Should Pioneer Natural Resources Investors Brace Themselves for Another Bombshell This Quarter?
Pioneer Natural Resources (NYSE: PXD) shocked investors last quarter by announcing that it would tap the brakes on its 2017 growth forecast due to some drilling issues. That decision, as well as the revelation that wells in the Permian Basin were producing more gas than anticipated, fueled a steep sell-off in the shale driller's stock. While it has recovered some of that loss, it's still down a disappointing 19% this year despite the fact that oil has only fallen about 3%.
One reason the stock remains down is that investors seem worried that the company might disappoint them again when it reports third-quarter results later this week. That's not farfetched since it has already warned that output was lighter than expected due to several unanticipated setbacks. However, an even greater concern is what will happen with the company's long-term growth forecast given some recent changes in the industry.
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Source: Fool.com
