Meritage Portfolio Management Grows Stock Position in Pioneer Natural Resources (NYSE:PXD)

Meritage Portfolio Management boosted its stake in shares of Pioneer Natural Resources (NYSE:PXD) by 7.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,684 shares of the oil and gas development company’s stock after buying an additional 5,095 shares during the quarter. Pioneer Natural Resources accounts for about 1.1% of Meritage Portfolio Management’s holdings, making the stock its 16th biggest holding. Meritage Portfolio Management’s holdings in Pioneer Natural Resources were worth $17,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Pioneer Natural Resources by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 20,015,751 shares of the oil and gas development company’s stock worth $4,594,616,000 after buying an additional 113,751 shares during the period. Clearbridge Investments LLC raised its position in Pioneer Natural Resources by 7.6% in the 3rd quarter. Clearbridge Investments LLC now owns 3,259,731 shares of the oil and gas development company’s stock valued at $748,271,000 after purchasing an additional 231,470 shares in the last quarter. Bank of New York Mellon Corp raised its position in Pioneer Natural Resources by 25.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,239,964 shares of the oil and gas development company’s stock valued at $743,734,000 after purchasing an additional 662,891 shares in the last quarter. Northern Trust Corp lifted its stake in Pioneer Natural Resources by 2.2% in the third quarter. Northern Trust Corp now owns 2,497,868 shares of the oil and gas development company’s stock worth $573,386,000 after acquiring an additional 54,841 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Pioneer Natural Resources by 7.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,923,819 shares of the oil and gas development company’s stock worth $443,574,000 after acquiring an additional 134,982 shares in the last quarter. Institutional investors and hedge funds own 80.57% of the company’s stock.

Pioneer Natural Resources Price Performance

NYSE PXD traded down $5.31 during trading hours on Friday, reaching $269.84. The company’s stock had a trading volume of 1,350,426 shares, compared to its average volume of 1,984,125. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.72 and a current ratio of 0.88. The company’s 50-day moving average is $254.41 and its two-hundred day moving average is $239.67. Pioneer Natural Resources has a fifty-two week low of $196.74 and a fifty-two week high of $278.83. The stock has a market cap of $63.04 billion, a PE ratio of 13.36 and a beta of 1.31.

Pioneer Natural Resources (NYSE:PXD) last issued its quarterly earnings data on Thursday, February 22nd. The oil and gas development company reported $5.28 earnings per share for the quarter, missing analysts’ consensus estimates of $5.41 by ($0.13). Pioneer Natural Resources had a return on equity of 22.42% and a net margin of 25.28%. The business had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.28 billion. During the same period last year, the business earned $5.91 earnings per share. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. Analysts forecast that Pioneer Natural Resources will post 22.47 EPS for the current year.

Pioneer Natural Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Monday, March 4th were paid a dividend of $2.56 per share. This represents a $10.24 annualized dividend and a dividend yield of 3.79%. The ex-dividend date was Friday, March 1st. Pioneer Natural Resources’s payout ratio is 24.70%.

Analysts Set New Price Targets

Several research firms have recently issued reports on PXD. Scotiabank lifted their price objective on shares of Pioneer Natural Resources from $230.00 to $282.00 and gave the stock a “sector perform” rating in a research report on Thursday, April 11th. Stifel Nicolaus increased their price objective on Pioneer Natural Resources from $237.00 to $275.00 and gave the company a “hold” rating in a report on Tuesday. Royal Bank of Canada restated a “sector perform” rating and set a $279.00 target price on shares of Pioneer Natural Resources in a research note on Thursday, April 11th. StockNews.com began coverage on shares of Pioneer Natural Resources in a report on Sunday, April 21st. They set a “hold” rating on the stock. Finally, Truist Financial boosted their target price on Pioneer Natural Resources from $238.00 to $278.00 and gave the company a “hold” rating in a report on Friday, April 5th. Two equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $264.10.

Insider Buying and Selling

In other Pioneer Natural Resources news, EVP Mark H. Kleinman sold 3,500 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $234.35, for a total transaction of $820,225.00. Following the transaction, the executive vice president now owns 49,856 shares of the company’s stock, valued at approximately $11,683,753.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CAO Christopher L. Washburn sold 1,416 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $260.95, for a total value of $369,505.20. Following the transaction, the chief accounting officer now owns 4,990 shares in the company, valued at $1,302,140.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark H. Kleinman sold 3,500 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $234.35, for a total transaction of $820,225.00. Following the completion of the sale, the executive vice president now directly owns 49,856 shares of the company’s stock, valued at approximately $11,683,753.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,766 shares of company stock worth $9,067,373. 0.57% of the stock is owned by insiders.

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 in the Midland Basin in West Texas. The company was founded in 1997 and is headquartered in Irving, Texas.