Why Pioneer Natural Resources Stock Slumped 13% in February
Shares of Pioneer Natural Resources (NYSE: PXD) tumbled 13% in February, according to data provided by S&P Global Market Intelligence. Weighing on the oil stock were lower oil prices, its fourth-quarter results, and an acquisition rumor.
Crude oil prices dipped in February. West Texas Intermediate, the primary U.S. oil price benchmark, fell 2.3% for the month, closing down near $77 per barrel. Several factors weighed on oil prices last month, including unseasonably warm weather across the U.S. and Europe, impacting demand for home heating fuels. Lower oil prices will impact the cash flow that companies like Pioneer Natural Resources can produce.
That was evident in the fourth quarter. While Pioneer's average realized price for crude rose 9.4% year over year to $83.53 a barrel, that was its lowest quarterly average for the year:
Source Fool.com
