Summit Global Investments Decreases Stock Holdings in Pioneer Natural Resources (NYSE:PXD)

Summit Global Investments trimmed its stake in shares of Pioneer Natural Resources (NYSE:PXD) by 44.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,843 shares of the oil and gas development company’s stock after selling 1,470 shares during the period. Summit Global Investments’ holdings in Pioneer Natural Resources were worth $414,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Hartford Financial Management Inc. boosted its holdings in Pioneer Natural Resources by 61.1% in the 4th quarter. Hartford Financial Management Inc. now owns 116 shares of the oil and gas development company’s stock worth $26,000 after buying an additional 44 shares during the last quarter. BluePath Capital Management LLC purchased a new position in shares of Pioneer Natural Resources in the third quarter valued at approximately $29,000. Carmel Capital Partners LLC acquired a new stake in shares of Pioneer Natural Resources in the third quarter worth approximately $34,000. Jones Financial Companies Lllp increased its position in shares of Pioneer Natural Resources by 85.0% during the third quarter. Jones Financial Companies Lllp now owns 148 shares of the oil and gas development company’s stock worth $34,000 after purchasing an additional 68 shares in the last quarter. Finally, OLD Second National Bank of Aurora acquired a new position in Pioneer Natural Resources in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 80.57% of the company’s stock.

Insiders Place Their Bets

In other 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 completion of the transaction, the chief accounting officer now owns 4,990 shares of the company’s stock, valued at $1,302,140.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Christopher L. Washburn sold 1,416 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $260.95, for a total value of $369,505.20. Following the sale, the chief accounting officer now directly owns 4,990 shares in the company, valued at $1,302,140.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Phillip A. Gobe sold 2,000 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $261.12, for a total value of $522,240.00. Following the transaction, the director now directly owns 11,132 shares of the company’s stock, valued at $2,906,787.84. The disclosure for this sale can be found here. Insiders have sold 36,766 shares of company stock worth $9,067,373 over the last three months. Company insiders own 0.55% of the company’s stock.

Pioneer Natural Resources Price Performance

Pioneer Natural Resources stock opened at $269.62 on Monday. The company’s 50 day simple moving average is $258.94 and its 200-day simple moving average is $240.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.76 and a current ratio of 0.90. Pioneer Natural Resources has a 1 year low of $196.74 and a 1 year high of $278.83. The company has a market capitalization of $63.00 billion, a price-to-earnings ratio of 13.32 and a beta of 1.28.

Pioneer Natural Resources (NYSE:PXD) last announced its earnings results on Thursday, February 22nd. The oil and gas development company reported $5.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.41 by ($0.13). Pioneer Natural Resources had a net margin of 24.28% and a return on equity of 21.21%. The firm had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same period in the previous year, the firm earned $5.91 EPS. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities research analysts expect that Pioneer Natural Resources will post 22.07 earnings per share for the current year.

Pioneer Natural Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Monday, March 4th were given a $2.56 dividend. This represents a $10.24 annualized dividend and a yield of 3.80%. The ex-dividend date was Friday, March 1st. Pioneer Natural Resources’s dividend payout ratio is currently 24.70%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PXD shares. StockNews.com initiated coverage on shares of Pioneer Natural Resources in a report on Monday, April 29th. They set a “hold” rating for the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $279.00 price objective on shares of Pioneer Natural Resources in a report on Thursday, April 11th. Stifel Nicolaus raised their target price on shares of Pioneer Natural Resources from $237.00 to $275.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Scotiabank upped their price target on Pioneer Natural Resources from $230.00 to $282.00 and gave the company a “sector perform” rating in a research report on Thursday, April 11th. Finally, Susquehanna lifted their price objective on Pioneer Natural Resources from $246.00 to $278.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. 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’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $264.10.

Pioneer Natural Resources 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.