Pioneer Natural Resources (PXD) Maintains Dividend Payout

Pioneer Natural Resources Company’s (NYSE:PXD) board of directors has declared a cash dividend of 4 cents per share on the company’s outstanding common stock. The dividend is payable Oct 12, to stockholders on record at the close of business on Sep 30, 2016.

Notably, the dividend amount remains unchanged year over year. Nevertheless, the company’s payment of dividend in times when most oil majors are cutting on their dividends raises optimism.

Pioneer Natural Resources is an independent oil and gas exploration and production company. Its asset base is anchored by the Spraberry oil field located in West Texas, the Hugoton gas field in Southwest Kansas and the West Panhandle gas field in Texas Panhandle. Complementing these areas, Pioneer Natural Resources has exploration and development opportunities and/or oil and gas production activities in the U.S. and offshore South Africa.

Coming to cost efficiency, this Dallas, Texas-based company remains focused on reducing its expenditure. Pioneer Natural Resources continues to bring down its drilling and completion expenses, while its production cost is also on a downswing – an impressive feat amid the low commodity price scenario.

Pioneer Natural Resources has increased its production growth projection for 2016 by 1%, reflecting successive quarters of outperformance by its wells. Despite the weak pricing environment, the company maintained its decision of adding rigs for the development of its key growth areas – the Spraberry and Wolfcamp acreage. The company has also increased capital spending projection for the same.

PIONEER NAT RES Price

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Pioneer Natural Resources currently carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Devon Energy Corporation (NYSE:DVN) , NGL Energy Partners LP (NYSE:NGL) and Enbridge Energy Partners L.P. (NYSE:EEP) . All these stocks sport a Zacks Rank #1 (Strong Buy).