This Energy Stock Is Nearing Breakout Despite Oil Slump
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Shares of Pioneer Natural Resources Co. are rebounding as traders brush off weak profit results and bet its earnings will grow in 2016.
Pioneer’s stock declined 4 percent on Feb. 11, the day after the oil and gas exploration company reported fourth-quarter earnings of 80 cents a share, trailing the 93-cent consensus of analysts’ estimates. Since then, the stock has risen 3.8 percent, to close at $152.52 on Feb. 27, almost recouping the one-day price decline -- see chart. Analysts forecast the company will earn $2.08 next year, a 73 percent increase from the 2015 estimate of $1.20 a share.