PXD - Why Pioneer Natural Resources Stock Slumped 10% in August
Shares of Pioneer Natural Resources (NYSE: PXD) fell 10.6% in August, according to data provided by S&P Global Market Intelligence. Among the issues weighing on the energy company last month were low oil prices, earnings, and concerns that production growth in the Permian Basin might run out of steam earlier than previously expected.
Pioneer Natural Resources posted solid second-quarter results overall. It reported $2.01 per share of adjusted earnings, which beat the analysts' consensus estimate by $0.15 per share. Fueling that better-than-expected result was its production in the Permian Basin, which rose 2% and was above the top of its guidance range thanks to strong drilling results. The company also boosted its dividend again: The payout has been increased by an eye-popping 2,100% since the start of 2017.
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