Fintel reports that on July 18, 2023, Morgan Stanley maintained coverage of Pioneer Natural Resources (NYSE:PXD) with a Underweight recommendation.
Analyst Price Forecast Suggests 23.70% Upside
As of July 6, 2023, the average one-year price target for Pioneer Natural Resources is 256.06. The forecasts range from a low of 222.20 to a high of $330.75. The average price target represents an increase of 23.70% from its latest reported closing price of 207.00.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Pioneer Natural Resources is 16,544MM, a decrease of 27.55%. The projected annual non-GAAP EPS is 27.44.
Pioneer Natural Resources Declares $1.25 Dividend
On April 26, 2023 the company declared a regular quarterly dividend of $1.25 per share ($5.00 annualized). Shareholders of record as of June 1, 2023 received the payment on June 21, 2023. Previously, the company paid $1.10 per share.
At the current share price of $207.00 / share, the stock's dividend yield is 2.42%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.98%, the lowest has been 0.17%, and the highest has been 16.69%. The standard deviation of yields is 4.76 (n=236).
The current dividend yield is 0.33 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.91. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 11.53%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 2332 funds or institutions reporting positions in Pioneer Natural Resources. This is a decrease of 50 owner(s) or 2.10% in the last quarter. Average portfolio weight of all funds dedicated to PXD is 0.45%, a decrease of 6.66%. Total shares owned by institutions decreased in the last three months by 5.25% to 254,081K shares. 
The put/call ratio of PXD is 0.86, indicating a bullish outlook.
What are Other Shareholders Doing?
Capital World Investors holds 10,217K shares representing 4.37% ownership of the company. In it's prior filing, the firm reported owning 19,089K shares, representing a decrease of 86.83%. The firm decreased its portfolio allocation in PXD by 53.59% over the last quarter.
Capital International Investors holds 8,543K shares representing 3.65% ownership of the company. In it's prior filing, the firm reported owning 9,145K shares, representing a decrease of 7.05%. The firm decreased its portfolio allocation in PXD by 19.94% over the last quarter.
Massachusetts Financial Services holds 7,487K shares representing 3.20% ownership of the company. In it's prior filing, the firm reported owning 7,530K shares, representing a decrease of 0.57%. The firm decreased its portfolio allocation in PXD by 86.63% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,914K shares representing 2.96% ownership of the company. In it's prior filing, the firm reported owning 6,864K shares, representing an increase of 0.72%. The firm decreased its portfolio allocation in PXD by 16.83% over the last quarter.
XLE - The Energy Select Sector SPDR Fund holds 6,828K shares representing 2.92% ownership of the company. In it's prior filing, the firm reported owning 6,878K shares, representing a decrease of 0.72%. The firm decreased its portfolio allocation in PXD by 4.53% over the last quarter.
Pioneer Natural Resources Background Information
(This description is provided by the company.)
Pioneer Natural Resources Company is an American energy company engaged in hydrocarbon exploration in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder. The company is organized in Delaware and headquartered in Irving, Texas.
Additional reading:
- SECOND AMENDMENT TO CREDIT AGREEMENT
- Form of Amended and Restated Change in Control Agreement, dated February 8, 2023, between the Company and each of Scott D. Sheffield, Richard P. Dealy, Neal H. Shah, Mark S. Berg,
- Pioneer Natural Resources Reports First Quarter 2023 Financial and Operating Results
- Sixth Supplemental Indenture, dated March 29, 2023, by and between Pioneer Natural Resources Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association).
- Form of Restricted Stock Unit Agreement between the Company and executive officers of the Company with respect to annual awards made under the Company's 2006 Long-Term Incentive Plan, commencing in 2023.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
