Pioneer Natural Resources (NYSE:PXD) – Equities research analysts at Piper Jaffray Companies lowered their FY2018 EPS estimates for Pioneer Natural Resources in a report issued on Wednesday, January 9th. Piper Jaffray Companies analyst R. Todd now forecasts that the oil and gas development company will post earnings of $7.44 per share for the year, down from their previous forecast of $7.64. Piper Jaffray Companies has a “Overweight” rating on the stock. Piper Jaffray Companies also issued estimates for Pioneer Natural Resources’ Q4 2018 earnings at $2.29 EPS, Q1 2019 earnings at $1.26 EPS, Q2 2019 earnings at $1.37 EPS, Q3 2019 earnings at $1.71 EPS, Q4 2019 earnings at $1.87 EPS, FY2019 earnings at $6.21 EPS, Q1 2020 earnings at $1.85 EPS, Q2 2020 earnings at $1.88 EPS, Q3 2020 earnings at $2.00 EPS, Q4 2020 earnings at $2.17 EPS and FY2020 earnings at $7.91 EPS.
A number of other research firms also recently commented on PXD. Zacks Investment Research upgraded Pioneer Natural Resources from a “hold” rating to a “buy” rating and set a $194.00 price objective for the company in a report on Tuesday, October 16th. Ifs Securities upgraded Pioneer Natural Resources from an “outperform” rating to a “strong-buy” rating in a report on Wednesday, November 14th. Seaport Global Securities upgraded Pioneer Natural Resources from a “neutral” rating to a “buy” rating and upped their price objective for the company from $210.00 to $215.00 in a report on Monday, December 10th. Oppenheimer reiterated a “hold” rating on shares of Pioneer Natural Resources in a report on Thursday, October 25th. Finally, Mizuho set a $206.00 price objective on Pioneer Natural Resources and gave the company a “buy” rating in a report on Wednesday, November 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have assigned a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $230.32.
Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings data on Tuesday, November 6th. The oil and gas development company reported $2.07 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.38. The business had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.24 billion. Pioneer Natural Resources had a return on equity of 9.47% and a net margin of 15.98%. The firm’s revenue was up 112.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.48 earnings per share.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PXD. Janus Henderson Group PLC lifted its position in shares of Pioneer Natural Resources by 6.4% in the second quarter. Janus Henderson Group PLC now owns 83,171 shares of the oil and gas development company’s stock valued at $15,739,000 after buying an additional 5,022 shares during the last quarter. FMR LLC lifted its position in shares of Pioneer Natural Resources by 27.9% in the second quarter. FMR LLC now owns 6,431,051 shares of the oil and gas development company’s stock valued at $1,217,012,000 after buying an additional 1,401,626 shares during the last quarter. OppenheimerFunds Inc. lifted its position in shares of Pioneer Natural Resources by 11.3% in the second quarter. OppenheimerFunds Inc. now owns 7,672 shares of the oil and gas development company’s stock valued at $1,452,000 after buying an additional 781 shares during the last quarter. Laurion Capital Management LP acquired a new stake in shares of Pioneer Natural Resources in the second quarter valued at approximately $473,000. Finally, BB&T Securities LLC increased its stake in shares of Pioneer Natural Resources by 7.6% during the second quarter. BB&T Securities LLC now owns 5,763 shares of the oil and gas development company’s stock worth $1,090,000 after purchasing an additional 408 shares during the period. 87.08% of the stock is owned by institutional investors.
In related news, Director Andrew F. Cates purchased 790 shares of Pioneer Natural Resources stock in a transaction that occurred on Thursday, December 27th. The stock was purchased at an average cost of $124.27 per share, with a total value of $98,173.30. Following the completion of the transaction, the director now owns 13,370 shares of the company’s stock, valued at approximately $1,661,489.90. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy L. Dove sold 4,800 shares of the stock in a transaction that occurred on Wednesday, December 19th. The shares were sold at an average price of $134.18, for a total value of $644,064.00. Following the transaction, the chief executive officer now directly owns 276,901 shares of the company’s stock, valued at $37,154,576.18. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company’s stock.
Pioneer Natural Resources declared that its Board of Directors has authorized a share buyback program on Thursday, December 13th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the oil and gas development company to buy up to 8.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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 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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