Oppenheimer Brokers Cut Earnings Estimates for Pioneer Natural Resources (PXD)
Pioneer Natural Resources (NYSE:PXD) – Equities researchers at Oppenheimer lowered their Q1 2019 earnings estimates for shares of Pioneer Natural Resources in a report issued on Wednesday, April 3rd. Oppenheimer analyst T. Rezvan now anticipates that the oil and gas development company will post earnings of $1.18 per share for the quarter, down from their previous forecast of $1.48.
A number of other brokerages have also recently commented on PXD. Citigroup started coverage on shares of Pioneer Natural Resources in a report on Tuesday. They issued a “buy” rating on the stock. Credit Suisse Group decreased their price target on shares of Pioneer Natural Resources from $210.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, February 14th. They noted that the move was a valuation call. Mitsubishi UFJ Financial Group lowered their price objective on shares of Pioneer Natural Resources to $192.00 and set an “overweight” rating on the stock in a research report on Friday, February 15th. Imperial Capital set a $199.00 price objective on shares of Pioneer Natural Resources and gave the company a “buy” rating in a research note on Friday, February 15th. Finally, MKM Partners set a $189.00 target price on shares of Pioneer Natural Resources and gave the company a “buy” rating in a report on Friday, February 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Pioneer Natural Resources has a consensus rating of “Buy” and an average price target of $213.41.
Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings results on Wednesday, February 13th. The oil and gas development company reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.30). The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Pioneer Natural Resources had a return on equity of 9.25% and a net margin of 10.40%. The company’s quarterly revenue was up 75.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.22 EPS.
Pioneer Natural Resources declared that its Board of Directors has initiated a share buyback plan on Thursday, December 13th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the oil and gas development company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a semiannual dividend, which will be paid on Friday, April 12th. Stockholders of record on Friday, March 29th will be paid a dividend of $0.32 per share. This represents a dividend yield of 0.45%. This is an increase from Pioneer Natural Resources’s previous semiannual dividend of $0.16. The ex-dividend date is Thursday, March 28th. Pioneer Natural Resources’s dividend payout ratio is 10.14%.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Hexavest Inc. purchased a new stake in shares of Pioneer Natural Resources during the 1st quarter worth $14,963,000. Washington Trust Bank lifted its stake in shares of Pioneer Natural Resources by 20.7% in the first quarter. Washington Trust Bank now owns 22,845 shares of the oil and gas development company’s stock valued at $3,479,000 after purchasing an additional 3,918 shares during the period. Bangor Savings Bank boosted its holdings in Pioneer Natural Resources by 4.9% during the first quarter. Bangor Savings Bank now owns 5,088 shares of the oil and gas development company’s stock worth $775,000 after buying an additional 239 shares in the last quarter. XR Securities LLC purchased a new stake in Pioneer Natural Resources during the first quarter worth about $727,000. Finally, Beese Fulmer Investment Management Inc. boosted its holdings in Pioneer Natural Resources by 1.7% during the first quarter. Beese Fulmer Investment Management Inc. now owns 6,840 shares of the oil and gas development company’s stock worth $1,042,000 after buying an additional 117 shares in the last quarter. 89.15% of the stock is owned by institutional investors and hedge funds.
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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