Pioneer Natural Resources (NYSE:PXD) Price Target Increased to $93.00 by Analysts at Morgan Stanley

Pioneer Natural Resources (NYSE:PXD) had its target price boosted by Morgan Stanley from $92.00 to $93.00 in a research note issued to investors on Wednesday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an overweight rating on the oil and gas development company’s stock.

A number of other brokerages have also recently issued reports on PXD. Argus lifted their price target on shares of Pioneer Natural Resources from $90.00 to $109.00 in a research report on Thursday, May 21st. Wells Fargo & Co lifted their price target on shares of Pioneer Natural Resources from $114.00 to $116.00 and gave the company an overweight rating in a research report on Thursday, June 25th. Mizuho lifted their price target on shares of Pioneer Natural Resources from $119.00 to $137.00 in a research report on Friday, June 19th. Royal Bank of Canada reissued a buy rating and set a $106.00 price target on shares of Pioneer Natural Resources in a research report on Thursday, April 16th. Finally, KeyCorp lifted their price target on shares of Pioneer Natural Resources from $118.00 to $123.00 and gave the company an overweight rating in a research report on Thursday, June 11th. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $124.57.

NYSE:PXD opened at $92.44 on Wednesday. The company has a 50-day moving average price of $96.97 and a 200-day moving average price of $106.64. Pioneer Natural Resources has a 12 month low of $48.62 and a 12 month high of $159.01. The company has a current ratio of 0.99, a quick ratio of 0.90 and a debt-to-equity ratio of 0.19. The stock has a market cap of $15.24 billion, a price-to-earnings ratio of 12.31, a P/E/G ratio of 7.41 and a beta of 1.77.

Pioneer Natural Resources (NYSE:PXD) last posted its earnings results on Wednesday, May 6th. The oil and gas development company reported $1.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.03 by $0.12. Pioneer Natural Resources had a net margin of 7.60% and a return on equity of 10.46%. The firm had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.18 billion. During the same period last year, the company posted $1.83 EPS. The company’s quarterly revenue was down 6.5% compared to the same quarter last year. Equities analysts forecast that Pioneer Natural Resources will post 1.44 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 14th. Stockholders of record on Tuesday, June 30th will be paid a $0.55 dividend. The ex-dividend date is Monday, June 29th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.38%. Pioneer Natural Resources’s dividend payout ratio is presently 26.89%.

In other news, EVP Chris J. Cheatwood sold 7,000 shares of Pioneer Natural Resources stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $115.66, for a total value of $809,620.00. Following the completion of the sale, the executive vice president now directly owns 39,911 shares in the company, valued at $4,616,106.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Stephen Berg sold 2,500 shares of Pioneer Natural Resources stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $109.67, for a total transaction of $274,175.00. Following the completion of the sale, the executive vice president now owns 62,665 shares of the company’s stock, valued at $6,872,470.55. The disclosure for this sale can be found here. Insiders sold 16,090 shares of company stock valued at $1,822,121 over the last quarter. Company insiders own 0.91% of the company’s stock.

Several hedge funds have recently made changes to their positions in PXD. BlackRock Inc. grew its stake in shares of Pioneer Natural Resources by 33.4% in the first quarter. BlackRock Inc. now owns 15,188,665 shares of the oil and gas development company’s stock worth $1,065,485,000 after acquiring an additional 3,806,981 shares during the period. Capital World Investors grew its position in Pioneer Natural Resources by 810.7% during the fourth quarter. Capital World Investors now owns 2,550,511 shares of the oil and gas development company’s stock valued at $386,071,000 after buying an additional 2,270,456 shares during the period. Norges Bank bought a new stake in Pioneer Natural Resources during the fourth quarter valued at approximately $234,164,000. Menora Mivtachim Holdings LTD. bought a new stake in Pioneer Natural Resources during the first quarter valued at approximately $73,172,000. Finally, Manning & Napier Group LLC bought a new stake in Pioneer Natural Resources during the second quarter valued at approximately $97,184,000. Hedge funds and other institutional investors own 89.26% of the company’s stock.

Pioneer Natural Resources Company 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.

Read More: Gross Domestic Product (GDP)

Analyst Recommendations for Pioneer Natural Resources (NYSE:PXD)

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