Brokers Offer Predictions for Pioneer Natural Resources’ Q2 2019 Earnings (PXD)
Pioneer Natural Resources (NYSE:PXD) – Investment analysts at Seaport Global Securities lifted their Q2 2019 EPS estimates for shares of Pioneer Natural Resources in a report released on Monday, February 11th. Seaport Global Securities analyst J. Aschenbeck now forecasts that the oil and gas development company will post earnings per share of $2.07 for the quarter, up from their previous estimate of $2.04. Seaport Global Securities has a “Buy” rating and a $215.00 price objective on the stock. Seaport Global Securities also issued estimates for Pioneer Natural Resources’ Q3 2019 earnings at $2.24 EPS, Q4 2019 earnings at $2.36 EPS and FY2019 earnings at $8.66 EPS.
Several other equities analysts have also weighed in on the stock. MKM Partners started coverage on shares of Pioneer Natural Resources in a research report on Wednesday, December 5th. They issued a “buy” rating and a $213.00 price objective on the stock. Cowen started coverage on shares of Pioneer Natural Resources in a research report on Thursday, November 29th. They issued an “outperform” rating and a $230.00 price objective on the stock. SunTrust Banks reissued a “buy” rating and issued a $215.00 price objective on shares of Pioneer Natural Resources in a research report on Thursday, November 29th. Morgan Stanley set a $185.00 price objective on shares of Pioneer Natural Resources and gave the company a “buy” rating in a research report on Tuesday, January 29th. Finally, ValuEngine lowered shares of Pioneer Natural Resources from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-eight have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $225.48.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Pioneer Natural Resources by 0.7% during the fourth quarter. BlackRock Inc. now owns 11,006,161 shares of the oil and gas development company’s stock worth $1,447,530,000 after acquiring an additional 79,316 shares during the period. FMR LLC grew its stake in Pioneer Natural Resources by 27.9% during the second quarter. FMR LLC now owns 6,431,051 shares of the oil and gas development company’s stock worth $1,217,012,000 after buying an additional 1,401,626 shares in the last quarter. Capital International Investors acquired a new stake in Pioneer Natural Resources during the third quarter worth about $783,866,000. Clearbridge Investments LLC grew its stake in Pioneer Natural Resources by 10.4% during the third quarter. Clearbridge Investments LLC now owns 3,069,833 shares of the oil and gas development company’s stock worth $534,734,000 after buying an additional 290,320 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Pioneer Natural Resources by 1.5% during the third quarter. Bank of New York Mellon Corp now owns 2,395,793 shares of the oil and gas development company’s stock worth $417,324,000 after buying an additional 35,750 shares in the last quarter. 88.55% of the stock is currently owned by institutional investors and hedge funds.
In other Pioneer Natural Resources news, Director Andrew F. Cates purchased 790 shares of the stock in a transaction that occurred on Thursday, December 27th. The shares were acquired 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 in the company, valued at $1,661,489.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Timothy L. Dove sold 4,800 shares of the firm’s stock in a transaction dated Wednesday, December 19th. The stock was sold at an average price of $134.18, for a total transaction of $644,064.00. Following the transaction, the chief executive officer now directly owns 276,901 shares in the company, valued at $37,154,576.18. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by company insiders.
Pioneer Natural Resources announced that its Board of Directors has initiated a share repurchase 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 purchase up to 8.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
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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