednesday, December 20th. Seaport Global Securities raised Pioneer Natural Resources from a neutral rating to a buy rating in a research report on Tuesday, December 19th. Robert W. Baird lowered their price objective on Pioneer Natural Resources from $192.00 to $176.00 and set an outperform rating on the stock in a research report on Monday, December 18th. Credit Suisse Group assumed coverage on Pioneer Natural Resources in a research report on Monday, December 11th. They set an outperform rating and a $192.00 price objective on the stock. Finally, KeyCorp set a $180.00 price objective on Pioneer Natural Resources and gave the company a buy rating in a research report on Saturday, November 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-five have issued a buy rating to the company. Pioneer Natural Resources currently has an average rating of Buy and a consensus price target of $193.80.
Pioneer Natural Resources (PXD) opened at $186.15 on Tuesday. The stock has a market capitalization of $31,339.34, a PE ratio of 258.54, a price-to-earnings-growth ratio of 4.90 and a beta of 0.97. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.69 and a quick ratio of 1.58. Pioneer Natural Resources has a 12-month low of $125.46 and a 12-month high of $199.83.
Pioneer Natural Resources (NYSE:PXD) last announced its earnings results on Wednesday, November 1st. The oil and gas development company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.30 by $0.18. Pioneer Natural Resources had a return on equity of 2.34% and a net margin of 2.17%. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the firm posted $0.13 earnings per share. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. equities analysts anticipate that Pioneer Natural Resources will post 1.62 EPS for the current fiscal year.
In other Pioneer Natural Resources news, EVP Kenneth H. Sheffield, Jr. sold 3,250 shares of Pioneer Natural Resources stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $157.57, for a total value of $512,102.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Timothy L. Dove sold 5,560 shares of Pioneer Natural Resources stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $160.66, for a total value of $893,269.60. Following the completion of the sale, the chief executive officer now directly owns 260,083 shares in the company, valued at approximately $41,784,934.78. The disclosure for this sale can be found here. Insiders have sold a total of 42,916 shares of company stock worth $6,976,992 in the last three months. 0.89% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC increased its stake in Pioneer Natural Resources by 1.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 51,365 shares of the oil and gas development company’s stock worth $8,878,000 after acquiring an additional 768 shares during the last quarter. Nexus Investment Management Inc. bought a new stake in Pioneer Natural Resources in the 4th quarter worth approximately $225,000. Trust Co increased its position in shares of Pioneer Natural Resources by 39.1% during the 3rd quarter. Trust Co now owns 2,350 shares of the oil and gas development company’s stock valued at $347,000 after purchasing an additional 660 shares during the last quarter. Renaissance Investment Group LLC increased its position in shares of Pioneer Natural Resources by 4.8% during the 4th quarter. Renaissance Investment Group LLC now owns 18,233 shares of the oil and gas development company’s stock valued at $3,152,000 after purchasing an additional 842 shares during the last quarter. Finally, Washington Trust Bank increased its position in shares of Pioneer Natural Resources by 4.5% during the 4th quarter. Washington Trust Bank now owns 21,777 shares of the oil and gas development company’s stock valued at $3,764,000 after purchasing an additional 938 shares during the last quarter. 90.69% of the stock is currently owned by institutional investors and hedge funds.
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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