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Why Is Pioneer Natural Resources (PXD) Up 14.7% Since Last Earnings Report?
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It has been about a month since the last earnings report for Pioneer Natural Resources . Shares have added about 14.7% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Pioneer Natural Resources due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Pioneer Q2 Earnings Beat Estimates
Pioneer reported second-quarter 2022 earnings of $9.36 per share (excluding one-time items), beating the Zacks Consensus Estimate of $8.81. The bottom line surged from the year-ago quarter’s profit of $2.55 per share.
Total quarterly revenues of $6,920 million missed the Zacks Consensus Estimate of $6,930 million. However, the top line improved from the year-ago quarter’s $3,419 million.
Strong quarterly earnings can be attributed to higher oil-equivalent production volumes and commodity price realizations.
Dividend Hike
For the third quarter, Pioneer announced a dividend payment of $8.57 per share of common stock, which includes a variable dividend of $7.47 per share and a base dividend of $1.10. This suggests a 16.1% improvement from the prior dividend of $7.38 per share. The new dividend is payable on Sept 16, 2022, to its stockholders of record at the close of business on Sept 6, 2022.
Moreover, the company repurchased $500 million of common stock in the second quarter.
Production
For second-quarter 2022, the total production was 642.8 thousand barrels of oil-equivalent per day (MBoe/d), up from the year-ago figure of 629.5 MBoe/d.
Oil production was 348 thousand barrels per day (MBbls/d), down from the year-ago quarter’s 363 MBbls/d. NGLs production was 160.2 MBbls/d compared with the prior-year quarter’s 147.1 MBbls/d. Natural gas production amounted to 808.2 million cubic feet per day (MMcf/d), up from the year-ago quarter’s 715.7 MMcf/d.
Price Realization
On an oil-equivalent basis, the average realized price was $79.31 per barrel for the reported quarter compared with $46.82 a year ago. The company reported an average realized crude price of $110.56 a barrel, up from $64.55 reported in the June-end quarter of 2021.
The average natural gas price improved to $6.72 per thousand cubic feet from $2.69 in the prior-year quarter. Natural gas liquids were sold at $44.21 a barrel, up from $27.95 a year ago.
Operating Costs
Pioneer’s expenses for oil and gas production were $478 million, up from $316 million in the year-ago quarter. Total costs and expenses increased to $3,892 million in the second quarter from $2,919 million in the year-ago period.
Cash, Debt and Capex
As of Jun 30, 2022, Pioneer’s cash and cash equivalents totaled $2,579 million, while long-term debt was $4,576 million. It had a debt to capitalization of 19.3%.
In the June-end quarter, the company spent $895 million.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates flatlined during the past month.
VGM Scores
At this time, Pioneer Natural Resources has a great Growth Score of A, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Pioneer Natural Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Pioneer Natural Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, EQT Corporation (EQT - Free Report) , a stock from the same industry, has gained 11.7%. The company reported its results for the quarter ended June 2022 more than a month ago.
EQT Corporation reported revenues of $1.61 billion in the last reported quarter, representing a year-over-year change of +61.7%. EPS of $0.83 for the same period compares with $0.07 a year ago.
For the current quarter, EQT Corporation is expected to post earnings of $0.94 per share, indicating a change of +683.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +3% over the last 30 days.
EQT Corporation has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.
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Why Is Pioneer Natural Resources (PXD) Up 14.7% Since Last Earnings Report?
It has been about a month since the last earnings report for Pioneer Natural Resources . Shares have added about 14.7% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Pioneer Natural Resources due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Pioneer Q2 Earnings Beat Estimates
Pioneer reported second-quarter 2022 earnings of $9.36 per share (excluding one-time items), beating the Zacks Consensus Estimate of $8.81. The bottom line surged from the year-ago quarter’s profit of $2.55 per share.
Total quarterly revenues of $6,920 million missed the Zacks Consensus Estimate of $6,930 million. However, the top line improved from the year-ago quarter’s $3,419 million.
Strong quarterly earnings can be attributed to higher oil-equivalent production volumes and commodity price realizations.
Dividend Hike
For the third quarter, Pioneer announced a dividend payment of $8.57 per share of common stock, which includes a variable dividend of $7.47 per share and a base dividend of $1.10. This suggests a 16.1% improvement from the prior dividend of $7.38 per share. The new dividend is payable on Sept 16, 2022, to its stockholders of record at the close of business on Sept 6, 2022.
Moreover, the company repurchased $500 million of common stock in the second quarter.
Production
For second-quarter 2022, the total production was 642.8 thousand barrels of oil-equivalent per day (MBoe/d), up from the year-ago figure of 629.5 MBoe/d.
Oil production was 348 thousand barrels per day (MBbls/d), down from the year-ago quarter’s 363 MBbls/d. NGLs production was 160.2 MBbls/d compared with the prior-year quarter’s 147.1 MBbls/d. Natural gas production amounted to 808.2 million cubic feet per day (MMcf/d), up from the year-ago quarter’s 715.7 MMcf/d.
Price Realization
On an oil-equivalent basis, the average realized price was $79.31 per barrel for the reported quarter compared with $46.82 a year ago. The company reported an average realized crude price of $110.56 a barrel, up from $64.55 reported in the June-end quarter of 2021.
The average natural gas price improved to $6.72 per thousand cubic feet from $2.69 in the prior-year quarter. Natural gas liquids were sold at $44.21 a barrel, up from $27.95 a year ago.
Operating Costs
Pioneer’s expenses for oil and gas production were $478 million, up from $316 million in the year-ago quarter. Total costs and expenses increased to $3,892 million in the second quarter from $2,919 million in the year-ago period.
Cash, Debt and Capex
As of Jun 30, 2022, Pioneer’s cash and cash equivalents totaled $2,579 million, while long-term debt was $4,576 million. It had a debt to capitalization of 19.3%.
In the June-end quarter, the company spent $895 million.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates flatlined during the past month.
VGM Scores
At this time, Pioneer Natural Resources has a great Growth Score of A, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Pioneer Natural Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Pioneer Natural Resources is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, EQT Corporation (EQT - Free Report) , a stock from the same industry, has gained 11.7%. The company reported its results for the quarter ended June 2022 more than a month ago.
EQT Corporation reported revenues of $1.61 billion in the last reported quarter, representing a year-over-year change of +61.7%. EPS of $0.83 for the same period compares with $0.07 a year ago.
For the current quarter, EQT Corporation is expected to post earnings of $0.94 per share, indicating a change of +683.3% from the year-ago quarter. The Zacks Consensus Estimate has changed +3% over the last 30 days.
EQT Corporation has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.