Pioneer Natural Resources’ (PXD) “Buy” Rating Reaffirmed at Morgan Stanley

Morgan Stanley reissued their buy rating on shares of Pioneer Natural Resources (NYSE:PXD) in a report issued on Friday morning. Morgan Stanley currently has a $234.00 price target on the oil and gas development company’s stock, down from their prior price target of $240.00.

Several other research analysts also recently issued reports on the company. Zacks Investment Research upgraded Pioneer Natural Resources from a hold rating to a buy rating and set a $214.00 price objective for the company in a research report on Tuesday, July 31st. Barclays started coverage on Pioneer Natural Resources in a research report on Wednesday, August 29th. They set an overweight rating and a $225.00 price objective for the company. KLR Group restated a buy rating and set a $254.00 price objective on shares of Pioneer Natural Resources in a research report on Monday, August 20th. Williams Capital restated a hold rating and set a $225.00 price objective on shares of Pioneer Natural Resources in a research report on Tuesday, August 21st. Finally, Citigroup cut their price objective on Pioneer Natural Resources from $242.00 to $235.00 and set a buy rating for the company in a research report on Monday, August 13th. Five analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. Pioneer Natural Resources has a consensus rating of Buy and an average price target of $231.99.

Shares of PXD stock traded up $1.88 during midday trading on Friday, reaching $173.54. 1,317,321 shares of the company traded hands, compared to its average volume of 1,520,428. Pioneer Natural Resources has a 1-year low of $140.31 and a 1-year high of $213.40. The company has a current ratio of 1.09, a quick ratio of 0.98 and a debt-to-equity ratio of 0.20. The company has a market cap of $29.68 billion, a price-to-earnings ratio of 80.34, a PEG ratio of 1.78 and a beta of 0.95.

Pioneer Natural Resources (NYSE:PXD) last posted its quarterly earnings results on Tuesday, August 7th. The oil and gas development company reported $1.41 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.49 by ($0.08). Pioneer Natural Resources had a net margin of 12.23% and a return on equity of 7.29%. The company had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.27 billion. Sell-side analysts forecast that Pioneer Natural Resources will post 7.04 earnings per share for the current fiscal year.

The business 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 of this dividend was Thursday, September 27th. This is a boost 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%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BB&T Securities LLC lifted its holdings in Pioneer Natural Resources by 16.2% in the 1st quarter. BB&T Securities LLC now owns 5,355 shares of the oil and gas development company’s stock worth $919,000 after buying an additional 746 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Pioneer Natural Resources by 10.5% in the 1st quarter. Commonwealth Equity Services LLC now owns 9,072 shares of the oil and gas development company’s stock worth $1,558,000 after buying an additional 862 shares in the last quarter. Achmea Investment Management B.V. lifted its holdings in Pioneer Natural Resources by 112.4% in the 1st quarter. Achmea Investment Management B.V. now owns 6,130 shares of the oil and gas development company’s stock worth $1,052,000 after buying an additional 3,244 shares in the last quarter. A.R.T. Advisors LLC acquired a new position in Pioneer Natural Resources in the 1st quarter worth $1,253,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Pioneer Natural Resources by 8.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 208,982 shares of the oil and gas development company’s stock worth $35,899,000 after buying an additional 15,588 shares in the last quarter. 88.80% of the stock is owned by institutional investors.

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.

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Analyst Recommendations for Pioneer Natural Resources (NYSE:PXD)

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