Pioneer Natural Resources (PXD) Downgraded by Zacks Investment Research to “Hold”
Pioneer Natural Resources (NYSE:PXD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Pioneer remains focused on the Permian Basin, which is among the lucrative oil shale plays with less risk for operation. The region has been growing production even with reduced investment. It is to be noted that Pioneer expects fourth-quarter 2017 production to be in the range of 292 MBOE/D to 302 MBOE/D, significantly higher than 241.8 MBOE/D during the prior-year comparable quarter. The company’s low level of debt is also noteworthy. However, we are concerned about the high exploration expenses expected during the fourth quarter of this year. Also, the company looks overvalued as reflected by its EV/EBITDA ratio of 12.4, higher than that of the industry’s 10.8. Therefore, we see limited upside potential for shares, taking into consideration Pioneer’s sensitivity to gas/oil price volatility, as well as its drilling results, costs, geo-political risks and project timing delays.”
Other equities analysts have also issued reports about the company. BMO Capital Markets set a $200.00 price target on Pioneer Natural Resources and gave the stock a “buy” rating in a research report on Tuesday, October 10th. Jefferies Group reissued a “buy” rating and set a $180.00 price target on shares of Pioneer Natural Resources in a research report on Tuesday, October 10th. Stifel Nicolaus set a $248.00 price target on Pioneer Natural Resources and gave the stock a “buy” rating in a research report on Thursday, October 5th. Mizuho restated a “buy” rating and set a $196.00 price objective on shares of Pioneer Natural Resources in a report on Friday, September 29th. Finally, Royal Bank of Canada set a $201.00 price objective on Pioneer Natural Resources and gave the stock a “buy” rating in a report on Sunday, October 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-three have issued a buy rating to the company’s stock. Pioneer Natural Resources has an average rating of “Buy” and a consensus price target of $191.55.
Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings results on Wednesday, November 1st. The oil and gas development company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.30 by $0.18. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.15 billion. Pioneer Natural Resources had a return on equity of 2.34% and a net margin of 2.17%. Pioneer Natural Resources’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.13 EPS. sell-side analysts anticipate that Pioneer Natural Resources will post 1.55 earnings per share for the current year.
In other news, EVP Jerome D. Hall, Jr. sold 1,800 shares of the business’s stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $155.23, for a total value of $279,414.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy L. Dove sold 5,560 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $160.66, for a total value of $893,269.60. Following the completion of the sale, the chief executive officer now owns 260,083 shares of the company’s stock, valued at $41,784,934.78. The disclosure for this sale can be found here. Insiders sold a total of 25,392 shares of company stock valued at $4,036,997 over the last quarter. Company insiders own 0.89% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. GWM Advisors LLC acquired a new position in Pioneer Natural Resources during the 2nd quarter valued at approximately $100,000. Commonwealth Bank of Australia boosted its position in Pioneer Natural Resources by 10.8% during the 2nd quarter. Commonwealth Bank of Australia now owns 690 shares of the oil and gas development company’s stock valued at $108,000 after purchasing an additional 67 shares during the period. BDO Wealth Advisors LLC acquired a new position in Pioneer Natural Resources during the 2nd quarter valued at approximately $120,000. WFG Advisors LP boosted its position in Pioneer Natural Resources by 10.2% during the 2nd quarter. WFG Advisors LP now owns 1,102 shares of the oil and gas development company’s stock valued at $176,000 after purchasing an additional 102 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new position in Pioneer Natural Resources during the 3rd quarter valued at approximately $176,000. Institutional investors and hedge funds own 90.69% of the company’s stock.
About Pioneer Natural Resources
Pioneer Natural Resources Company is an oil and gas exploration and production company. The Company explores for, develops and produces oil, natural gas liquids (NGLs) and gas within the United States, with 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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