Baird Financial Group Inc. Reduces Position in Pioneer Natural Resources (NYSE:PXD)

Baird Financial Group Inc. lessened its stake in shares of Pioneer Natural Resources (NYSE:PXD – Get Rating) by 18.9% in the third quarter, HoldingsChannel.com reports. The firm owned 124,023 shares of the oil and gas development company’s stock after selling 28,897 shares during the quarter. Baird Financial Group Inc.’s holdings in Pioneer Natural Resources were worth $26,854,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Evermay Wealth Management LLC boosted its stake in shares of Pioneer Natural Resources by 48.2% during the third quarter. Evermay Wealth Management LLC now owns 123 shares of the oil and gas development company’s stock valued at $27,000 after purchasing an additional 40 shares during the period. Cowa LLC purchased a new stake in Pioneer Natural Resources in the third quarter worth $27,000. Kistler Tiffany Companies LLC purchased a new stake in Pioneer Natural Resources in the third quarter worth $27,000. Ronald Blue Trust Inc. lifted its stake in Pioneer Natural Resources by 84.1% in the third quarter. Ronald Blue Trust Inc. now owns 127 shares of the oil and gas development company’s stock worth $29,000 after acquiring an additional 58 shares during the period. Finally, Fairfield Bush & CO. purchased a new stake in Pioneer Natural Resources in the first quarter worth $42,000. Hedge funds and other institutional investors own 89.75% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on PXD shares. Mizuho dropped their price target on Pioneer Natural Resources from $293.00 to $265.00 in a research note on Friday, March 10th. Raymond James dropped their price target on Pioneer Natural Resources from $310.00 to $300.00 and set a “strong-buy” rating for the company in a research note on Thursday, January 26th. Susquehanna dropped their price target on Pioneer Natural Resources from $286.00 to $266.00 and set a “positive” rating for the company in a research note on Monday, February 27th. Roth Capital reiterated a “buy” rating on shares of Pioneer Natural Resources in a report on Wednesday, February 22nd. Finally, Citigroup decreased their price objective on Pioneer Natural Resources from $255.00 to $232.00 and set a “neutral” rating for the company in a report on Thursday, February 2nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $266.00.

Pioneer Natural Resources Price Performance

Shares of NYSE:PXD opened at $195.24 on Wednesday. Pioneer Natural Resources has a 1-year low of $190.27 and a 1-year high of $288.46. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.96 and a quick ratio of 0.85. The business has a fifty day moving average price of $220.97 and a 200-day moving average price of $233.62. The company has a market capitalization of $45.88 billion, a PE ratio of 6.29, a PEG ratio of 1.01 and a beta of 1.41.

Pioneer Natural Resources (NYSE:PXD – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The oil and gas development company reported $5.91 earnings per share for the quarter, beating the consensus estimate of $5.83 by $0.08. Pioneer Natural Resources had a return on equity of 33.15% and a net margin of 32.29%. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.59 billion. During the same period last year, the company earned $4.58 earnings per share. The company’s revenue was up 18.3% on a year-over-year basis. As a group, equities analysts expect that Pioneer Natural Resources will post 23.01 EPS for the current fiscal year.

Pioneer Natural Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 17th. Investors of record on Monday, March 6th will be issued a $5.58 dividend. The ex-dividend date of this dividend is Friday, March 3rd. This represents a $22.32 annualized dividend and a yield of 11.43%. Pioneer Natural Resources’s payout ratio is 14.17%.

About Pioneer Natural Resources

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Pioneer Natural Resources Co operates as an independent oil and gas exploration and production company. The firm engages in hydrocarbon exploration in the Cline Shale. It focuses on the operation of the Permian Basin, Eagle Ford Shale, Rockies, and West Panhandle projects. The company was founded by Scott Douglas Sheffield on April 2, 1997, and is headquartered in Irving, TX.