Pioneer Natural Resources Company (PXD) Benefitted from Rise in Crude Oil Price
Investment management company Ave Maria recently released its “Ave Maria World Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -4.88% compared to the MSCI All Country World Index’s -3.40% return. Year-to-date the fund returned 9.62% compared to the 10.06% return for the index. You can check the top 5 holdings of the fund to know its best picks in 2023.
Ave Maria World Equity Fund highlighted stocks like Pioneer Natural Resources Company (NYSE:PXD) in the third quarter 2023 investor letter. Headquartered in Irving, Texas, Pioneer Natural Resources Company (NYSE:PXD) is an oil and gas exploration and production company. On December 13, 2023, Pioneer Natural Resources Company (NYSE:PXD) stock closed at $222.62 per share. One-month return of Pioneer Natural Resources Company (NYSE:PXD) was -4.19%, and its shares lost 0.89% of their value over the last 52 weeks. Pioneer Natural Resources Company (NYSE:PXD) has a market capitalization of $51.939 billion.
Ave Maria World Equity Fund made the following comment about Pioneer Natural Resources Company (NYSE:PXD) in its Q3 2023 investor letter:
"Pioneer Natural Resources Company (NYSE:PXD) is one of the largest independent E&P companies in the United States focused on the Permian Basin. Pioneer is a low-cost producer in the Permian basin and can generate free cash flow when the price of oil is $30 or more. Pioneer was one of the first companies in the industry to embrace a disciplined investment framework focused on returning excess capital to shareholders during periods of high realized pricing. This framework has materially benefited shareholders given the sharp rise in the price of crude oil."
A worker in protective gear near a large natural gas exploration machinery.
Pioneer Natural Resources Company (NYSE:PXD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Pioneer Natural Resources Company (NYSE:PXD) at the end of third quarter which was 54 in the previous quarter.
We discussed Pioneer Natural Resources Company (NYSE:PXD) in another article and shared the list of undervalued S&P 500 stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
