Pioneer Natural Resources (PXD) Authorizes Stock Repurchase Program
Pioneer Natural Resources (NYSE:PXD) announced that its board has initiated a stock buyback program, which permits the company to repurchase $100.00 million in outstanding shares on Tuesday, February 6th, EventVestor reports. This repurchase authorization permits the oil and gas development company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Pioneer Natural Resources (NYSE:PXD) opened at $165.05 on Friday. The company has a market cap of $27,870.00, a price-to-earnings ratio of 33.68, a P/E/G ratio of 3.50 and a beta of 0.92. Pioneer Natural Resources has a 52-week low of $125.46 and a 52-week high of $199.83. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.41 and a quick ratio of 1.58.
Pioneer Natural Resources (NYSE:PXD) last issued its earnings results on Tuesday, February 6th. The oil and gas development company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.63. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.39 billion. Pioneer Natural Resources had a net margin of 13.69% and a return on equity of 3.45%. The firm’s revenue was up 48.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.49 EPS. analysts forecast that Pioneer Natural Resources will post 4.67 earnings per share for the current year.
Several research firms have issued reports on PXD. Stifel Nicolaus set a $260.00 target price on shares of Pioneer Natural Resources and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Morgan Stanley increased their target price on shares of Pioneer Natural Resources from $197.00 to $229.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. Credit Suisse Group set a $218.00 target price on shares of Pioneer Natural Resources and gave the stock a “buy” rating in a research note on Tuesday, January 23rd. They noted that the move was a valuation call. Cowen set a $225.00 target price on shares of Pioneer Natural Resources and gave the stock a “buy” rating in a research note on Thursday, January 18th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $225.00 target price on shares of Pioneer Natural Resources in a research note on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. Pioneer Natural Resources currently has an average rating of “Buy” and a consensus target price of $207.18.
In related news, EVP Jerome D. Hall, Jr. sold 1,800 shares of Pioneer Natural Resources stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $172.60, for a total value of $310,680.00. Following the transaction, the executive vice president now owns 22,964 shares in the company, valued at approximately $3,963,586.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark Stephen Berg sold 2,000 shares of Pioneer Natural Resources stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $154.47, for a total transaction of $308,940.00. Following the completion of the transaction, the executive vice president now owns 48,719 shares in the company, valued at approximately $7,525,623.93. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,106 shares of company stock worth $4,444,339. 0.89% of the stock is owned by corporate insiders.
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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