Pioneer Natural Resources: 3Q Earnings Snapshot
IRVING, Texas (AP) _ Pioneer Natural Resources Co. (PXD) on Tuesday reported third-quarter net income of $411 million, after reporting a loss in the same period a year earlier.
The Irving, Texas-based company said it had net income of $2.39 per share. Earnings, adjusted for non-recurring gains, were $2.07 per share.
The results topped Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of $1.69 per share.
The independent oil and gas company posted revenue of $2.48 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $2.28 billion.
Pioneer Natural Resources shares have declined 14 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 3 percent. In the final minutes of trading on Tuesday, shares hit $148.52, a decrease of 6.5 percent in the last 12 months.