Pioneer Natural Resources shares ended the last trading session 5.8% higher at $220.22. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.7% gain over the past four weeks.
Pioneer Natural Resources’ shares rallied on the last trading day. The bullishness could be attributed to ExxonMobil’s preliminary talks about a possible acquisition of the U.S. shale oil producer. Buying Pioneer Natural Resources would make ExxonMobil the largest producer in the Permian Basin and provide with lucrative locations to drill wells.
This independent oil and gas company is expected to post quarterly earnings of $5.05 per share in its upcoming report, which represents a year-over-year change of -34.8%. Revenues are expected to be $5.33 billion, down 13.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Pioneer Natural Resources, the consensus EPS estimate for the quarter has been revised 8.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PXD going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Pioneer Natural Resources is a member of the Zacks Oil and Gas - Exploration and Production - United States industry. One other stock in the same industry, Ranger Oil , finished the last trading session 0.7% higher at $42.03. ROCC has returned 4.3% over the past month.
Ranger Oil's consensus EPS estimate for the upcoming report has changed -18.2% over the past month to $2.55. Compared to the company's year-ago EPS, this represents a change of -45.5%. Ranger Oil currently boasts a Zacks Rank of #3 (Hold).
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Pioneer Natural Resources (PXD) Soars 5.8%: Is Further Upside Left in the Stock?
Pioneer Natural Resources shares ended the last trading session 5.8% higher at $220.22. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.7% gain over the past four weeks.
Pioneer Natural Resources’ shares rallied on the last trading day. The bullishness could be attributed to ExxonMobil’s preliminary talks about a possible acquisition of the U.S. shale oil producer. Buying Pioneer Natural Resources would make ExxonMobil the largest producer in the Permian Basin and provide with lucrative locations to drill wells.
This independent oil and gas company is expected to post quarterly earnings of $5.05 per share in its upcoming report, which represents a year-over-year change of -34.8%. Revenues are expected to be $5.33 billion, down 13.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Pioneer Natural Resources, the consensus EPS estimate for the quarter has been revised 8.7% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PXD going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Pioneer Natural Resources is a member of the Zacks Oil and Gas - Exploration and Production - United States industry. One other stock in the same industry, Ranger Oil , finished the last trading session 0.7% higher at $42.03. ROCC has returned 4.3% over the past month.
Ranger Oil's consensus EPS estimate for the upcoming report has changed -18.2% over the past month to $2.55. Compared to the company's year-ago EPS, this represents a change of -45.5%. Ranger Oil currently boasts a Zacks Rank of #3 (Hold).