Why Pioneer Natural Resources Stock Slumped Nearly 10% During the First Half of 2023
Shares of Pioneer Natural Resources (NYSE: PXD) fell 9.3% during the first half of 2023, according to data provided by S&P Global Market Intelligence. That was an underwhelming performance, considering the S 500 rallied 15.9% during that period.
Lower oil prices weighed on the oil stock during the year's first half. However, that wasn't the only storyline. Pioneer made headlines a couple of times as rumors swirled about potential merger deals involving the company.
Oil prices continued to cool off this year. Crude has steadily fallen after peaking at over $100 a barrel last summer, ending the first half of 2023 at around $70. Lower oil prices impact the company's earnings and cash flow.
Source Fool.com