Why the Market Dipped But Pioneer Natural Resources (PXD) Gained Today
The most recent trading session ended with Pioneer Natural Resources (PXD) standing at $230.44, reflecting a +0.95% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily loss of 0.07%. Meanwhile, the Dow experienced a rise of 0.16%, and the technology-dominated Nasdaq saw a decrease of 0.36%.
Prior to today's trading, shares of the independent oil and gas company had gained 1.52% over the past month. This has outpaced the Oils-Energy sector's loss of 2.53% and lagged the S&P 500's gain of 3.05% in that time.
Market participants will be closely following the financial results of Pioneer Natural Resources in its upcoming release. The company is forecasted to report an EPS of $5.79, showcasing a 2.03% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $5.21 billion, indicating a 2.06% growth compared to the corresponding quarter of the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Pioneer Natural Resources. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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 past month, there's been a 9.89% fall in the Zacks Consensus EPS estimate. As of now, Pioneer Natural Resources holds a Zacks Rank of #5 (Strong Sell).
Looking at valuation, Pioneer Natural Resources is presently trading at a Forward P/E ratio of 10.61. This signifies a premium in comparison to the average Forward P/E of 8.3 for its industry.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 245, finds itself in the bottom 3% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Pioneer Natural Resources Company (PXD) : Free Stock Analysis Report
