Zacks Investment Research Downgrades Pioneer Natural Resources Company (PXD) to Sell
Zacks Investment Research lowered shares of Pioneer Natural Resources Company (NYSE:PXD) from a hold rating to a sell rating in a research note published on Thursday.
According to Zacks, “Though Pioneer Natural Resources holds considerable acreage in the Permian Basin, its portfolio lacks diversification. Thus, its results will likely lag its peers who have acreage in the core region of other plays. The company is facing pressure on top line. Over the past three years (2014–2016), total revenues declined at a CAGR of 13.2%. Continued pressure on oil and gas prices are the primarily reasons for decrease in revenues. Moreover, 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.”
Several other analysts have also recently issued reports on PXD. Barclays PLC reiterated a buy rating and set a $196.00 target price (down previously from $204.00) on shares of Pioneer Natural Resources in a research report on Thursday, April 20th. Williams Capital set a $200.00 price target on Pioneer Natural Resources and gave the company a hold rating in a report on Thursday, May 4th. Piper Jaffray Companies restated an overweight rating and set a $246.00 price target (up previously from $225.00) on shares of Pioneer Natural Resources in a report on Thursday, May 11th. Credit Suisse Group restated a buy rating on shares of Pioneer Natural Resources in a report on Friday, May 5th. Finally, BidaskClub cut Pioneer Natural Resources from a sell rating to a strong sell rating in a report on Saturday, June 17th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $215.27.
Shares of Pioneer Natural Resources (PXD) traded up 0.02% during midday trading on Thursday, reaching $161.44. The company had a trading volume of 174,536 shares. The company’s 50-day moving average is $160.32 and its 200-day moving average is $175.58. Pioneer Natural Resources has a 1-year low of $153.10 and a 1-year high of $199.83. The stock’s market capitalization is $27.46 billion.
Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings results on Wednesday, May 3rd. The oil and gas development company reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.09. The business had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Pioneer Natural Resources had a positive return on equity of 1.08% and a negative net margin of 7.20%. The business’s quarterly revenue was up 114.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.64) earnings per share. On average, equities research analysts forecast that Pioneer Natural Resources will post $1.18 EPS for the current year.
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In other news, EVP Chris J. Cheatwood sold 5,749 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $173.79, for a total value of $999,118.71. Following the sale, the executive vice president now directly owns 45,110 shares in the company, valued at $7,839,666.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.92% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of PXD. Vanguard Group Inc. raised its position in shares of Pioneer Natural Resources by 3.4% in the first quarter. Vanguard Group Inc. now owns 11,827,949 shares of the oil and gas development company’s stock valued at $2,202,718,000 after buying an additional 390,587 shares during the last quarter. BlackRock Inc. raised its position in shares of Pioneer Natural Resources by 2,397.3% in the first quarter. BlackRock Inc. now owns 11,376,848 shares of the oil and gas development company’s stock valued at $2,118,708,000 after buying an additional 10,921,279 shares during the last quarter. FMR LLC raised its position in shares of Pioneer Natural Resources by 18.3% in the first quarter. FMR LLC now owns 8,424,493 shares of the oil and gas development company’s stock valued at $1,568,894,000 after buying an additional 1,304,274 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Pioneer Natural Resources by 2.0% in the first quarter. Bank of New York Mellon Corp now owns 2,548,041 shares of the oil and gas development company’s stock valued at $474,522,000 after buying an additional 51,063 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Pioneer Natural Resources by 2.9% in the first quarter. American Century Companies Inc. now owns 2,120,341 shares of the oil and gas development company’s stock valued at $394,871,000 after buying an additional 60,603 shares during the last quarter. 92.78% of the stock is currently owned by hedge funds and other institutional investors.
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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