State of Tennessee Treasury Department Grows Stake in Pioneer Natural Resources (NYSE:PXD)
State of Tennessee Treasury Department grew its holdings in shares of Pioneer Natural Resources (NYSE:PXD) by 188.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 161,404 shares of the oil and gas development company’s stock after purchasing an additional 105,523 shares during the period. State of Tennessee Treasury Department owned approximately 0.10% of Pioneer Natural Resources worth $11,323,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of PXD. Orion Portfolio Solutions LLC purchased a new position in Pioneer Natural Resources during the fourth quarter worth about $25,000. Ancora Advisors LLC acquired a new stake in Pioneer Natural Resources during the 4th quarter valued at $28,000. Cornerstone Advisors Inc. grew its holdings in Pioneer Natural Resources by 141.7% during the 1st quarter. Cornerstone Advisors Inc. now owns 435 shares of the oil and gas development company’s stock worth $31,000 after acquiring an additional 255 shares in the last quarter. Edge Wealth Management LLC acquired a new position in Pioneer Natural Resources during the 1st quarter worth $34,000. Finally, Private Capital Group LLC boosted its holdings in shares of Pioneer Natural Resources by 2,228.0% in the 1st quarter. Private Capital Group LLC now owns 582 shares of the oil and gas development company’s stock valued at $41,000 after buying an additional 557 shares during the period. Institutional investors own 89.26% of the company’s stock.
In related news, VP Craig A. Kuiper sold 4,362 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $113.09, for a total value of $493,298.58. Following the sale, the vice president now directly owns 13,614 shares in the company, valued at approximately $1,539,607.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris J. Cheatwood sold 7,000 shares of Pioneer Natural Resources stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $115.66, for a total transaction of $809,620.00. Following the completion of the transaction, the executive vice president now directly owns 39,911 shares in the company, valued at $4,616,106.26. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,090 shares of company stock worth $1,822,121. 0.91% of the stock is owned by company insiders.
Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas development company reported $1.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.03 by $0.12. The firm had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.18 billion. Pioneer Natural Resources had a net margin of 7.60% and a return on equity of 10.46%. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.83 EPS. On average, sell-side analysts anticipate that Pioneer Natural Resources will post 1.41 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 14th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.55 per share. The ex-dividend date is Monday, June 29th. This represents a $2.20 annualized dividend and a yield of 2.32%. Pioneer Natural Resources’s payout ratio is currently 13.45%.
Several analysts recently weighed in on the stock. KeyCorp lifted their price objective on shares of Pioneer Natural Resources from $118.00 to $123.00 and gave the company an “overweight” rating in a research report on Thursday, June 11th. Citigroup boosted their price objective on shares of Pioneer Natural Resources from $98.00 to $118.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Wells Fargo & Co lifted their target price on shares of Pioneer Natural Resources from $114.00 to $116.00 and gave the company an “overweight” rating in a research note on Thursday. Siebert Williams Shank cut shares of Pioneer Natural Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, June 9th. Finally, Argus lifted their target price on shares of Pioneer Natural Resources from $90.00 to $109.00 in a research note on Thursday, May 21st. Seven research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Pioneer Natural Resources presently has an average rating of “Buy” and an average price target of $121.48.
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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