Pioneer Natural Resources Company (NYSE:PXD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $169.00 price target on the oil and gas development company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.17% 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 for 2017, Pioneer expects production growth between 15% and 18%. 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 three of the last four quarters with an average positive earnings surprise of 46.74%.”
Several other analysts also recently commented on the company. BidaskClub downgraded Pioneer Natural Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 17th. Jefferies Group LLC set a $171.00 price objective on Pioneer Natural Resources and gave the stock a “buy” rating in a research note on Tuesday, August 29th. BMO Capital Markets lowered their price objective on Pioneer Natural Resources from $240.00 to $230.00 and set an “outperform” rating for the company in a research note on Friday, July 14th. Citigroup Inc. lowered their price objective on Pioneer Natural Resources from $210.00 to $190.00 and set a “buy” rating for the company in a research note on Friday, July 21st. Finally, Cowen and Company set a $210.00 price objective on Pioneer Natural Resources and gave the stock a “buy” rating in a research note on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nineteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $199.58.
Shares of Pioneer Natural Resources (NYSE PXD) opened at 150.67 on Wednesday. The company has a 50-day moving average price of $138.68 and a 200-day moving average price of $158.04. Pioneer Natural Resources has a 12 month low of $125.46 and a 12 month high of $199.83. The firm has a market cap of $25.63 billion, a price-to-earnings ratio of 152.04 and a beta of 0.94.
Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings data on Tuesday, August 1st. The oil and gas development company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.11 by $0.10. The firm 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% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.22) earnings per share. Analysts forecast that Pioneer Natural Resources will post $1.11 earnings per share for the current fiscal year.
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In other news, Director J Kenneth Thompson acquired 750 shares of Pioneer Natural Resources stock in a transaction on Tuesday, August 15th. The stock was acquired at an average cost of $133.40 per share, with a total value of $100,050.00. Following the completion of the acquisition, the director now owns 10,865 shares in the company, valued at $1,449,391. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew F. Cates acquired 350 shares of Pioneer Natural Resources stock in a transaction on Friday, August 11th. The shares were purchased at an average cost of $135.37 per share, with a total value of $47,379.50. Following the completion of the acquisition, the director now owns 14,556 shares of the company’s stock, valued at approximately $1,970,445.72. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 1,200 shares of company stock valued at $161,102. 0.89% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. GWM Advisors LLC bought a new position in Pioneer Natural Resources during the second quarter valued at $100,000. Commonwealth Bank of Australia grew 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 purchasing an additional 67 shares during the period. BDO Wealth Advisors LLC bought a new position in Pioneer Natural Resources during the second quarter valued at $120,000. Oppenheimer Asset Management Inc. bought a new position in Pioneer Natural Resources during the first quarter valued at $172,000. Finally, WFG Advisors LP grew 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 purchasing an additional 102 shares during the period. 91.57% of the stock is owned by institutional investors and hedge funds.
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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