Zacks Investment Research Upgrades Pioneer Natural Resources (PXD) to “Buy”

Zacks Investment Research upgraded shares of Pioneer Natural Resources (NYSE:PXD) from a hold rating to a buy rating in a report issued on Tuesday, December 26th. They currently have $192.00 target price on the oil and gas development company’s stock.

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 Pioneer expects fourth-quarter 2017 production to be in the range of 292 MBOE/D to 302 MBOE/D, significantly higher than 241.8 MBOE/D during the prior-year comparable quarter. 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 all the prior four quarters with an average positive earnings surprise of 67.6%.”

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets set a $200.00 price objective on shares of Pioneer Natural Resources and gave the stock a buy rating in a research note on Tuesday, October 10th. Jefferies Group reissued a buy rating and issued a $180.00 price objective on shares of Pioneer Natural Resources in a research note on Tuesday, October 10th. Stifel Nicolaus set a $248.00 price objective on shares of Pioneer Natural Resources and gave the stock a buy rating in a research note on Thursday, October 5th. Mizuho reissued a buy rating and issued a $196.00 price objective on shares of Pioneer Natural Resources in a research note on Friday, September 29th. Finally, Cowen reissued a buy rating and issued a $210.00 price objective on shares of Pioneer Natural Resources in a research note on Sunday, September 17th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $193.80.

Shares of Pioneer Natural Resources (NYSE:PXD) opened at $186.15 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.58 and a current ratio of 1.69. 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 $31,660.00, a P/E ratio of 255.00, a PEG ratio of 4.72 and a beta of 0.97.

Pioneer Natural Resources (NYSE:PXD) last posted its quarterly earnings results on Wednesday, November 1st. The oil and gas development company reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.18. Pioneer Natural Resources had a negative net margin of 1.46% and a negative return on equity of 0.87%. The firm had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the firm posted $0.13 earnings per share. The company’s revenue was up 23.1% on a year-over-year basis. sell-side analysts expect that Pioneer Natural Resources will post 1.61 EPS for the current fiscal year.

In other news, CEO Timothy L. Dove sold 5,560 shares of the business’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $160.66, for a total transaction of $893,269.60. Following the sale, the chief executive officer now directly owns 260,083 shares of the company’s stock, valued at $41,784,934.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Larry R. Grillot sold 200 shares of the business’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $159.35, for a total transaction of $31,870.00. Following the sale, the director now directly owns 7,097 shares in the company, valued at $1,130,906.95. The disclosure for this sale can be found here. Insiders have sold 42,916 shares of company stock worth $6,976,992 over the last three months. Corporate insiders own 0.89% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in PXD. BB&T Securities LLC grew its holdings in shares of Pioneer Natural Resources by 108.7% during the second quarter. BB&T Securities LLC now owns 4,726 shares of the oil and gas development company’s stock valued at $754,000 after buying an additional 2,462 shares during the last quarter. Intrust Bank NA lifted its position in Pioneer Natural Resources by 2.6% during the second quarter. Intrust Bank NA now owns 1,683 shares of the oil and gas development company’s stock valued at $269,000 after purchasing an additional 43 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in Pioneer Natural Resources by 21.9% during the second quarter. Robeco Institutional Asset Management B.V. now owns 12,491 shares of the oil and gas development company’s stock valued at $1,993,000 after purchasing an additional 2,241 shares during the period. Andra AP fonden lifted its position in Pioneer Natural Resources by 20.6% during the second quarter. Andra AP fonden now owns 16,400 shares of the oil and gas development company’s stock valued at $2,617,000 after purchasing an additional 2,800 shares during the period. Finally, Pacer Advisors Inc. lifted its position in Pioneer Natural Resources by 8.0% during the second quarter. Pacer Advisors Inc. now owns 3,903 shares of the oil and gas development company’s stock valued at $623,000 after purchasing an additional 290 shares during the period. 90.69% of the stock is currently owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION NOTICE: This piece was first reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this piece on another domain, it was stolen and reposted in violation of United States and international copyright and trademark law. The original version of this piece can be viewed at https://ledgergazette.com/2018/01/13/pioneer-natural-resources-pxd-upgraded-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on Pioneer Natural Resources (PXD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Pioneer Natural Resources (NYSE:PXD)

Receive News & Ratings for Pioneer Natural Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pioneer Natural Resources and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply