Andreas Halvorsen (Trades, Portfolio)’s Viking Global picked up more shares of Pioneer Natural Resources (PXD, Financial) on Oct. 14., according to GuruFocus Real Time Picks. The hedge fund increased its stake to 6,736,716 shares of the company, or 4.7% of shares outstanding, from 5,072,836 shares held at the end of the second quarter.
It is a relatively significant holding for Halvorsen, his seventh largest in a portfolio of 62 stocks and representing 4.1% of the portfolio.
The company’s stock has declined by 19.5% over the past year, to close at $181.11 on Friday.
Pioneer Resources explores for resources in the U.S. shale. On Sept. 29, it announced plans to double its U.S. exports of condensate, an ultra-light oil, to 50,000 barrels per day beginning next year after receiving approval from the U.S. Department of Commerce. Shipments began in late July and are scheduled to continue through the end of the year and is seeing demand internationally, particularly in Asian petrochemical companies.
On Aug. 4, Pioneer announced a second quarter decline in revenue to $953 million versus $1.16 billion in the same quarter a year ago. Earnings per share was $0.01, compared to $2.40 in the second quarter a year ago, a decline the company attributed in part to “noncash derivative mark-to-market losses and other unusual items” in the quarter. Excluding those items, earnings per share were $1.35.
Pioneer’s long-term earnings and revenue history:
The company also announced it aims to increased production growth from continuing operations in the range of 16% to 21% for 2014 to 2016, and more than double production by 2018 compared to 2013.
Pioneer has a P/B ratio of 3.84 and a P/S ratio of 6.2, near a one-year low.
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