Definitive Analysis
Definitive Analysis

Financial Statements

Analysis Mode

Ticker

Industry

Sector

Pioneer Natural Resources Company (PXD)

Company Dividend Discount ModelIndustry: Oil & Gas Exploration & ProductionSector: Energy

Valuation Snapshot

Stable Growth$669.62 - $3,936.94$1,233.83
Multi-Stage$405.51 - $442.84$423.84
Blended Fair Value$828.83
Current Price$263.96
Upside214.00%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2023202220212020201920182017201620152014
DPS126.78%76.67%13.7326.096.631.440.530.230.060.050.050.05
YoY Growth---47.38%293.29%360.69%172.44%130.91%292.86%7.69%8.33%0.00%7.74%
Dividend Yield--5.20%12.78%2.65%0.91%0.75%0.15%0.03%0.03%0.04%0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)4,756.00
(-) Cash Dividends Paid (M)2,580.00
(=) Cash Retained (M)2,176.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)951.20594.50356.70
Cash Retained (M)2,176.002,176.002,176.00
(-) Cash Required (M)-951.20-594.50-356.70
(=) Excess Retained (M)1,224.801,581.501,819.30
(/) Shares Outstanding (M)240.25240.25240.25
(=) Excess Retained per Share5.106.587.57
LTM Dividend per Share10.7410.7410.74
(+) Excess Retained per Share5.106.587.57
(=) Adjusted Dividend15.8417.3218.31
WACC / Discount Rate8.00%8.00%8.00%
Growth Rate5.50%6.50%7.50%
Fair Value$669.62$1,233.83$3,936.94
Upside / Downside153.68%367.43%1,391.49%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)4,756.005,065.145,394.375,745.016,118.436,516.136,711.62
Payout Ratio54.25%61.40%68.55%75.70%82.85%90.00%92.50%
Projected Dividends (M)2,580.003,109.893,697.754,348.915,069.095,864.526,208.24

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.00%8.00%8.00%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)2,852.612,879.652,906.69
Year 2 PV (M)3,111.253,170.513,230.33
Year 3 PV (M)3,356.423,452.773,550.95
Year 4 PV (M)3,588.603,726.603,868.55
Year 5 PV (M)3,808.253,992.194,183.17
PV of Terminal Value (M)80,707.5784,605.7888,653.18
Equity Value (M)97,424.71101,827.51106,392.87
Shares Outstanding (M)240.25240.25240.25
Fair Value$405.51$423.84$442.84
Upside / Downside53.63%60.57%67.77%

High-Yield Dividend Screener

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