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Up 22% in This Bear Market, Is Pioneer Natural Resources Still a Winner?

TheMotleyFool

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Up 22% in This Bear Market, Is Pioneer Natural Resources Still a Winner?: https://g.foolcdn.com/editorial/images/716157/a-person-working-near-an-oil-pump-with-the-sun-setting-in-the-background.jpg

Stocks endured a brutal bear market last year. The S&P 500 peaked on January 3rd and declined 20% by December 31st.

However, not every stock fell victim to the bear market. Shares of Pioneer Natural Resources (NYSE: PXD) have risen more than 22% since the start of the bear market through the end of last year, according to data provided by S&P Global Market Intelligence. Here's a look at what fueled the oil stock's outperformance and whether it can keep winning in 2023.

Pioneer Natural Resources feasted on higher oil prices last year. The oil company was on track to produce more than $12 billion of operating cash flow for the year. That's enough cash to cover its capital budget with over $8 billion to spare.

Source Fool.com

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