Zacks Investment Research upgraded shares of Pioneer Natural Resources (NYSE:PXD) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $194.00 price target on the oil and gas development company’s stock.
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. Moreover, we appreciate the excellent financial health of the company. Pioneer has debt to capitalization ratio of 16.6% which is much lower than 45.7% for the broader industry. On top of that, Pioneer Natural has increased its capital budget and expects it between $3.3 – $3.4 billion, up from its earlier budget of $2.9 billion. Moreover, the company’s return on capital (ROC) of 6.1% over the last one year is evident of the company’s efficiency in spending. In view of these positives, we consider the stock to have considerable upside potential.”
Other equities research analysts have also issued reports about the stock. KLR Group upgraded shares of Pioneer Natural Resources from a hold rating to a buy rating and raised their price objective for the stock from $212.00 to $254.00 in a report on Tuesday, July 24th. Seaport Global Securities restated a buy rating on shares of Pioneer Natural Resources in a report on Wednesday, July 25th. TD Securities assumed coverage on shares of Pioneer Natural Resources in a report on Thursday, July 5th. They set a buy rating and a $240.00 price objective on the stock. Imperial Capital dropped their price objective on shares of Pioneer Natural Resources from $232.00 to $222.00 and set an outperform rating on the stock in a report on Thursday, August 9th. Finally, Morgan Stanley dropped their price objective on shares of Pioneer Natural Resources from $240.00 to $236.00 and set a buy rating on the stock in a report on Thursday, August 16th. Four equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $234.62.
Pioneer Natural Resources (NYSE:PXD) last announced its quarterly earnings results on Tuesday, August 7th. The oil and gas development company reported $1.41 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.08). The firm had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.27 billion. Pioneer Natural Resources had a return on equity of 7.29% and a net margin of 12.23%. As a group, equities analysts anticipate that Pioneer Natural Resources will post 7.04 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 12th. Stockholders of record on Friday, September 28th were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, September 27th. This is a positive change from Pioneer Natural Resources’s previous quarterly dividend of $0.04. This represents a $0.64 annualized dividend and a dividend yield of 0.37%. Pioneer Natural Resources’s payout ratio is currently 14.81%.
Several institutional investors have recently added to or reduced their stakes in PXD. Summit Trail Advisors LLC increased its stake in shares of Pioneer Natural Resources by 28,826.7% during the 1st quarter. Summit Trail Advisors LLC now owns 126,699 shares of the oil and gas development company’s stock worth $127,000 after purchasing an additional 126,261 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new position in shares of Pioneer Natural Resources during the 2nd quarter worth about $127,000. Kiley Juergens Wealth Management LLC increased its stake in shares of Pioneer Natural Resources by 159.5% during the 3rd quarter. Kiley Juergens Wealth Management LLC now owns 768 shares of the oil and gas development company’s stock worth $133,000 after purchasing an additional 472 shares during the last quarter. Bradley Foster & Sargent Inc. CT acquired a new position in shares of Pioneer Natural Resources during the 2nd quarter worth about $207,000. Finally, Welch & Forbes LLC acquired a new position in shares of Pioneer Natural Resources during the 2nd quarter worth about $218,000. Institutional investors own 88.80% of the company’s stock.
About Pioneer Natural Resources
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.
Featured Story: Dividend
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Pioneer Natural Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pioneer Natural Resources and related companies with MarketBeat.com's FREE daily email newsletter.