Leading oil producers Pioneer Natural Resources Company and Parsley Energy, Inc. are planning layoffs, per Reuters.
Per the report, Parsley Energy intends to lower its employee base of 496 by roughly 10%. Moreover, as part of its restructuring program, Pioneer Natural will reportedly reduce headcounts by late-2020, but the exact figure has not been disclosed. Notably, in June, Pioneer Natural laid off roughly 50 employees from its well services business.
Low oil prices hurt Pioneer Natural and Parsley in the June quarter of 2020. Pioneer Natural Resources reported second-quarter 2020 loss per share of 32 cents, excluding one-time items, as compared to a profit of $2.01 per share in the year-ago quarter. Moreover, Parsley Energy reported second-quarter 2020 adjusted net earnings per share of 3 cents, down from the year-ago quarter’s earnings of 32 cents.
Both Pioneer Natural and Parsley Energy, having strong footprints in the prolific Permian Basin, carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Other prospective players in the energy space include Concho Resources Inc. and EOG Resources, Inc. (EOG - Free Report) , each holding a Zacks Rank #2.
Concho is likely to see earnings growth of 21.6% in 2020.
EOG Resources’ 2020 bottom-line estimates have risen more than 200% over the past 30 days.
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Leading oil producers Pioneer Natural Resources Company and Parsley Energy, Inc. are planning layoffs, per Reuters.
Per the report, Parsley Energy intends to lower its employee base of 496 by roughly 10%. Moreover, as part of its restructuring program, Pioneer Natural will reportedly reduce headcounts by late-2020, but the exact figure has not been disclosed. Notably, in June, Pioneer Natural laid off roughly 50 employees from its well services business.
Low oil prices hurt Pioneer Natural and Parsley in the June quarter of 2020. Pioneer Natural Resources reported second-quarter 2020 loss per share of 32 cents, excluding one-time items, as compared to a profit of $2.01 per share in the year-ago quarter. Moreover, Parsley Energy reported second-quarter 2020 adjusted net earnings per share of 3 cents, down from the year-ago quarter’s earnings of 32 cents.
Both Pioneer Natural and Parsley Energy, having strong footprints in the prolific Permian Basin, carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Other prospective players in the energy space include Concho Resources Inc. and EOG Resources, Inc. (EOG - Free Report) , each holding a Zacks Rank #2.
Concho is likely to see earnings growth of 21.6% in 2020.
EOG Resources’ 2020 bottom-line estimates have risen more than 200% over the past 30 days.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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