Insiders and Executives are Selling These 5 Oil Stocks

2. Pioneer Natural Resources Company (NYSE:PXD)

Number of Hedge Fund Holders: 43

Headquartered in Irving, Texas, Pioneer Natural Resources Company (NYSE:PXD) is an independent oil and gas exploration and production company in the United States, selling oil, natural gas liquids, and gas.

In a regulatory filing, Pioneer Natural Resources Company (NYSE:PXD) CEO Scott Sheffield disclosed the sale of 22,247 common shares of the company on March 3, priced at $240.121 per share. Overall, from the beginning of March till March 11, 60,502 shares have been sold off by insiders at Pioneer Natural Resources Company (NYSE:PXD). Other prominent insider executives who sold shares of the company included J.D. Hall, the vice president of operations, and Margaret M. Montemayor, vice president and chief accounting officer. 

On February 23, Piper Sandler analyst Mark Lear raised the price target on Pioneer Natural Resources Company (NYSE:PXD) to $274 from $256 and kept an Overweight rating on the shares, stating that the exploration and production group is “passing the initial test on promised capital discipline” through price cycles and is broadly not accelerating activity levels in the current price environment.

In Q4 2021, 43 hedge funds were bullish on Pioneer Natural Resources Company (NYSE:PXD), compared to 48 funds in the previous quarter. Adage Capital Management is the biggest shareholder of the company, with 1.6 million shares worth $298.2 million. 

Here is what ClearBridge Investments Dividend Strategy has to say about Pioneer Natural Resources Company (NYSE:PXD) in its Q3 2021 investor letter:

“Over the last year we have also added a position in Pioneer Natural Resources, a best-in-class producer in the Permian Basin. We added Pioneer as we anticipated rising commodity prices and sought more direct leverage to that trend. Our overweight to energy has benefited our performance this year, in particular through the first half of the year, and we believe the sector, still less than 3% of the S&P 500, remains underinvested and attractive going forward.”