Pioneer Natural Resources Earnings: Falls Short of Wall Street View

S&P 500 (NYSE:SPY) component Pioneer Natural Resources Company (NYSE:PXD) swung to a loss in the second quarter, missing analysts’ forecast. Pioneer Natural Resources is an oil and gas exploration and production company operating in the United States, South Africa, and Tunisia.

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Pioneer Natural Resources Company Earnings Cheat Sheet

Results: Reported a loss of $70.4 million (57 cents per diluted share) in the quarter. The oil-US export and production had net income of $245.6 million or $2.03 per share in the year-earlier quarter.

Actual vs. Wall St. Expectations: Pioneer Natural Resources Company fell short of the mean analyst estimate of $1.34 per share.

Quoting Management: Scott Sheffield, Chairman and CEO, stated, “The Spraberry vertical play continued to outperform in the second quarter, while the Eagle Ford Shale and Barnett Shale Combo plays continued to deliver strong and consistent production growth as expected. Our early drilling results from the horizontal Wolfcamp Shale play are exceeding expectations and we expect this asset to significantly contribute to our production growth going forward.”

Key Stats:

The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 2 cents, and in the fourth quarter of the last fiscal year, it was ahead by 20 cents.

The company reported a net loss last quarter after booking a profit the quarter before that. In the fourth quarter of the last fiscal year, the company booked a profit of $111.1 million, or 97 cents per share.

Looking Forward: Next quarter’s results are expected to be more favorable for the company. Over the past sixty days, the average estimate for the third quarter has reached $1.52 per share, up from $1.46. For the fiscal year, the average estimate has moved up from $5.35 a share to $5.70 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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