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How PXDs’s Stock Moved after Its Past Earnings Releases

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Pioneer Natural Resources’s stock price action

After losing ~56% of its market capitalization during the July 2014–January 2016 period, Pioneer Natural Resources’s (PXD) stock price is finally showing signs of a new uptrend. In March 2016, Pioneer Natural Resources’s stock price crossed its 200-day moving average.

In April 2016, as seen in the below chart, Pioneer Natural Resources’s stock price touched a higher high for the first time in almost two years. Since its January 2016 bottom, Pioneer Natural Resources’s stock price is up by a whopping ~78%.

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Pioneer Natural Resources’s relative performance

Recently, Pioneer Natural Resources (PXD) has shown excellent relative strength when compared with other crude oil (USO) and natural gas (UNG) producers. In the last three months, Pioneer Natural Resources’s stock price has increased ~18%.

Compare this with the SPDR S&P Oil and Gas Exploration & Production ETF (XOP), which is up ~7% during same period.

Pioneer Natural Resources’s year-to-date performance

For 2016, PXD is outperforming bigger upstream companies from the S&P 500 (SPY). For 2016, PXD is up ~47%, whereas bigger oil and gas producers like Occidental Petroleum (OXY), Devon Energy (DVN), and EOG Resources (EOG) are up ~11%, ~33%, and ~32%, respectively.

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Pioneer Natural Resources’s stock price performance after past earnings

Pioneer Natural Resources (PXD) reported its 2Q16 earnings after the market closed on July 27, 2016. In 2Q16, excluding the one-time items, Pioneer Natural Resources (PXD) reported a loss of $0.22 per share, which is $0.12 better than consensus for a loss of $0.34 per share. Following the earnings release, better-than-expected earnings saw Pioneer Natural Resources’s stock price increase ~27% in the six weeks.

PXD reported its 1Q16 earnings after the market closed on April 25, 2016. In 1Q16, excluding the one-time items, Pioneer Natural Resources (PXD) reported a loss of $0.64 per share, which was $0.09 better than consensus for a loss of $0.73 per share. Following the earnings release, better-than-expected earnings saw Pioneer Natural Resources’s stock price increase ~12% in the two sessions.

PXD reported its 4Q15 earnings after the market closed on February 10, 2016. In 4Q15, excluding the one-time items, PXD reported a loss of $0.18 per share, which was $0.15 better than consensus for a loss of $0.33 per share. Following the earnings release, better-than-expected earnings saw PXD’s stock price increase ~16% in the seven sessions.

For its 3Q15 earnings, Pioneer Natural Resources (PXD) reported a loss of $0.01 per share, which was $0.04 better than consensus for a loss of $0.05 per share. Following the earnings release, better-than-expected earnings saw PXD’s stock price increase ~6% in the next session.

A similar upward reaction was also observed after the company’s 2Q15 earnings, when PXD’s stock price increased ~5% in seven sessions after beating the consensus earnings estimates by $0.07 per share.

Contrary to the above two occasions, Pioneer Natural Resources’s 1Q15 and 4Q14 post-earnings reactions were negative, mainly due to the worse-than-consensus earnings reports.

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