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Could Pioneer Natural Resources Beat 3Q17 Estimates?

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Odds of beating earnings

In the last four quarters, Pioneer Natural Resources (PXD) beat the consensus EPS estimate in 4Q16, 1Q17, and 2Q17. However, PXD missed the consensus EPS estimate in 3Q16. Thus, in the last four quarters, PXD beat the consensus EPS estimate 75% of the time and missed consensus EPS estimates 25% of the time.

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How Did PXD stock react to 2Q17 earnings?

Pioneer Natural Resources announced its 2Q17 earnings on August 1, 2017, after the market closed. Pioneer Natural Resources reported an adjusted profit of $0.21 per share, $0.11 better than the Wall Street analyst consensus for a profit of $0.10 per share. PXD’s 2Q17 earnings were higher by $0.43 per share when compared with the 2Q16 loss of $0.22 per share. However, when compared sequentially, PXD’s 2Q17 earnings were lower by $0.04 per share when compared with 1Q17 profit of $0.25 per share. Following the better-than-expected earnings, Pioneer Natural Resources stock rose to $163.23 from $129.61 in four sessions.

3Q16 post earnings price action

Pioneer Natural Resources announced its 3Q16 earnings on November 1, 2016, after the market closed. In 3Q16, excluding one-time items, PXD missed the consensus EPS (earnings per share) estimate by $0.03. Following the earnings release, worse-than-expected earnings led to Pioneer Natural Resources stock falling ~5% in one session.

Other oil and gas producers

In the last four quarters, other upstream players like Occidental Petroleum (OXY), Devon Energy (DVN), and Murphy Oil (MUR) have beaten earnings expectations ~50%, ~100%, and ~75% of the time, respectively.

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