Pioneer Natural Resources (NYSE:PXD) Price Target Increased to $170.00 by Analysts at Morgan Stanley

Pioneer Natural Resources (NYSE:PXD) had its price target upped by Morgan Stanley from $160.00 to $170.00 in a research note released on Monday, The Fly reports. The brokerage currently has an equal weight rating on the oil and gas development company’s stock.

PXD has been the topic of a number of other research reports. Johnson Rice restated a hold rating and issued a $180.00 price objective on shares of Pioneer Natural Resources in a report on Monday, March 15th. Sanford C. Bernstein restated a market perform rating and issued a $143.00 price objective on shares of Pioneer Natural Resources in a report on Monday, March 8th. KeyCorp upped their price objective on shares of Pioneer Natural Resources from $168.00 to $178.00 and gave the stock an overweight rating in a report on Tuesday, March 23rd. The Goldman Sachs Group began coverage on shares of Pioneer Natural Resources in a report on Thursday, January 21st. They issued a buy rating on the stock. Finally, MKM Partners increased their price target on shares of Pioneer Natural Resources from $146.00 to $173.00 and gave the company a buy rating in a report on Monday, March 8th. Five equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $169.33.

PXD stock opened at $153.53 on Monday. Pioneer Natural Resources has a 1 year low of $67.00 and a 1 year high of $169.49. The company has a market cap of $33.25 billion, a P/E ratio of 150.52, a PEG ratio of 2.72 and a beta of 1.92. The firm has a 50-day moving average of $156.09 and a 200 day moving average of $118.49. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.43 and a quick ratio of 1.32.

Pioneer Natural Resources (NYSE:PXD) last announced its quarterly earnings data on Monday, February 22nd. The oil and gas development company reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.37. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Pioneer Natural Resources had a net margin of 2.30% and a return on equity of 4.67%. The business’s revenue was down 30.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.36 earnings per share. On average, equities research analysts expect that Pioneer Natural Resources will post 1.59 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 14th. Investors of record on Wednesday, March 31st will be issued a $0.56 dividend. The ex-dividend date is Tuesday, March 30th. This represents a $2.24 annualized dividend and a yield of 1.46%. This is a boost from Pioneer Natural Resources’s previous quarterly dividend of $0.55. Pioneer Natural Resources’s dividend payout ratio (DPR) is currently 27.38%.

In other Pioneer Natural Resources news, Director Larry R. Grillot sold 500 shares of the stock in a transaction that occurred on Wednesday, March 17th. The shares were sold at an average price of $166.13, for a total value of $83,065.00. Following the transaction, the director now directly owns 11,223 shares in the company, valued at $1,864,476.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Scott D. Sheffield sold 29,882 shares of the stock in a transaction that occurred on Friday, March 5th. The stock was sold at an average price of $162.73, for a total transaction of $4,862,697.86. Following the completion of the transaction, the chief executive officer now owns 456,949 shares in the company, valued at $74,359,310.77. The disclosure for this sale can be found here. Insiders sold 52,338 shares of company stock worth $8,536,408 over the last quarter. Insiders own 0.91% of the company’s stock.

Several hedge funds have recently made changes to their positions in PXD. HighTower Advisors LLC raised its position in shares of Pioneer Natural Resources by 852.4% during the 4th quarter. HighTower Advisors LLC now owns 665,719 shares of the oil and gas development company’s stock valued at $75,829,000 after purchasing an additional 595,823 shares during the period. Amundi Pioneer Asset Management Inc. raised its position in shares of Pioneer Natural Resources by 104.2% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 959,668 shares of the oil and gas development company’s stock valued at $109,297,000 after purchasing an additional 489,671 shares during the period. Principal Financial Group Inc. raised its position in shares of Pioneer Natural Resources by 144.1% during the 4th quarter. Principal Financial Group Inc. now owns 678,906 shares of the oil and gas development company’s stock valued at $77,321,000 after purchasing an additional 400,729 shares during the period. State of Tennessee Treasury Department raised its position in shares of Pioneer Natural Resources by 92.3% during the 3rd quarter. State of Tennessee Treasury Department now owns 813,509 shares of the oil and gas development company’s stock valued at $69,953,000 after purchasing an additional 390,471 shares during the period. Finally, Victory Capital Management Inc. raised its position in shares of Pioneer Natural Resources by 287.5% during the 4th quarter. Victory Capital Management Inc. now owns 357,626 shares of the oil and gas development company’s stock valued at $40,730,000 after purchasing an additional 265,326 shares during the period. Hedge funds and other institutional investors own 89.92% 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. As of December 31, 2019, the company had proved undeveloped reserves and proved developed non-producing reserves of 39 million barrels of oil, 16 million barrels of NGLs, and 83 billion cubic feet of gas; and owned interests in 11 gas processing plants.

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