Pioneer Natural Resources (PXD) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Pioneer Natural Resources (NYSE:PXD) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $194.00 price objective 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. Moreover, we appreciate the excellent financial health of the company. Pioneer has debt to capitalization ratio of 16.6% which is much lower than 45.7% for the broader industry. On top of that, Pioneer Natural has increased its capital budget and expects it between $3.3 – $3.4 billion, up from its earlier budget of $2.9 billion. Moreover, the company’s return on capital (ROC) of 6.1% over the last one year is evident of the company’s efficiency in spending. In view of these positives, we consider the stock to have considerable upside potential.”
Several other analysts also recently weighed in on the stock. Barclays started coverage on shares of Pioneer Natural Resources in a research report on Wednesday, August 29th. They set an overweight rating and a $225.00 price objective for the company. KLR Group restated a buy rating and set a $254.00 price objective on shares of Pioneer Natural Resources in a research report on Monday, August 20th. Williams Capital restated a hold rating and set a $225.00 price objective on shares of Pioneer Natural Resources in a research report on Tuesday, August 21st. Citigroup cut their target price on shares of Pioneer Natural Resources from $242.00 to $235.00 and set a buy rating on the stock in a report on Monday, August 13th. Finally, Piper Jaffray Companies assumed coverage on shares of Pioneer Natural Resources in a report on Friday, September 28th. They issued an overweight rating on the stock. Four investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $234.62.
Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings data on Tuesday, August 7th. The oil and gas development company reported $1.41 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.08). The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.27 billion. Pioneer Natural Resources had a return on equity of 7.29% and a net margin of 12.23%. As a group, equities research analysts predict that Pioneer Natural Resources will post 6.85 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Shareholders of record on Friday, September 28th were paid a $0.16 dividend. This is a boost from Pioneer Natural Resources’s previous quarterly dividend of $0.04. This represents a $0.64 annualized dividend and a yield of 0.38%. The ex-dividend date was Thursday, September 27th. Pioneer Natural Resources’s payout ratio is currently 14.81%.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Advisor Partners LLC increased its stake in Pioneer Natural Resources by 9.3% in the 2nd quarter. Advisor Partners LLC now owns 3,153 shares of the oil and gas development company’s stock valued at $597,000 after buying an additional 267 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in Pioneer Natural Resources by 1.2% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 23,913 shares of the oil and gas development company’s stock valued at $4,526,000 after buying an additional 273 shares during the period. Sippican Capital Advisors increased its stake in Pioneer Natural Resources by 3.2% in the 2nd quarter. Sippican Capital Advisors now owns 9,689 shares of the oil and gas development company’s stock valued at $1,834,000 after buying an additional 297 shares during the period. CWM LLC grew its stake in shares of Pioneer Natural Resources by 5.5% during the 2nd quarter. CWM LLC now owns 6,307 shares of the oil and gas development company’s stock worth $1,194,000 after purchasing an additional 326 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of Pioneer Natural Resources by 1.6% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 23,522 shares of the oil and gas development company’s stock worth $4,451,000 after purchasing an additional 361 shares during the period. 88.80% of the stock is currently owned by institutional investors.
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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