Fintel reports that on October 2, 2023, Morgan Stanley maintained coverage of Pioneer Natural Resources (NYSE:PXD) with a Underweight recommendation.
Analyst Price Forecast Suggests 17.90% Upside
As of August 31, 2023, the average one-year price target for Pioneer Natural Resources is 264.63. The forecasts range from a low of 227.25 to a high of $348.60. The average price target represents an increase of 17.90% from its latest reported closing price of 224.46.
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The projected annual revenue for Pioneer Natural Resources is 16,544MM, a decrease of 18.85%. The projected annual non-GAAP EPS is 27.44.
Pioneer Natural Resources Declares $1.25 Dividend
On August 1, 2023 the company declared a regular quarterly dividend of $1.25 per share ($5.00 annualized). Shareholders of record as of September 6, 2023 received the payment on September 21, 2023. Previously, the company paid $1.25 per share.
At the current share price of $224.46 / share, the stock's dividend yield is 2.23%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.48%, the lowest has been 0.18%, and the highest has been 16.69%. The standard deviation of yields is 4.95 (n=236).
The current dividend yield is 0.46 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 1.11. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 11.53%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 2284 funds or institutions reporting positions in Pioneer Natural Resources. This is an increase of 40 owner(s) or 1.78% in the last quarter. Average portfolio weight of all funds dedicated to PXD is 0.44%, a decrease of 0.48%. Total shares owned by institutions decreased in the last three months by 5.26% to 240,653K shares. 
The put/call ratio of PXD is 0.51, indicating a bullish outlook.
What are Other Shareholders Doing?
Capital International Investors holds 8,507K shares representing 3.65% ownership of the company. In it's prior filing, the firm reported owning 8,543K shares, representing a decrease of 0.42%. The firm decreased its portfolio allocation in PXD by 5.26% over the last quarter.
Massachusetts Financial Services holds 7,446K shares representing 3.19% ownership of the company. In it's prior filing, the firm reported owning 7,487K shares, representing a decrease of 0.55%. The firm decreased its portfolio allocation in PXD by 2.84% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 7,295K shares representing 3.13% ownership of the company. In it's prior filing, the firm reported owning 6,914K shares, representing an increase of 5.22%. The firm decreased its portfolio allocation in PXD by 1.25% over the last quarter.
XLE - The Energy Select Sector SPDR Fund holds 6,170K shares representing 2.65% ownership of the company. In it's prior filing, the firm reported owning 6,828K shares, representing a decrease of 10.67%. The firm increased its portfolio allocation in PXD by 4.00% over the last quarter.
AWSHX - WASHINGTON MUTUAL INVESTORS FUND holds 5,727K shares representing 2.46% ownership of the company. In it's prior filing, the firm reported owning 6,813K shares, representing a decrease of 18.96%. The firm decreased its portfolio allocation in PXD by 18.14% over the last quarter.
Pioneer Natural Resources Background Information
(This description is provided by the company.)
Pioneer Natural Resources Company is an American energy company engaged in hydrocarbon exploration in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder. The company is organized in Delaware and headquartered in Irving, Texas.
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