Pioneer Natural Resources (PXD) Receives “Buy” Rating from Jefferies Group
Jefferies Group reiterated their buy rating on shares of Pioneer Natural Resources (NYSE:PXD) in a report published on Thursday morning. They currently have a $238.00 price target on the oil and gas development company’s stock. Jefferies Group also issued estimates for Pioneer Natural Resources’ Q1 2018 earnings at $1.46 EPS, Q4 2018 earnings at $1.83 EPS, Q1 2019 earnings at $1.86 EPS, Q2 2019 earnings at $1.97 EPS, Q3 2019 earnings at $2.16 EPS and Q4 2019 earnings at $2.30 EPS.
A number of other analysts have also weighed in on PXD. Zacks Investment Research raised shares of Pioneer Natural Resources from a hold rating to a buy rating and set a $169.00 target price on the stock in a report on Wednesday, October 11th. Barclays upped their target price on shares of Pioneer Natural Resources from $136.00 to $147.00 and gave the stock an overweight rating in a report on Wednesday, October 11th. Royal Bank of Canada set a $201.00 target price on shares of Pioneer Natural Resources and gave the stock a buy rating in a report on Sunday, October 15th. Wolfe Research lowered shares of Pioneer Natural Resources from an outperform rating to a market perform rating and set a $143.78 target price on the stock. in a report on Monday, October 16th. Finally, Williams Capital decreased their target price on shares of Pioneer Natural Resources from $165.00 to $162.00 and set a hold rating on the stock in a report on Wednesday, October 18th. 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 a consensus rating of Buy and a consensus price target of $207.88.
Shares of Pioneer Natural Resources (NYSE:PXD) opened at $165.05 on Thursday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.58 and a current ratio of 1.41. The firm has a market cap of $28,085.73, a P/E ratio of 34.03, a P/E/G ratio of 2.98 and a beta of 0.92. Pioneer Natural Resources has a twelve month low of $125.46 and a twelve month high of $199.83.
Pioneer Natural Resources declared that its board has approved a share buyback program on Tuesday, February 6th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the oil and gas development company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a semiannual dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 29th will be paid a $0.16 dividend. This represents a yield of 0.18%. The ex-dividend date of this dividend is Wednesday, March 28th. This is a boost from Pioneer Natural Resources’s previous semiannual dividend of $0.04. Pioneer Natural Resources’s payout ratio is currently 1.65%.
In other news, EVP Jerome D. Hall, Jr. sold 1,800 shares of the company’s 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 completion of the sale, the executive vice president now owns 22,964 shares of the company’s stock, valued at approximately $3,963,586.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott D. Sheffield sold 5,000 shares of the company’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $172.38, for a total transaction of $861,900.00. Following the completion of the sale, the director now directly owns 576,066 shares of the company’s stock, valued at approximately $99,302,257.08. The disclosure for this sale can be found here. In the last three months, insiders sold 27,106 shares of company stock valued at $4,444,339. Corporate insiders own 0.89% of the company’s stock.
Several institutional investors have recently made changes to their positions in PXD. BlackRock Inc. boosted its stake in shares of Pioneer Natural Resources by 11.4% in the 4th quarter. BlackRock Inc. now owns 13,552,443 shares of the oil and gas development company’s stock valued at $2,342,540,000 after purchasing an additional 1,389,479 shares in the last quarter. Boston Partners boosted its stake in shares of Pioneer Natural Resources by 51.2% in the 4th quarter. Boston Partners now owns 2,262,356 shares of the oil and gas development company’s stock valued at $391,048,000 after purchasing an additional 766,124 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Pioneer Natural Resources by 2,357.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 739,763 shares of the oil and gas development company’s stock valued at $109,145,000 after purchasing an additional 709,663 shares in the last quarter. First Eagle Investment Management LLC purchased a new stake in shares of Pioneer Natural Resources in the 3rd quarter valued at $75,317,000. Finally, Swedbank boosted its stake in shares of Pioneer Natural Resources by 31.4% in the 3rd quarter. Swedbank now owns 1,797,382 shares of the oil and gas development company’s stock valued at $265,186,000 after purchasing an additional 429,705 shares in the last quarter. 90.97% of the stock is owned by institutional investors.
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About Pioneer Natural Resources
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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