Pioneer Natural Resources (NYSE:PXD) – B. Riley upped their Q2 2018 earnings estimates for Pioneer Natural Resources in a research report issued to clients and investors on Wednesday. B. Riley analyst R. Rashid now expects that the oil and gas development company will post earnings of $2.07 per share for the quarter, up from their prior estimate of $1.57. B. Riley currently has a “Buy” rating and a $305.00 target price on the stock. B. Riley also issued estimates for Pioneer Natural Resources’ Q3 2018 earnings at $2.33 EPS, Q4 2018 earnings at $2.55 EPS, FY2018 earnings at $8.76 EPS, Q1 2019 earnings at $2.81 EPS, Q2 2019 earnings at $2.85 EPS, Q3 2019 earnings at $3.13 EPS, Q4 2019 earnings at $3.53 EPS and FY2019 earnings at $12.31 EPS.
Several other analysts have also issued reports on the stock. Piper Jaffray Companies set a $226.00 target price on shares of Pioneer Natural Resources and gave the company a “buy” rating in a research report on Friday. Stifel Nicolaus set a $260.00 target price on shares of Pioneer Natural Resources and gave the company a “buy” rating in a research report on Wednesday. TheStreet upgraded shares of Pioneer Natural Resources from a “c” rating to a “b” rating in a research report on Tuesday. Imperial Capital boosted their target price on shares of Pioneer Natural Resources from $200.00 to $220.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Jefferies Group restated a “buy” rating and set a $238.00 target price on shares of Pioneer Natural Resources in a research report on Thursday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $207.88.
Pioneer Natural Resources (NYSE:PXD) last announced its earnings results on Tuesday, February 6th. The oil and gas development company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.63. The company had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.39 billion. Pioneer Natural Resources had a net margin of 13.69% and a return on equity of 3.45%. The firm’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.49 earnings per share.
A number of institutional investors have recently added to or reduced their stakes in the stock. Jacobs & Co. CA raised its stake in Pioneer Natural Resources by 7.7% during the fourth quarter. Jacobs & Co. CA now owns 14,955 shares of the oil and gas development company’s stock valued at $2,556,000 after purchasing an additional 1,068 shares in the last quarter. First Republic Investment Management Inc. raised its stake in Pioneer Natural Resources by 49.5% during the fourth quarter. First Republic Investment Management Inc. now owns 13,702 shares of the oil and gas development company’s stock valued at $2,369,000 after purchasing an additional 4,538 shares in the last quarter. Suntrust Banks Inc. raised its stake in Pioneer Natural Resources by 23.1% during the fourth quarter. Suntrust Banks Inc. now owns 4,711 shares of the oil and gas development company’s stock valued at $813,000 after purchasing an additional 884 shares in the last quarter. Baird Financial Group Inc. raised its stake in Pioneer Natural Resources by 30.7% during the fourth quarter. Baird Financial Group Inc. now owns 31,868 shares of the oil and gas development company’s stock valued at $5,509,000 after purchasing an additional 7,481 shares in the last quarter. Finally, Norinchukin Bank The raised its stake in Pioneer Natural Resources by 7.5% during the fourth quarter. Norinchukin Bank The now owns 13,604 shares of the oil and gas development company’s stock valued at $2,351,000 after purchasing an additional 944 shares in the last quarter. 90.97% of the stock is currently owned by institutional investors.
In other news, SVP Mark H. Kleinman sold 2,582 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $158.37, for a total value of $408,911.34. Following the transaction, the senior vice president now owns 12,861 shares of the company’s stock, valued at $2,036,796.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jerome D. Hall, Jr. sold 1,800 shares of the business’s stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $172.60, for a total transaction of $310,680.00. Following the completion of the transaction, the executive vice president now directly owns 22,964 shares in the company, valued at approximately $3,963,586.40. The disclosure for this sale can be found here. Insiders sold 27,106 shares of company stock worth $4,444,339 in the last three months. Insiders own 0.89% of the company’s stock.
The business also recently announced a semiannual dividend, which will be paid on Thursday, April 12th. Stockholders of record on Thursday, March 29th will be issued a $0.16 dividend. This represents a dividend yield of 0.18%. The ex-dividend date of this dividend is Wednesday, March 28th. This is an increase from Pioneer Natural Resources’s previous semiannual dividend of $0.04. Pioneer Natural Resources’s payout ratio is 1.63%.
Pioneer Natural Resources announced that its board has initiated a share buyback plan on Tuesday, February 6th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the oil and gas development company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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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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