Fintel reports that on August 16, 2023, JP Morgan upgraded their outlook for Pioneer Natural Resources (NYSE:PXD) from Neutral to Overweight.

Analyst Price Forecast Suggests 8.41% Upside

As of August 2, 2023, the average one-year price target for Pioneer Natural Resources is 253.38. The forecasts range from a low of 197.96 to a high of $326.55. The average price target represents an increase of 8.41% from its latest reported closing price of 233.72.

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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.

What is the Fund Sentiment?

There are 2340 funds or institutions reporting positions in Pioneer Natural Resources. This is a decrease of 42 owner(s) or 1.76% in the last quarter. Average portfolio weight of all funds dedicated to PXD is 0.44%, a decrease of 4.29%. Total shares owned by institutions decreased in the last three months by 2.93% to 248,232K shares. The put/call ratio of PXD is 0.89, indicating a bullish outlook.

What are Other Shareholders Doing?

Capital World Investors holds 10,217K shares representing 4.38% ownership of the company. In it’s prior filing, the firm reported owning 19,089K shares, representing a decrease of 86.83%. The firm decreased its portfolio allocation in PXD by 53.59% over the last quarter.

Capital International Investors holds 8,543K shares representing 3.66% ownership of the company. In it’s prior filing, the firm reported owning 9,145K shares, representing a decrease of 7.05%. The firm decreased its portfolio allocation in PXD by 19.94% 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 85.10% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 6,914K shares representing 2.97% ownership of the company. In it’s prior filing, the firm reported owning 6,864K shares, representing an increase of 0.72%. The firm decreased its portfolio allocation in PXD by 16.83% over the last quarter.

XLE – The Energy Select Sector SPDR Fund holds 6,828K shares representing 2.93% ownership of the company. In it’s prior filing, the firm reported owning 6,878K shares, representing a decrease of 0.72%. The firm decreased its portfolio allocation in PXD by 4.53% 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.

This article originally appeared on Fintel

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