Pioneer Natural Resources (PXD) Price Target Cut to $200.00

Pioneer Natural Resources (NYSE:PXD) had its price objective lowered by stock analysts at Credit Suisse Group from $210.00 to $200.00 in a note issued to investors on Thursday, The Fly reports. The firm currently has an “outperform” rating on the oil and gas development company’s stock. Credit Suisse Group’s price target would suggest a potential upside of 37.41% from the stock’s previous close. The analysts noted that the move was a valuation call.

Several other equities research analysts have also issued reports on the company. Imperial Capital set a $198.00 price objective on Pioneer Natural Resources and gave the company a “buy” rating in a research note on Friday, February 8th. Mitsubishi UFJ Financial Group lifted their price objective on Pioneer Natural Resources to $227.00 and gave the company an “overweight” rating in a research note on Monday, February 4th. Morgan Stanley set a $185.00 price objective on Pioneer Natural Resources and gave the company a “buy” rating in a research note on Tuesday, January 29th. Raymond James set a $250.00 price objective on Pioneer Natural Resources and gave the company a “buy” rating in a research note on Wednesday, January 23rd. Finally, Barclays set a $190.00 price objective on Pioneer Natural Resources and gave the company a “buy” rating in a research note on Wednesday, January 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $220.59.

NYSE:PXD traded up $2.47 during trading hours on Thursday, hitting $145.55. 442,924 shares of the company’s stock traded hands, compared to its average volume of 1,484,586. The firm has a market capitalization of $24.88 billion, a price-to-earnings ratio of 23.07, a P/E/G ratio of 1.81 and a beta of 1.08. Pioneer Natural Resources has a 52 week low of $119.08 and a 52 week high of $213.40. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.07 and a current ratio of 1.20.

Pioneer Natural Resources (NYSE:PXD) last posted its quarterly earnings data on Wednesday, February 13th. The oil and gas development company reported $1.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.48 by ($0.30). The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.31 billion. Pioneer Natural Resources had a net margin of 10.40% and a return on equity of 9.35%. Pioneer Natural Resources’s quarterly revenue was up 75.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.22 EPS. Equities analysts forecast that Pioneer Natural Resources will post 7.89 earnings per share for the current fiscal year.

Pioneer Natural Resources declared that its board has approved a stock buyback program on Thursday, December 13th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas development company to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

In other news, CEO Timothy L. Dove sold 4,800 shares of Pioneer Natural Resources stock in a transaction dated Wednesday, December 19th. The stock was sold at an average price of $134.18, for a total value of $644,064.00. Following the transaction, the chief executive officer now owns 276,901 shares in the company, valued at $37,154,576.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Andrew F. Cates acquired 790 shares of the firm’s stock in a transaction dated Thursday, December 27th. The stock was bought at an average price of $124.27 per share, for a total transaction of $98,173.30. Following the acquisition, the director now owns 13,370 shares of the company’s stock, valued at approximately $1,661,489.90. The disclosure for this purchase can be found here. 0.92% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PXD. FMR LLC increased its holdings in shares of Pioneer Natural Resources by 27.9% in the second quarter. FMR LLC now owns 6,431,051 shares of the oil and gas development company’s stock worth $1,217,012,000 after buying an additional 1,401,626 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in shares of Pioneer Natural Resources by 49.0% in the third quarter. State of New Jersey Common Pension Fund D now owns 120,700 shares of the oil and gas development company’s stock worth $21,025,000 after buying an additional 39,700 shares during the period. First Hawaiian Bank purchased a new position in shares of Pioneer Natural Resources in the third quarter worth about $304,000. Andra AP fonden increased its holdings in shares of Pioneer Natural Resources by 3.0% in the third quarter. Andra AP fonden now owns 20,300 shares of the oil and gas development company’s stock worth $3,536,000 after buying an additional 600 shares during the period. Finally, BB&T Corp increased its holdings in shares of Pioneer Natural Resources by 14.3% in the third quarter. BB&T Corp now owns 16,667 shares of the oil and gas development company’s stock worth $2,903,000 after buying an additional 2,080 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.

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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