Pioneer Natural Resources (NYSE:PXD) – Equities researchers at Piper Jaffray Companies reduced their FY2018 EPS estimates for shares of Pioneer Natural Resources in a research report issued on Wednesday, January 9th. Piper Jaffray Companies analyst R. Todd now anticipates that the oil and gas development company will post earnings per share of $7.44 for the year, down from their prior forecast of $7.64. Piper Jaffray Companies currently has a “Overweight” rating on the stock. Piper Jaffray Companies also issued estimates for Pioneer Natural Resources’ Q4 2018 earnings at $2.29 EPS, Q1 2019 earnings at $1.26 EPS, Q2 2019 earnings at $1.37 EPS, Q3 2019 earnings at $1.71 EPS, Q4 2019 earnings at $1.87 EPS, FY2019 earnings at $6.21 EPS, Q1 2020 earnings at $1.85 EPS, Q2 2020 earnings at $1.88 EPS, Q3 2020 earnings at $2.00 EPS, Q4 2020 earnings at $2.17 EPS and FY2020 earnings at $7.91 EPS.
Pioneer Natural Resources (NYSE:PXD) last issued its earnings results on Tuesday, November 6th. The oil and gas development company reported $2.07 EPS for the quarter, beating the Zacks’ consensus estimate of $1.69 by $0.38. Pioneer Natural Resources had a net margin of 15.98% and a return on equity of 9.47%. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the business earned $0.48 earnings per share. The company’s quarterly revenue was up 112.2% compared to the same quarter last year.
Several other equities research analysts have also recently issued reports on the stock. Morgan Stanley restated a “buy” rating and set a $234.00 price objective (down from $240.00) on shares of Pioneer Natural Resources in a research report on Friday, October 12th. Seaport Global Securities cut shares of Pioneer Natural Resources from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $230.00 to $210.00 in a research report on Wednesday, October 10th. Ifs Securities upgraded shares of Pioneer Natural Resources from an “outperform” rating to a “strong-buy” rating in a research report on Wednesday, November 14th. Stephens started coverage on shares of Pioneer Natural Resources in a research report on Thursday, December 6th. They set an “overweight” rating and a $270.00 price objective for the company. Finally, ValuEngine cut shares of Pioneer Natural Resources from a “hold” rating to a “sell” rating in a research report on Monday, November 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-nine have given a buy rating and two have assigned a strong buy rating to the company. Pioneer Natural Resources has a consensus rating of “Buy” and an average price target of $230.32.
Pioneer Natural Resources stock opened at $142.24 on Friday. Pioneer Natural Resources has a 12-month low of $119.08 and a 12-month high of $213.40. The stock has a market cap of $24.86 billion, a P/E ratio of 65.85, a PEG ratio of 1.29 and a beta of 1.10. The company has a quick ratio of 1.07, a current ratio of 1.20 and a debt-to-equity ratio of 0.19.
Pioneer Natural Resources announced that its Board of Directors has authorized a stock buyback plan on Thursday, December 13th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the oil and gas development company to reacquire up to 8.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, CEO Timothy L. Dove sold 4,800 shares of the firm’s stock in a transaction that occurred on Wednesday, December 19th. The shares were sold at an average price of $134.18, for a total value of $644,064.00. Following the completion of the transaction, the chief executive officer now owns 276,901 shares of the company’s stock, valued at $37,154,576.18. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Andrew F. Cates acquired 790 shares of the stock in a transaction dated Thursday, December 27th. The stock was acquired at an average cost of $124.27 per share, with a total value of $98,173.30. Following the purchase, the director now owns 13,370 shares of the company’s stock, valued at approximately $1,661,489.90. The disclosure for this purchase can be found here. Company insiders own 0.92% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC raised its holdings in Pioneer Natural Resources by 27.9% in the second quarter. FMR LLC now owns 6,431,051 shares of the oil and gas development company’s stock valued at $1,217,012,000 after acquiring an additional 1,401,626 shares in the last quarter. Capital International Investors acquired a new stake in Pioneer Natural Resources in the third quarter valued at approximately $783,866,000. Clearbridge Investments LLC raised its holdings in Pioneer Natural Resources by 10.4% in the third quarter. Clearbridge Investments LLC now owns 3,069,833 shares of the oil and gas development company’s stock valued at $534,734,000 after acquiring an additional 290,320 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Pioneer Natural Resources by 1.5% in the third quarter. Bank of New York Mellon Corp now owns 2,395,793 shares of the oil and gas development company’s stock valued at $417,324,000 after acquiring an additional 35,750 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Pioneer Natural Resources by 0.3% in the second quarter. Northern Trust Corp now owns 2,007,607 shares of the oil and gas development company’s stock valued at $379,919,000 after acquiring an additional 5,666 shares in the last quarter. 87.08% 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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