Zacks Investment Research upgraded shares of Pioneer Natural Resources (NYSE:PXD) from a hold rating to a buy rating in a research note published on Tuesday morning. Zacks Investment Research currently has $183.00 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 45.8% 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.”
A number of other equities research analysts have also recently commented on PXD. Williams Capital reaffirmed a hold rating and set a $226.00 price objective on shares of Pioneer Natural Resources in a research note on Tuesday, July 31st. Mizuho assumed coverage on shares of Pioneer Natural Resources in a research note on Monday, July 23rd. They set a buy rating and a $259.00 price objective on the stock. TD Securities assumed coverage on shares of Pioneer Natural Resources in a research note on Thursday, July 5th. They issued a buy rating and a $240.00 price target on the stock. Seaport Global Securities reissued a buy rating on shares of Pioneer Natural Resources in a research note on Wednesday, July 25th. Finally, Robert W. Baird set a $225.00 price target on shares of Pioneer Natural Resources and gave the company a buy rating in a research note on Friday, July 27th. Five research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $233.93.
Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings data on Tuesday, August 7th. The oil and gas development company reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.08). The firm had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.27 billion. Pioneer Natural Resources had a return on equity of 7.29% and a net margin of 12.23%. Analysts anticipate that Pioneer Natural Resources will post 6.89 earnings per share 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 issued a $0.16 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.64 dividend on an annualized basis and a yield of 0.43%. This is a positive change from Pioneer Natural Resources’s previous quarterly dividend of $0.04. Pioneer Natural Resources’s dividend payout ratio (DPR) is presently 14.81%.
A number of hedge funds have recently made changes to their positions in PXD. LPL Financial LLC lifted its holdings in Pioneer Natural Resources by 12.6% in the 1st quarter. LPL Financial LLC now owns 23,710 shares of the oil and gas development company’s stock valued at $4,073,000 after purchasing an additional 2,662 shares in the last quarter. Highbridge Capital Management LLC lifted its holdings in Pioneer Natural Resources by 860.0% in the 1st quarter. Highbridge Capital Management LLC now owns 1,520 shares of the oil and gas development company’s stock valued at $261,000 after purchasing an additional 1,720 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in Pioneer Natural Resources in the 1st quarter valued at $1,134,000. WINTON GROUP Ltd lifted its holdings in Pioneer Natural Resources by 195.4% in the 1st quarter. WINTON GROUP Ltd now owns 3,926 shares of the oil and gas development company’s stock valued at $674,000 after purchasing an additional 2,597 shares in the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in Pioneer Natural Resources by 28,826.7% in the 1st quarter. Summit Trail Advisors LLC now owns 126,699 shares of the oil and gas development company’s stock valued at $127,000 after purchasing an additional 126,261 shares in the last quarter. Institutional investors own 88.86% of the company’s stock.
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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