Clearbridge LLC Sells 6,799 Shares of Pioneer Natural Resources (PXD)

Clearbridge LLC cut its position in Pioneer Natural Resources (NYSE:PXD) by 14.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 38,713 shares of the oil and gas development company’s stock after selling 6,799 shares during the quarter. Pioneer Natural Resources makes up approximately 1.5% of Clearbridge LLC’s investment portfolio, making the stock its 28th largest holding. Clearbridge LLC’s holdings in Pioneer Natural Resources were worth $5,092,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PXD. Lindbrook Capital LLC purchased a new stake in shares of Pioneer Natural Resources during the fourth quarter worth about $31,000. JOYN Advisors Inc. grew its stake in shares of Pioneer Natural Resources by 73.8% during the fourth quarter. JOYN Advisors Inc. now owns 358 shares of the oil and gas development company’s stock worth $47,000 after acquiring an additional 152 shares during the last quarter. Captrust Financial Advisors grew its stake in shares of Pioneer Natural Resources by 72.0% during the fourth quarter. Captrust Financial Advisors now owns 363 shares of the oil and gas development company’s stock worth $48,000 after acquiring an additional 152 shares during the last quarter. We Are One Seven LLC purchased a new stake in shares of Pioneer Natural Resources during the fourth quarter worth about $58,000. Finally, Parallel Advisors LLC grew its stake in shares of Pioneer Natural Resources by 56.0% during the fourth quarter. Parallel Advisors LLC now owns 563 shares of the oil and gas development company’s stock worth $74,000 after acquiring an additional 202 shares during the last quarter. Institutional investors and hedge funds own 87.26% of the company’s stock.

In other news, Director Andrew F. Cates acquired 790 shares of Pioneer Natural Resources stock in a transaction that occurred on Thursday, December 27th. The stock was purchased at an average cost of $124.27 per share, with a total value of $98,173.30. Following the purchase, the director now owns 13,370 shares in the company, valued at $1,661,489.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy L. Dove sold 4,800 shares of the stock in a transaction on Wednesday, December 19th. The shares were sold at an average price of $134.18, for a total value of $644,064.00. Following the completion of the transaction, the chief executive officer now directly owns 276,901 shares of the company’s stock, valued at $37,154,576.18. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by corporate insiders.

NYSE PXD opened at $136.37 on Friday. Pioneer Natural Resources has a one year low of $119.08 and a one year high of $213.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.29. The firm has a market capitalization of $22.73 billion, a P/E ratio of 21.61, a PEG ratio of 1.78 and a beta of 0.98.

Pioneer Natural Resources (NYSE:PXD) last posted its quarterly earnings data on Wednesday, February 13th. The oil and gas development company reported $1.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.48 by ($0.30). Pioneer Natural Resources had a net margin of 10.40% and a return on equity of 9.25%. The firm had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period in the prior year, the company posted $1.22 earnings per share. The firm’s revenue for the quarter was up 75.4% compared to the same quarter last year. On average, sell-side analysts forecast that Pioneer Natural Resources will post 7.4 earnings per share for the current year.

Pioneer Natural Resources declared that its board has approved a stock buyback plan on Thursday, December 13th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the oil and gas development company to purchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

The company also recently disclosed a semiannual dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 29th will be paid a $0.32 dividend. This is an increase from Pioneer Natural Resources’s previous semiannual dividend of $0.16. This represents a yield of 0.45%. The ex-dividend date is Thursday, March 28th. Pioneer Natural Resources’s dividend payout ratio is currently 5.07%.

A number of brokerages have recently weighed in on PXD. Wells Fargo & Co boosted their price target on Pioneer Natural Resources from $191.00 to $200.00 and gave the stock an “outperform” rating in a research note on Wednesday. Barclays upped their target price on Pioneer Natural Resources from $190.00 to $198.00 and gave the company an “overweight” rating in a research report on Tuesday, February 19th. Citigroup dropped their target price on Pioneer Natural Resources from $190.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday, February 19th. Imperial Capital set a $199.00 target price on Pioneer Natural Resources and gave the company a “buy” rating in a research report on Friday, February 15th. Finally, MKM Partners set a $189.00 target price on Pioneer Natural Resources and gave the company a “buy” rating in a research report on Friday, February 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $215.07.

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Pioneer Natural Resources Profile

Pioneer Natural Resources Company operates as an independent oil and gas exploration and production company in the United States. The company explores for, develops, and produces oil, natural gas liquids (NGLs), and gas. It has 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.

See Also: Insider Trading

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Institutional Ownership by Quarter for Pioneer Natural Resources (NYSE:PXD)

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