Zacks Investment Research cut shares of Pioneer Natural Resources (NYSE:PXD) from a buy rating to a hold rating in a research report report published on Tuesday, December 19th.
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. However, we are concerned about the high exploration expenses expected during the fourth quarter of this year. Also, the company looks overvalued as reflected by its EV/EBITDA ratio of 12.4, higher than that of the industry’s 10.8. Therefore, we see limited upside potential for shares, taking into consideration Pioneer’s sensitivity to gas/oil price volatility, as well as its drilling results, costs, geo-political risks and project timing delays.”
Several other research analysts have also commented on PXD. Mizuho reissued a buy rating and set a $196.00 price objective on shares of Pioneer Natural Resources in a report on Friday, September 29th. Williams Capital dropped their target price on Pioneer Natural Resources from $165.00 to $162.00 and set a hold rating for the company in a research report on Wednesday, October 18th. Imperial Capital started coverage on Pioneer Natural Resources in a research report on Tuesday, August 22nd. They issued an outperform rating and a $160.00 target price for the company. Cowen restated a buy rating and issued a $210.00 target price on shares of Pioneer Natural Resources in a research report on Sunday, September 17th. Finally, SunTrust Banks restated a buy rating and issued a $180.00 target price on shares of Pioneer Natural Resources in a research report on Friday, November 3rd. Two research 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. The stock currently has an average rating of Buy and a consensus price target of $193.80.
Shares of Pioneer Natural Resources (NYSE PXD) traded up $1.98 during midday trading on Tuesday, hitting $186.15. The stock had a trading volume of 1,356,778 shares, compared to its average volume of 1,443,764. Pioneer Natural Resources has a 52 week low of $125.46 and a 52 week high of $199.83. The company has a quick ratio of 1.58, a current ratio of 1.69 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $31,339.34, a price-to-earnings ratio of 258.54, a price-to-earnings-growth ratio of 4.90 and a beta of 0.97.
Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings data on Wednesday, November 1st. The oil and gas development company reported $0.48 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm earned $0.13 earnings per share. Pioneer Natural Resources’s revenue was up 23.1% on a year-over-year basis. analysts anticipate that Pioneer Natural Resources will post 1.62 EPS for the current year.
In other news, CEO Timothy L. Dove sold 5,560 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $160.66, for a total transaction of $893,269.60. Following the transaction, the chief executive officer now directly owns 260,083 shares of the company’s stock, valued at $41,784,934.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Larry R. Grillot sold 200 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $159.35, for a total value of $31,870.00. Following the transaction, the director now directly owns 7,097 shares in the company, valued at $1,130,906.95. The disclosure for this sale can be found here. Insiders sold 42,916 shares of company stock valued at $6,976,992 in the last quarter. Corporate insiders own 0.89% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of PXD. Capital World Investors increased its stake in shares of Pioneer Natural Resources by 45.4% during the second quarter. Capital World Investors now owns 8,005,002 shares of the oil and gas development company’s stock valued at $1,277,438,000 after buying an additional 2,500,000 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Pioneer Natural Resources by 706.3% during the second quarter. Ameriprise Financial Inc. now owns 2,006,435 shares of the oil and gas development company’s stock valued at $319,475,000 after buying an additional 1,757,576 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Pioneer Natural Resources by 2,357.7% during the third quarter. Point72 Asset Management L.P. now owns 739,763 shares of the oil and gas development company’s stock valued at $109,145,000 after buying an additional 709,663 shares during the period. Janus Henderson Group PLC increased its stake in shares of Pioneer Natural Resources by 1,138.7% during the second quarter. Janus Henderson Group PLC now owns 577,107 shares of the oil and gas development company’s stock valued at $92,095,000 after buying an additional 530,517 shares during the period. Finally, First Eagle Investment Management LLC purchased a new position in shares of Pioneer Natural Resources during the third quarter valued at approximately $75,317,000. 90.69% of the stock is currently owned by hedge funds and other institutional investors.
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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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