Pioneer Natural Resources Earnings: Here’s Why the Stock is Rising Now

Pioneer Natural Resources Co. (NYSE:PXD) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 6.62%.

Pioneer Natural Resources Co. Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 41.03% to $1.10 in the quarter versus EPS of $0.78 in the year-earlier quarter.

Revenue: Decreased 8.61% to $845.1 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Pioneer Natural Resources Co. reported adjusted EPS income of $1.10 per share. By that measure, the company missed the mean analyst estimate of $1.11. It missed the average revenue estimate of $901.31 million.

Quoting Management: Scott Sheffield, Chairman and CEO, stated, “Pioneer delivered another solid quarter with strong earnings and production growth. The Company’s horizontal drilling programs continue to provide significant growth in our liquids-rich Spraberry/Wolfcamp Shale and Eagle Ford Shale plays. As a result, we are narrowing our 2013 production growth forecast to 14% to 16% from a range of 12% to 16%. The new production growth range also reflects that production during the second half of 2013 is expected to be negatively impacted by ongoing ethane rejection due to low ethane prices.”

Key Stats (on next page)…

EPS increased 7.84% from $1.02 in the previous quarter.

Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.19 to a profit $1.31. For the current year, the average estimate has moved up from a profit of $4.58 to a profit of $4.92 over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)