Pioneer to Redeem Senior Notes Worth $1.25B

Pioneer Natural Resources Company (NYSE: PXD) has issued notices to fully redeem its $750 million 0.750% Senior Notes due 2024, and $500 million 4.45% Senior Notes due 2026. 

According to the company, the 2024 Notes will be redeemed on February 14, 2022, while February 24, 2022, is the redemption date for the 2026 Notes. Along with the redemption amount of 100% of the total principal, the company will also pay accrued and unpaid interest. 

The move is expected to reduce the debt burden of the company. 

Operating as an independent oil and gas exploration and production company, Pioneer is engaged in hydrocarbon exploration in the Cline Shale. 

Wall Street’s Take 

Recently, KeyBanc analyst Leo Mariani maintained a Buy rating on the stock and lifted the price target to $235 (3.14% upside potential) from $228.  

The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 9 Buys and 5 Holds. The average Pioneer price target of $239.71 implies 5.21% upside potential. Shares have gained 80.2% over the past year. 

Hedge Fund 

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Pioneer is currently Neutral, as the cumulative change in holdings across all 10 hedge funds that were active in the last quarter was an increase of 25,100 shares.

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