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Why the Market Dipped But Pioneer Natural Resources (PXD) Gained Today
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In the latest market close, Pioneer Natural Resources (PXD - Free Report) reached $245.16, with a +0.09% movement compared to the previous day. The stock exceeded the S&P 500, which registered a loss of 1.43% for the day. On the other hand, the Dow registered a loss of 0.32%, and the technology-centric Nasdaq decreased by 2.43%.
The independent oil and gas company's stock has climbed by 7.5% in the past month, exceeding the Oils-Energy sector's loss of 1.51% and the S&P 500's loss of 1.55%.
Investors will be eagerly watching for the performance of Pioneer Natural Resources in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 2, 2023. On that day, Pioneer Natural Resources is projected to report earnings of $5.51 per share, which would represent a year-over-year decline of 26.34%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.26 billion, down 13.7% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $21.53 per share and a revenue of $20.18 billion, indicating changes of -29.57% and -16.94%, respectively, from the former year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Pioneer Natural Resources. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.41% higher. Pioneer Natural Resources is holding a Zacks Rank of #2 (Buy) right now.
Investors should also note Pioneer Natural Resources's current valuation metrics, including its Forward P/E ratio of 11.38. For comparison, its industry has an average Forward P/E of 9.53, which means Pioneer Natural Resources is trading at a premium to the group.
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 15, finds itself in the top 6% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Why the Market Dipped But Pioneer Natural Resources (PXD) Gained Today
In the latest market close, Pioneer Natural Resources (PXD - Free Report) reached $245.16, with a +0.09% movement compared to the previous day. The stock exceeded the S&P 500, which registered a loss of 1.43% for the day. On the other hand, the Dow registered a loss of 0.32%, and the technology-centric Nasdaq decreased by 2.43%.
The independent oil and gas company's stock has climbed by 7.5% in the past month, exceeding the Oils-Energy sector's loss of 1.51% and the S&P 500's loss of 1.55%.
Investors will be eagerly watching for the performance of Pioneer Natural Resources in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on November 2, 2023. On that day, Pioneer Natural Resources is projected to report earnings of $5.51 per share, which would represent a year-over-year decline of 26.34%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.26 billion, down 13.7% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $21.53 per share and a revenue of $20.18 billion, indicating changes of -29.57% and -16.94%, respectively, from the former year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Pioneer Natural Resources. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.41% higher. Pioneer Natural Resources is holding a Zacks Rank of #2 (Buy) right now.
Investors should also note Pioneer Natural Resources's current valuation metrics, including its Forward P/E ratio of 11.38. For comparison, its industry has an average Forward P/E of 9.53, which means Pioneer Natural Resources is trading at a premium to the group.
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 15, finds itself in the top 6% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.