Pioneer Natural Resources (PXD) Stock Sinks As Market Gains: Here's Why
The latest trading session saw Pioneer Natural Resources (PXD) ending at $226.35, denoting a -1.62% adjustment from its last day's close. The stock's performance was behind the S&P 500's daily gain of 1.41%. At the same time, the Dow added 0.58%, and the tech-heavy Nasdaq gained 2.2%.
Shares of the independent oil and gas company have appreciated by 3.15% over the course of the past month, underperforming the Oils-Energy sector's gain of 3.47% and outperforming the S&P 500's gain of 2.9%.
Market participants will be closely following the financial results of Pioneer Natural Resources in its upcoming release. The company's earnings per share (EPS) are projected to be $6.14, reflecting a 3.89% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $5.3 billion, up 3.73% from the year-ago period.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Pioneer Natural Resources. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.44% decrease. Pioneer Natural Resources presently features a Zacks Rank of #4 (Sell).
Valuation is also important, so investors should note that Pioneer Natural Resources has a Forward P/E ratio of 9.64 right now. This indicates a premium in contrast to its industry's Forward P/E of 7.11.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 240, positioning it in the bottom 5% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Pioneer Natural Resources Company (PXD) : Free Stock Analysis Report
