Picton Mahoney Asset Management Invests $61.84 Million in Pioneer Natural Resources (NYSE:PXD)

Picton Mahoney Asset Management acquired a new position in shares of Pioneer Natural Resources (NYSE:PXD) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 275,000 shares of the oil and gas development company’s stock, valued at approximately $61,842,000. Pioneer Natural Resources makes up 1.7% of Picton Mahoney Asset Management’s investment portfolio, making the stock its largest holding. Picton Mahoney Asset Management owned 0.12% of Pioneer Natural Resources at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. J.P. Morgan Private Wealth Advisors LLC bought a new stake in Pioneer Natural Resources in the 3rd quarter valued at $134,558,000. Assenagon Asset Management S.A. raised its stake in Pioneer Natural Resources by 610.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 618,449 shares of the oil and gas development company’s stock valued at $141,965,000 after acquiring an additional 531,418 shares during the period. International Assets Investment Management LLC raised its stake in Pioneer Natural Resources by 20,425.9% in the 4th quarter. International Assets Investment Management LLC now owns 302,757 shares of the oil and gas development company’s stock valued at $68,084,000 after acquiring an additional 301,282 shares during the period. Clearbridge Investments LLC grew its holdings in Pioneer Natural Resources by 7.6% in the 3rd quarter. Clearbridge Investments LLC now owns 3,259,731 shares of the oil and gas development company’s stock valued at $748,271,000 after buying an additional 231,470 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Pioneer Natural Resources by 31.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 778,839 shares of the oil and gas development company’s stock valued at $178,782,000 after buying an additional 184,186 shares in the last quarter. Institutional investors own 80.57% of the company’s stock.

Insider Activity

In related news, Director Scott D. Sheffield sold 10,000 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $235.25, for a total transaction of $2,352,500.00. Following the completion of the transaction, the director now directly owns 462,112 shares in the company, valued at $108,711,848. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director J Kenneth Thompson sold 1,000 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $250.00, for a total value of $250,000.00. Following the completion of the transaction, the director now directly owns 16,070 shares in the company, valued at approximately $4,017,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott D. Sheffield sold 10,000 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $235.25, for a total value of $2,352,500.00. Following the completion of the transaction, the director now owns 462,112 shares of the company’s stock, valued at $108,711,848. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,766 shares of company stock worth $9,067,373. 0.55% of the stock is owned by corporate insiders.

Pioneer Natural Resources Stock Performance

Shares of PXD remained flat at $269.62 during mid-day trading on Tuesday. The stock has a market capitalization of $63.00 billion, a PE ratio of 13.32 and a beta of 1.28. The business’s fifty day moving average is $260.37 and its 200-day moving average is $240.89. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.76 and a current ratio of 0.90. Pioneer Natural Resources has a fifty-two week low of $196.74 and a fifty-two week high of $278.83.

Pioneer Natural Resources (NYSE:PXD) last announced its quarterly earnings results on Thursday, February 22nd. The oil and gas development company reported $5.28 earnings per share for the quarter, missing the consensus estimate of $5.41 by ($0.13). The company had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $5.28 billion. Pioneer Natural Resources had a net margin of 24.28% and a return on equity of 21.21%. Pioneer Natural Resources’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $5.91 earnings per share. As a group, analysts anticipate that Pioneer Natural Resources will post 22.07 earnings per share for the current fiscal year.

Pioneer Natural Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Monday, March 4th were given a $2.56 dividend. This represents a $10.24 annualized dividend and a dividend yield of 3.80%. The ex-dividend date was Friday, March 1st. Pioneer Natural Resources’s dividend payout ratio (DPR) is presently 24.70%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Truist Financial upped their price objective on Pioneer Natural Resources from $238.00 to $278.00 and gave the company a “hold” rating in a report on Friday, April 5th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $279.00 price objective on shares of Pioneer Natural Resources in a report on Thursday, April 11th. Stifel Nicolaus upped their price objective on Pioneer Natural Resources from $237.00 to $275.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Susquehanna increased their target price on Pioneer Natural Resources from $246.00 to $278.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. Finally, Mizuho increased their target price on Pioneer Natural Resources from $276.00 to $290.00 and gave the stock a “neutral” rating in a report on Tuesday, March 19th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Pioneer Natural Resources presently has an average rating of “Hold” and a consensus target price of $264.10.

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 in the Midland Basin in West Texas. The company was founded in 1997 and is headquartered in Irving, Texas.