RB Capital Management LLC Lowers Stake in Pioneer Natural Resources (NYSE:PXD)

RB Capital Management LLC reduced its stake in shares of Pioneer Natural Resources (NYSE:PXD) by 8.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,135 shares of the oil and gas development company’s stock after selling 105 shares during the quarter. RB Capital Management LLC’s holdings in Pioneer Natural Resources were worth $255,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PXD. Vanguard Group Inc. raised its holdings in shares of Pioneer Natural Resources by 0.6% in the third quarter. Vanguard Group Inc. now owns 20,015,751 shares of the oil and gas development company’s stock valued at $4,594,616,000 after acquiring an additional 113,751 shares in the last quarter. Clearbridge Investments LLC raised its holdings in shares of Pioneer Natural Resources by 7.6% in the third quarter. Clearbridge Investments LLC now owns 3,259,731 shares of the oil and gas development company’s stock valued at $748,271,000 after acquiring an additional 231,470 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Pioneer Natural Resources by 25.7% in the third quarter. Bank of New York Mellon Corp now owns 3,239,964 shares of the oil and gas development company’s stock valued at $743,734,000 after acquiring an additional 662,891 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Pioneer Natural Resources by 2.2% in the third quarter. Northern Trust Corp now owns 2,497,868 shares of the oil and gas development company’s stock valued at $573,386,000 after acquiring an additional 54,841 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Pioneer Natural Resources by 7.5% in the third quarter. Ameriprise Financial Inc. now owns 1,923,819 shares of the oil and gas development company’s stock valued at $443,574,000 after acquiring an additional 134,982 shares in the last quarter. 80.57% of the stock is owned by hedge funds and other institutional investors.

Pioneer Natural Resources Price Performance

Shares of NYSE PXD opened at $267.66 on Thursday. The business’s 50 day moving average price is $257.48 and its 200 day moving average price is $240.49. The firm has a market cap of $62.53 billion, a P/E ratio of 13.23 and a beta of 1.28. Pioneer Natural Resources has a 52 week low of $196.74 and a 52 week high of $278.83. The company has a quick ratio of 0.72, a current ratio of 0.88 and a debt-to-equity ratio of 0.21.

Pioneer Natural Resources (NYSE:PXD) last issued its earnings results on Thursday, February 22nd. The oil and gas development company reported $5.28 EPS for the quarter, missing analysts’ consensus estimates of $5.41 by ($0.13). The firm had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $5.28 billion. Pioneer Natural Resources had a net margin of 25.28% and a return on equity of 22.42%. Pioneer Natural Resources’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.91 EPS. On average, sell-side analysts expect that Pioneer Natural Resources will post 22.47 earnings per share for the current year.

Pioneer Natural Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Monday, March 4th were given a $2.56 dividend. The ex-dividend date was Friday, March 1st. This represents a $10.24 dividend on an annualized basis and a yield of 3.83%. Pioneer Natural Resources’s dividend payout ratio is currently 24.70%.

Insider Activity at Pioneer Natural Resources

In related news, EVP Mark H. Kleinman sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $234.35, for a total value of $820,225.00. Following the sale, the executive vice president now owns 49,856 shares in the company, valued at $11,683,753.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Pioneer Natural Resources news, Director Phillip A. Gobe sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $261.12, for a total value of $522,240.00. Following the sale, the director now owns 11,132 shares in the company, valued at approximately $2,906,787.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Mark H. Kleinman sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $234.35, for a total value of $820,225.00. Following the completion of the sale, the executive vice president now owns 49,856 shares in the company, valued at approximately $11,683,753.60. The disclosure for this sale can be found here. Insiders have sold a total of 36,766 shares of company stock worth $9,067,373 over the last quarter. Insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on PXD. Truist Financial lifted their price objective on Pioneer Natural Resources from $238.00 to $278.00 and gave the company a “hold” rating in a report on Friday, April 5th. StockNews.com began coverage on shares of Pioneer Natural Resources in a report on Monday. They issued a “hold” rating for the company. Susquehanna boosted their target price on shares of Pioneer Natural Resources from $246.00 to $278.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. Scotiabank boosted their target price on shares of Pioneer Natural Resources from $230.00 to $282.00 and gave the stock a “sector perform” rating in a report on Thursday, April 11th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $279.00 target price on shares of Pioneer Natural Resources in a report on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $264.10.

About Pioneer Natural Resources

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 in the Midland Basin in West Texas. The company was founded in 1997 and is headquartered in Irving, Texas.