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Stock Update: Pioneer Natural Resources Co (NYSE:PXD) – Pioneer Natural Resources Company to Acquire Approximately 28,000 Midland Basin Acres for $435 Million and to Add 5 Horizontal Rigs During the Second Half of 2016

[Business Wire] – Pioneer Natural Resources Company today announced that it has signed a purchase and sale agreement with Devon Energy Corporation to acquire approximately 28,000 net acres in the Midland Basin for $435 million, subject to normal closing adjustments. Read more on this. Pioneer Natural Resources Co. (PXD) , valued at $26.58B, opened at $162.34. Shares have traded today between $160.48 and $164.38 per share with its 52-week range being $103.50 to $171.88. Priced at -163.04x this year’s forecasted earnings, PXD shares are relatively inexpensive compared to the industry’s -10.62x forward p/e ratio. And for passive income investors, the company pays shareholders $0.08 per share annually in dividends, yielding 0.05%. In a review of the consensus earnings estimate this quarter, 38 sell-side analysts are looking at $-0.41 per share, which would be $0.10 better than the year-ago quarter and a $0.00 sequential decrease. The full-year EPS estimate is $-1.00, which would be a $0.88 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $808.36 Million. If reported, that would be a 24.75% increase over the year-ago quarter. More recently, Alembic Global Advisors upgraded PXD from Neutral to Overweight (Apr 26, 2016). Previously, KLR Group downgraded PXD from Buy to Accumulate. With the above information in mind, readers should note that the average price target is $189.19, which is 16.54% above where the stock opened this morning. See more in (NYSE:PXD) Similar Articles: Stock Update: Pioneer Natural Resources Co (NYSE:PXD) – Pioneer Natural Resources to Present at The UBS Global Oil and Gas Conference Company Update (NYSE:PXD): Pioneer Natural Resources Announces Date for Annual Meeting Stock Update: Pioneer Natural Resources Co (NYSE:PXD) – Pioneer Natural Resources Company Announces Public Offering of Common Stock
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