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Pioneer Natural's Second Quarter Earnings Report
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PXD
Pioneer Natural Resources Company (NYSE:PXD) announced its results for the most recent quarter on July 31, 2012. Pioneer Natural Resources is an oil and gas exploration and production company operating in the United States, South Africa, and Tunisia.
Earnings play an important role in measuring the appropriate valuation for a stock. Investors should be cautious if the company's stock price is high but it consistently has low earnings.SEE: 5 Tricks Companies Use During Earnings Season
The Numbers:
Pioneer Natural announced 57 cents per share versus the $1.34 per share estimate. Pioneer Natural reported a net loss of $70.4 million during the second quarter. Last quarter's net loss comes after the company reported a profit of 97 cents per share in the quarter prior.
Management Quote:
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."
Looking Ahead:
Analysts appear increasingly optimistic about the company's results for the next quarter. The average estimate for the third quarter has moved up from $1.46 a share to $1.52 over the last 30 days. When analyst increase earnings estimates investors can assume business has been stronger than first thought and is an encouraging sign for investors. For the fiscal year, the average estimate has moved up from $5.35 a share to $5.70 over the last ninety days.
Earnings play an important role in measuring the appropriate valuation for a stock. Investors should be cautious if the company's stock price is high but it consistently has low earnings.SEE: 5 Tricks Companies Use During Earnings Season
The Numbers:
Pioneer Natural announced 57 cents per share versus the $1.34 per share estimate. Pioneer Natural reported a net loss of $70.4 million during the second quarter. Last quarter's net loss comes after the company reported a profit of 97 cents per share in the quarter prior.
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."
Looking Ahead:
Analysts appear increasingly optimistic about the company's results for the next quarter. The average estimate for the third quarter has moved up from $1.46 a share to $1.52 over the last 30 days. When analyst increase earnings estimates investors can assume business has been stronger than first thought and is an encouraging sign for investors. For the fiscal year, the average estimate has moved up from $5.35 a share to $5.70 over the last ninety days.
by
Investopedia Staff
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