Why Pioneer Natural Resources Stock Is Rallying Today
Shares of Pioneer Natural Resources (NYSE: PXD) jumped as much as 11.8% by 10:45 a.m. EDT on Thursday. Fueling the rally in the oil stock was its stronger-than-expected first-quarter results as well as surging crude oil prices.
Pioneer Natural Resources generated $1.15 per share of adjusted earnings during the first quarter, which beat analyst expectations by $0.21 per share. Fueling that stronger-than-expected result was the gusher of production the company delivered during the quarter. Overall, its output averaged 375,000 barrels of oil equivalent per day (BOE/D), including 223,000 barrels of oil per day (BPD), which were both in the top half of its guidance range. Meanwhile, the company captured an average oil price of $45.60 per barrel during the quarter, which was only down 7.7% year over year thanks to its strong oil hedges.
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Source Fool.com
