Pioneer Natural Resources (NYSE:PXD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $192.00 price target on the oil and gas development company’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.20% from the company’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 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 equities research analysts have also issued reports on PXD. Jefferies Group set a $171.00 price target on Pioneer Natural Resources and gave the stock a “buy” rating in a research note on Tuesday, August 29th. Cowen reiterated a “buy” rating and issued a $210.00 price target on shares of Pioneer Natural Resources in a research note on Sunday, September 17th. Piper Jaffray Companies cut their price target on Pioneer Natural Resources from $229.00 to $185.00 and set an “overweight” rating for the company in a research note on Monday, September 18th. Mizuho reiterated a “buy” rating and issued a $196.00 price target on shares of Pioneer Natural Resources in a research note on Friday, September 29th. Finally, Stifel Nicolaus set a $248.00 price target on Pioneer Natural Resources and gave the stock a “buy” rating in a research note on Thursday, October 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $192.27.
Pioneer Natural Resources (NYSE:PXD) last posted its quarterly earnings data on Wednesday, November 1st. The oil and gas development company reported $0.48 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 firm had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $0.13 EPS. Pioneer Natural Resources’s revenue was up 23.1% on a year-over-year basis. research analysts anticipate that Pioneer Natural Resources will post 1.59 earnings per share for the current year.
In other Pioneer Natural Resources news, CFO Richard P. Dealy sold 5,523 shares of the firm’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $164.23, for a total value of $907,042.29. Following the completion of the sale, the chief financial officer now owns 76,297 shares of the company’s stock, valued at $12,530,256.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Kenneth H. Sheffield, Jr. sold 3,250 shares of the firm’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $157.57, for a total transaction of $512,102.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,116 shares of company stock valued at $5,633,412. 0.89% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. GWM Advisors LLC purchased a new position in shares of Pioneer Natural Resources during the second quarter worth approximately $100,000. Commonwealth Bank of Australia increased its holdings in Pioneer Natural Resources by 10.8% during the second quarter. Commonwealth Bank of Australia now owns 690 shares of the oil and gas development company’s stock valued at $108,000 after buying an additional 67 shares during the period. WFG Advisors LP increased its holdings in Pioneer Natural Resources by 10.2% during the second quarter. WFG Advisors LP now owns 1,102 shares of the oil and gas development company’s stock valued at $176,000 after buying an additional 102 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in Pioneer Natural Resources during the third quarter valued at approximately $176,000. Finally, Sun Life Financial INC increased its holdings in Pioneer Natural Resources by 7,229.4% during the second quarter. Sun Life Financial INC now owns 1,246 shares of the oil and gas development company’s stock valued at $199,000 after buying an additional 1,229 shares during the period. 90.69% of the stock is owned by institutional investors and hedge funds.
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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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