Pioneer Natural Resources Company (NYSE:PXD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday, July 17th.
According to Zacks, “The pricing scenario of oil and natural gas has been weak since mid-2014 level following oversupplied commodity market. The development to this front could harm Pioneer Natural’s cashflows as the company could sell the commodities at lower prices. The pricing chart also shows significant weaknesses as reflected that year-to-date, Pioneer Natural fell more than 10% while the Zacks categorized Oil & Gas-U.S Exploration & Production industry slipped almost 26%. Moreover, to a certain extent, the company’s long-term production and reserve growth depends on its acquire-and-exploit model. In keeping with this, Pioneer Natural Resources may find it difficult to complete accretive transactions in the future. This could, in turn, negatively impact its growth rate.”
A number of other equities research analysts also recently commented on the company. Royal Bank Of Canada set a $233.00 target price on Pioneer Natural Resources and gave the stock a “buy” rating in a report on Saturday, June 17th. Scotiabank set a $210.00 price target on Pioneer Natural Resources and gave the company a “buy” rating in a research report on Saturday, July 1st. Jefferies Group LLC set a $243.00 price target on Pioneer Natural Resources and gave the company a “buy” rating in a research report on Wednesday, May 17th. Barclays PLC restated a “buy” rating and issued a $196.00 price objective (down from $204.00) on shares of Pioneer Natural Resources in a research report on Thursday, April 20th. Finally, Credit Suisse Group reaffirmed a “buy” rating on shares of Pioneer Natural Resources in a research note on Monday, May 15th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and twenty have given a buy rating to the company. Pioneer Natural Resources has an average rating of “Buy” and an average price target of $211.90.
Shares of Pioneer Natural Resources (NYSE PXD) traded down 0.92% during trading on Monday, hitting $134.02. 1,500,121 shares of the stock traded hands. Pioneer Natural Resources has a 1-year low of $128.50 and a 1-year high of $199.83. The company has a market cap of $22.80 billion, a P/E ratio of 135.24 and a beta of 0.91. The stock has a 50-day moving average of $154.62 and a 200 day moving average of $172.69.
Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings results on Tuesday, August 1st. The oil and gas development company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.10. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.06 billion. Pioneer Natural Resources had a return on equity of 1.79% and a net margin of 3.10%. The company’s quarterly revenue was up 107.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.22) earnings per share. On average, equities research analysts predict that Pioneer Natural Resources will post $1.13 EPS for the current fiscal year.
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In other news, EVP Chris J. Cheatwood sold 5,749 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $173.79, for a total transaction of $999,118.71. Following the sale, the executive vice president now owns 45,110 shares in the company, valued at $7,839,666.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.92% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Veritable L.P. boosted its position in shares of Pioneer Natural Resources by 4.1% in the second quarter. Veritable L.P. now owns 5,159 shares of the oil and gas development company’s stock worth $823,000 after buying an additional 203 shares during the last quarter. Spears Abacus Advisors LLC purchased a new position in shares of Pioneer Natural Resources during the second quarter worth $409,000. Waters Parkerson & CO. LLC boosted its position in shares of Pioneer Natural Resources by 6.8% in the second quarter. Waters Parkerson & CO. LLC now owns 82,286 shares of the oil and gas development company’s stock worth $13,131,000 after buying an additional 5,238 shares during the last quarter. Evercore Wealth Management LLC boosted its position in shares of Pioneer Natural Resources by 1.8% in the second quarter. Evercore Wealth Management LLC now owns 5,865 shares of the oil and gas development company’s stock worth $936,000 after buying an additional 105 shares during the last quarter. Finally, Global Endowment Management LP boosted its position in shares of Pioneer Natural Resources by 9.3% in the second quarter. Global Endowment Management LP now owns 2,340 shares of the oil and gas development company’s stock worth $373,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 92.62% of the company’s stock.
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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