Analysts Set Pioneer Natural Resources (PXD) Target Price at $233.96
Pioneer Natural Resources (NYSE:PXD) has earned an average recommendation of “Buy” from the thirty-six ratings firms that are presently covering the stock, MarketBeat Ratings reports. One 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 assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $233.96.
A number of brokerages have recently weighed in on PXD. Oppenheimer began coverage on shares of Pioneer Natural Resources in a report on Wednesday, October 3rd. They set a “market perform” rating for the company. Seaport Global Securities cut shares of Pioneer Natural Resources from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $230.00 to $210.00 in a research note on Wednesday, October 10th. UBS Group upgraded shares of Pioneer Natural Resources from a “neutral” rating to a “positive” rating in a research note on Monday, September 17th. MKM Partners initiated coverage on shares of Pioneer Natural Resources in a research note on Wednesday, December 5th. They set a “buy” rating and a $213.00 target price on the stock. Finally, Cowen initiated coverage on shares of Pioneer Natural Resources in a research note on Thursday, November 29th. They set an “outperform” rating and a $230.00 target price on the stock.
Shares of Pioneer Natural Resources stock traded down $2.23 during trading on Friday, hitting $143.01. 39,551 shares of the stock were exchanged, compared to its average volume of 1,975,326. The firm has a market capitalization of $24.86 billion, a PE ratio of 66.27, a P/E/G ratio of 1.29 and a beta of 1.10. Pioneer Natural Resources has a 1-year low of $119.08 and a 1-year high of $213.40. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.20 and a quick ratio of 1.07.
Pioneer Natural Resources announced that its Board of Directors has initiated a share repurchase plan on Thursday, December 13th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the oil and gas development company to repurchase up to 8.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other Pioneer Natural Resources news, 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 transaction of $644,064.00. Following the completion of the sale, the chief executive officer now directly owns 276,901 shares of the company’s stock, valued at approximately $37,154,576.18. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew F. Cates acquired 790 shares of the business’s stock in a transaction on Thursday, December 27th. The shares were bought at an average cost of $124.27 per share, with a total value of $98,173.30. Following the completion of the acquisition, the director now owns 13,370 shares in the company, valued at $1,661,489.90. The disclosure for this purchase can be found here. Company insiders own 0.92% of the company’s stock.
Several hedge funds have recently bought and sold shares of PXD. First Hawaiian Bank raised its holdings in shares of Pioneer Natural Resources by 39.5% in the fourth quarter. First Hawaiian Bank now owns 2,433 shares of the oil and gas development company’s stock valued at $320,000 after acquiring an additional 689 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Pioneer Natural Resources by 2.9% during the fourth quarter. State of Alaska Department of Revenue now owns 28,239 shares of the oil and gas development company’s stock valued at $3,712,000 after purchasing an additional 785 shares during the last quarter. Retirement Systems of Alabama grew its holdings in shares of Pioneer Natural Resources by 5.2% during the fourth quarter. Retirement Systems of Alabama now owns 190,082 shares of the oil and gas development company’s stock valued at $25,000,000 after purchasing an additional 9,400 shares during the last quarter. USS Investment Management Ltd grew its holdings in shares of Pioneer Natural Resources by 1.3% during the fourth quarter. USS Investment Management Ltd now owns 849,618 shares of the oil and gas development company’s stock valued at $111,750,000 after purchasing an additional 10,600 shares during the last quarter. Finally, Cohen & Steers Inc. grew its holdings in shares of Pioneer Natural Resources by 232.0% during the third quarter. Cohen & Steers Inc. now owns 37,276 shares of the oil and gas development company’s stock valued at $6,493,000 after purchasing an additional 26,049 shares during the last quarter. 87.08% of the stock is owned by hedge funds and other institutional investors.
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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