Washington Trust Bank Lowers stake in Pioneer Natural Resources (PXD)

Pioneer Natural Resources (PXD) : Washington Trust Bank reduced its stake in Pioneer Natural Resources by 0.19% during the most recent quarter end. The investment management company now holds a total of 10,823 shares of Pioneer Natural Resources which is valued at $2,005,827 after selling 21 shares in Pioneer Natural Resources , the firm said in a disclosure report filed with the SEC on Oct 4, 2016.Pioneer Natural Resources makes up approximately 0.48% of Washington Trust Bank’s portfolio.

Pioneer Natural Resources closed down -2.89 points or -1.56% at $182.5 with 15,69,151 shares getting traded on Tuesday. Post opening the session at $185.98, the shares hit an intraday low of $181.42 and an intraday high of $186.24 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Pioneer Natural Resources reported $-0.22 EPS for the quarter, beating the analyst consensus estimate by $ 0.13 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $-0.35. The company had revenue of $786.00 million for the quarter, compared to analysts expectations of $783.47 million. The company’s revenue was up 22.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 EPS.

Many Wall Street Analysts have commented on Pioneer Natural Resources. Williams Capital Group Initiated Pioneer Natural Resources on Aug 29, 2016 to “Buy”, Price Target of the shares are set at $217.Pioneer Natural Resources was Initiated by Bernstein to “Outperform” on Aug 17, 2016. Pioneer Natural Resources was Downgraded by Societe Generale to ” Sell” on Aug 4, 2016.

Pioneer Natural Resources Company (Pioneer) is an independent oil and gas exploration and production company with operations in the United States. The Company focuses on production of oil natural gas liquid (NGLs) and gas through development drilling production enhancement activities and acquisitions of producing properties. The Company’s properties include Spraberry/Wolfcamp oil field located in West Texas; the liquid-rich Eagle Ford Shale field located in South Texas; Raton gas field located in southern Colorado; the West Panhandle gas and liquids field located in the Texas Panhandle and the Edwards gas field located in South Texas. The Company’s operations include well stimulation and hydraulic fracturing. The Company’s proved reserves include approximately 89 million Bbls (MMBbl) of oil 42 MMBbls of NGLs and 317 billion cubic feet (Bcf) of gas. The Company owns interests in six gas processing plants and eight treating facilities.

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