Pioneer Natural Resources (NYSE:PXD) Price Target Cut to $176.00 by Analysts at Morgan Stanley

Pioneer Natural Resources (NYSE:PXD) had its price target lowered by Morgan Stanley from $180.00 to $176.00 in a note issued to investors on Wednesday, AnalystRatings.com reports. The brokerage currently has an “overweight” rating on the oil and gas development company’s stock. Morgan Stanley’s target price points to a potential upside of 41.99% from the stock’s current price.

PXD has been the topic of several other reports. Wells Fargo & Co boosted their price target on shares of Pioneer Natural Resources from $182.00 to $190.00 and gave the stock an “outperform” rating in a report on Monday. ValuEngine cut shares of Pioneer Natural Resources from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. KeyCorp boosted their target price on shares of Pioneer Natural Resources from $170.00 to $185.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Royal Bank of Canada reiterated a “buy” rating and issued a $190.00 target price on shares of Pioneer Natural Resources in a research note on Sunday. Finally, TD Securities dropped their target price on shares of Pioneer Natural Resources from $165.00 to $145.00 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. Pioneer Natural Resources has an average rating of “Buy” and an average target price of $196.01.

Pioneer Natural Resources stock traded down $4.41 during midday trading on Wednesday, hitting $123.95. 47,615 shares of the stock were exchanged, compared to its average volume of 1,827,203. Pioneer Natural Resources has a 52-week low of $114.79 and a 52-week high of $189.78. The company has a market capitalization of $21.62 billion, a PE ratio of 19.65, a price-to-earnings-growth ratio of 0.70 and a beta of 1.08. The stock’s 50-day simple moving average is $138.60. The company has a quick ratio of 0.76, a current ratio of 0.86 and a debt-to-equity ratio of 0.17.

Pioneer Natural Resources (NYSE:PXD) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas development company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.13. Pioneer Natural Resources had a net margin of 9.65% and a return on equity of 10.04%. The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the previous year, the company earned $1.41 earnings per share. The firm’s revenue for the quarter was down 8.9% compared to the same quarter last year. As a group, analysts predict that Pioneer Natural Resources will post 8.37 EPS for the current year.

Several hedge funds have recently made changes to their positions in PXD. BlackRock Inc. lifted its stake in shares of Pioneer Natural Resources by 9.6% during the 2nd quarter. BlackRock Inc. now owns 11,490,193 shares of the oil and gas development company’s stock valued at $1,767,880,000 after buying an additional 1,008,677 shares in the last quarter. Boston Partners lifted its stake in shares of Pioneer Natural Resources by 28.8% during the 1st quarter. Boston Partners now owns 3,596,532 shares of the oil and gas development company’s stock valued at $547,679,000 after buying an additional 804,760 shares in the last quarter. Primecap Management Co. CA lifted its stake in shares of Pioneer Natural Resources by 90.6% during the 1st quarter. Primecap Management Co. CA now owns 1,367,296 shares of the oil and gas development company’s stock valued at $208,212,000 after buying an additional 649,746 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Pioneer Natural Resources by 95.4% during the 1st quarter. CIBC Private Wealth Group LLC now owns 802,525 shares of the oil and gas development company’s stock valued at $122,208,000 after buying an additional 391,775 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its stake in shares of Pioneer Natural Resources by 11.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,177,174 shares of the oil and gas development company’s stock valued at $483,820,000 after buying an additional 334,024 shares in the last quarter. Institutional investors own 87.77% 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.

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