Scotiabank Begins Coverage on Pioneer Natural Resources (NYSE:PXD)

Scotiabank started coverage on shares of Pioneer Natural Resources (NYSE:PXD) in a research report report published on Tuesday, The Fly reports. The brokerage issued a sector perform rating and a $154.00 price target on the oil and gas development company’s stock.

Several other brokerages have also weighed in on PXD. Mizuho raised shares of Pioneer Natural Resources from a neutral rating to a buy rating and set a $191.00 target price for the company in a research note on Thursday, October 10th. Morgan Stanley lowered their target price on shares of Pioneer Natural Resources from $176.00 to $167.00 and set an overweight rating for the company in a research note on Friday, October 4th. Citigroup reaffirmed a buy rating on shares of Pioneer Natural Resources in a research note on Tuesday, October 8th. Piper Jaffray Companies set a $202.00 target price on shares of Pioneer Natural Resources and gave the stock a buy rating in a research note on Friday, August 16th. Finally, Robert W. Baird increased their target price on shares of Pioneer Natural Resources from $142.00 to $157.00 and gave the stock an outperform rating in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Pioneer Natural Resources has a consensus rating of Buy and a consensus target price of $187.22.

PXD stock traded up $1.91 during mid-day trading on Tuesday, hitting $134.28. 817,421 shares of the company were exchanged, compared to its average volume of 1,648,643. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $22.11 billion, a P/E ratio of 21.28, a PEG ratio of 0.98 and a beta of 1.14. The business has a fifty day simple moving average of $128.75 and a 200-day simple moving average of $137.24. Pioneer Natural Resources has a 12-month low of $114.79 and a 12-month high of $178.22.

Pioneer Natural Resources (NYSE:PXD) last announced its earnings results on Monday, November 4th. The oil and gas development company reported $1.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.02 by ($0.03). The company had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.32 billion. Pioneer Natural Resources had a return on equity of 9.86% and a net margin of 7.88%. The company’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period last year, the business earned $2.07 EPS. Research analysts predict that Pioneer Natural Resources will post 8.1 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 14th. Stockholders of record on Tuesday, December 31st will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Monday, December 30th. Pioneer Natural Resources’s payout ratio is 13.95%.

In other news, EVP Chris J. Cheatwood sold 5,619 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $140.35, for a total value of $788,626.65. Following the completion of the transaction, the executive vice president now owns 39,027 shares of the company’s stock, valued at $5,477,439.45. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director J Kenneth Thompson acquired 500 shares of the stock in a transaction dated Tuesday, August 27th. The stock was acquired at an average cost of $121.01 per share, with a total value of $60,505.00. Following the purchase, the director now owns 13,024 shares of the company’s stock, valued at approximately $1,576,034.24. The disclosure for this purchase can be found here. Company insiders own 0.91% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in Pioneer Natural Resources by 35.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 11,623,503 shares of the oil and gas development company’s stock valued at $1,788,392,000 after acquiring an additional 3,032,727 shares in the last quarter. Primecap Management Co. CA raised its holdings in Pioneer Natural Resources by 203.6% in the second quarter. Primecap Management Co. CA now owns 4,150,495 shares of the oil and gas development company’s stock valued at $638,595,000 after acquiring an additional 2,783,199 shares in the last quarter. BlackRock Inc. raised its holdings in Pioneer Natural Resources by 9.6% in the second quarter. BlackRock Inc. now owns 11,490,193 shares of the oil and gas development company’s stock valued at $1,767,880,000 after acquiring an additional 1,008,677 shares in the last quarter. Nuveen Asset Management LLC raised its holdings in Pioneer Natural Resources by 1,105.9% in the second quarter. Nuveen Asset Management LLC now owns 820,509 shares of the oil and gas development company’s stock valued at $126,243,000 after acquiring an additional 752,470 shares in the last quarter. Finally, USS Investment Management Ltd raised its holdings in Pioneer Natural Resources by 37.1% in the third quarter. USS Investment Management Ltd now owns 1,164,718 shares of the oil and gas development company’s stock valued at $146,492,000 after acquiring an additional 315,100 shares in the last quarter. 87.59% of the stock is owned by institutional investors and hedge funds.

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.

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