Zacks Investment Research upgraded shares of Pioneer Natural Resources Company (NYSE:PXD) from a sell rating to a hold rating in a 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.”
Several other equities research analysts have also recently commented on PXD. Barclays PLC restated a buy rating and set a $196.00 price target (down previously from $204.00) on shares of Pioneer Natural Resources in a research note on Thursday, April 20th. Royal Bank Of Canada restated a buy rating and set a $230.00 price target on shares of Pioneer Natural Resources in a research note on Tuesday, April 25th. Scotiabank restated a buy rating and set a $245.00 price target on shares of Pioneer Natural Resources in a research note on Friday, May 5th. Williams Capital set a $200.00 price target on Pioneer Natural Resources and gave the stock a hold rating in a research note on Thursday, May 4th. Finally, Credit Suisse Group restated a buy rating on shares of Pioneer Natural Resources in a research note on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $210.75.
Pioneer Natural Resources (PXD) traded up 0.45% during trading on Thursday, reaching $131.86. 759,309 shares of the company’s stock were exchanged. The stock has a market capitalization of $22.43 billion, a PE ratio of 133.06 and a beta of 0.91. Pioneer Natural Resources has a 52 week low of $128.50 and a 52 week high of $199.83. The stock has a 50-day moving average of $152.00 and a 200-day moving average of $171.29.
Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas development company reported $0.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.10. Pioneer Natural Resources had a return on equity of 1.79% and a net margin of 3.10%. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business earned ($0.22) earnings per share. The company’s quarterly revenue was up 107.4% compared to the same quarter last year. On average, equities research analysts anticipate that Pioneer Natural Resources will post $1.16 EPS for the current year.
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In related news, Director J Kenneth Thompson acquired 750 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The shares were acquired at an average price of $133.40 per share, with a total value of $100,050.00. Following the completion of the purchase, the director now directly owns 10,865 shares in the company, valued at $1,449,391. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Andrew F. Cates acquired 350 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average cost of $135.37 per share, for a total transaction of $47,379.50. Following the purchase, the director now owns 14,556 shares of the company’s stock, valued at $1,970,445.72. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 1,200 shares of company stock worth $161,102. Corporate insiders own 0.92% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. GWM Advisors LLC bought a new stake in Pioneer Natural Resources during the second quarter worth approximately $100,000. Coconut Grove Bank raised its stake in Pioneer Natural Resources by 103.7% in the first quarter. Coconut Grove Bank now owns 552 shares of the oil and gas development company’s stock worth $103,000 after buying an additional 281 shares during the last quarter. Commonwealth Bank of Australia raised its stake in Pioneer Natural Resources by 10.8% in the second quarter. Commonwealth Bank of Australia now owns 690 shares of the oil and gas development company’s stock worth $108,000 after buying an additional 67 shares during the last quarter. Winch Advisory Services LLC bought a new stake in Pioneer Natural Resources during the first quarter worth approximately $112,000. Finally, BDO Wealth Advisors LLC bought a new stake in Pioneer Natural Resources during the second quarter worth approximately $120,000. 92.85% of the stock is currently owned by institutional investors and hedge funds.
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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