Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Pioneer Natural Resources Co., current price multiples
| Pioneer Natural Resources Co. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | Oil, Gas & Consumable Fuels | Energy | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | $233.92 | |||||||||
| No. shares of common stock outstanding | 233,623,121 | |||||||||
| Growth rate (g) | 4.58% | |||||||||
| Earnings per share (EPS) | $20.95 | |||||||||
| Next year expected EPS | $21.91 | |||||||||
| Operating profit per share | $27.96 | |||||||||
| Sales per share | $82.93 | |||||||||
| Book value per share (BVPS) | $99.18 | |||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | 11.17 | 15.24 | 13.02 | 14.71 | 18.98 | 12.90 | 12.84 | |||
| Price to next year expected earnings | 10.68 | 14.37 | 12.01 | 13.99 | 16.56 | 12.35 | 12.34 | |||
| Price-earnings-growth (PEG) | 2.44 | 2.50 | 1.55 | 2.85 | 1.30 | 2.89 | 3.14 | |||
| Price to operating profit (P/OP) | 8.37 | 9.52 | 8.25 | 9.91 | 10.29 | 8.56 | 8.59 | |||
| Price to sales (P/S) | 2.82 | 1.39 | 2.20 | 1.46 | 1.69 | 1.51 | 1.51 | |||
| Price to book value (P/BV) | 2.36 | 1.77 | 1.86 | 1.88 | 1.32 | 2.09 | 2.11 | |||
Based on: 10-K (reporting date: 2023-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Pioneer Natural Resources Co., historical price multiples
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio started at 29.8 in 2019, indicating relatively high market expectations about earnings. It then dropped to 25.6 in 2021, recovering slightly from a missing value in 2020. A significant decline was observed in 2022, falling to 6.14, reflecting either a sharp increase in earnings or a reduction in market price. This ratio rose again to 11.17 in 2023, suggesting some recovery in valuation but remaining well below pre-2020 levels.
- Price to Operating Profit (P/OP) Ratio
- This ratio exhibited extreme volatility. It was 14.48 in 2019, surged dramatically to 170.14 in 2020, likely indicating operating profit issues or market price spike, then normalized to 16.34 in 2021. In 2022, the ratio declined sharply to 4.7, implying significantly improved operating profits or decreased market price. In 2023, it increased to 8.37, signaling a partial reversal of the prior year's downturn but remaining relatively low.
- Price to Sales (P/S) Ratio
- The P/S ratio increased from 2.33 in 2019 to 4.58 in 2020, indicating increased market valuation relative to sales. It then decreased over the next two years to 3.03 in 2021 and 1.98 in 2022, reaching its lowest point in this period. The ratio rebounded to 2.82 in 2023, reflecting some restoration of valuation relative to sales revenues but still below the 2019-2020 peak.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio rose from 1.86 in 2019 to 2.78 in 2020, showing an expansion in market valuation relative to book value. It then steadily declined to 2.37 in 2021 and further to 2.14 in 2022. There was a slight recovery in 2023 to 2.36, though it remained below the 2020 peak. Overall, this suggests a moderate correction in market value relative to net asset book value after 2020.
- Summary
- Across the five-year period, valuation ratios demonstrated volatility marked by peaks in 2020 followed by notable declines in 2022. The price to earnings and price to operating profit ratios show particularly sharp reductions in 2022, indicating either improved profitability or lower market price levels. The price to sales and price to book value ratios exhibit smoother trends with peak valuations in 2020 and partial normalization subsequently. The patterns suggest cyclical fluctuations in market sentiment, operating performance, and overall valuation over the period analyzed.
Price to Earnings (P/E)
Pioneer Natural Resources Co., historical P/E calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 233,623,121 | 235,004,153 | 242,884,015 | 216,580,280 | 165,714,771 | |
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to common stockholders (in millions) | 4,894) | 7,845) | 2,118) | (200) | 756) | |
| Earnings per share (EPS)2 | 20.95 | 33.38 | 8.72 | -0.92 | 4.56 | |
| Share price1, 3 | 233.92 | 205.06 | 223.20 | 148.47 | 135.97 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 11.17 | 6.14 | 25.60 | — | 29.80 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Chevron Corp. | 13.42 | 8.71 | 16.81 | — | — | |
| ConocoPhillips | 11.92 | 7.07 | 14.66 | — | — | |
| Exxon Mobil Corp. | 11.49 | 8.01 | 14.11 | — | — | |
| Occidental Petroleum Corp. | 13.36 | 4.24 | 23.89 | — | — | |
| P/E Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 12.23 | 7.69 | 15.38 | — | — | |
| P/E Ratio, Industry | ||||||
| Energy | 12.52 | 8.11 | 15.92 | — | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Data adjusted for splits and stock dividends.
2 2023 Calculation
EPS = Net income (loss) attributable to common stockholders ÷ No. shares of common stock outstanding
= 4,894,000,000 ÷ 233,623,121 = 20.95
3 Closing price as at the filing date of Pioneer Natural Resources Co. Annual Report.
4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 233.92 ÷ 20.95 = 11.17
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated an overall upward trend across the five-year period. Beginning at $135.97 at the end of 2019, it increased to $148.47 in 2020 despite broader market uncertainties. The price saw substantial growth in 2021, reaching $223.20. Although there was a slight dip to $205.06 in 2022, the share price rebounded in 2023 to a new high of $233.92, indicating strong investor confidence and possibly favorable market conditions or company performance.
- Earnings per Share (EPS)
- Earnings per share exhibited significant volatility throughout the period. The EPS started at $4.56 in 2019, shifted to a negative figure of -$0.92 in 2020, suggesting a loss or impairment during that year. A sharp recovery and growth followed in 2021, with EPS reaching $8.72, before surging dramatically to $33.38 in 2022. However, in 2023, EPS declined to $20.95, though it remained substantially higher than in earlier years except 2022, indicating strong profitability despite a reduction from the previous year.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio data reveals fluctuations corresponding to variations in earnings. The ratio was 29.8 at the end of 2019 but is missing for 2020, likely due to negative earnings making the ratio nonsensical or undefined. It fell to 25.6 in 2021, reflecting improved earnings relative to share price. A steep decline to 6.14 occurred in 2022, consistent with the surge in EPS outpacing share price growth, indicating that shares were valued more cheaply relative to earnings. The ratio then increased to 11.17 in 2023, suggesting a moderate revaluation or relative decline in earnings compared to share price.
- Overall Trends and Insights
- The data shows a recovery from a challenging year in 2020, with profitability rebounding robustly in subsequent years. The share price generally moved upward, reflecting positive market sentiment. The volatility in earnings is notable, with extreme variations impacting the P/E ratio, which can be interpreted as market adjustments to the company's changing profitability. The lower P/E ratio in 2022 suggests the company’s earnings were high relative to its share price, potentially indicating undervaluation or extraordinary earnings performance that year, whereas the subsequent increase in P/E in 2023 signals a normalization of this relationship.
Price to Operating Profit (P/OP)
Pioneer Natural Resources Co., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 233,623,121 | 235,004,153 | 242,884,015 | 216,580,280 | 165,714,771 | |
| Selected Financial Data (US$) | ||||||
| Operating income (in millions) | 6,531) | 10,252) | 3,317) | 189) | 1,556) | |
| Operating profit per share2 | 27.96 | 43.62 | 13.66 | 0.87 | 9.39 | |
| Share price1, 3 | 233.92 | 205.06 | 223.20 | 148.47 | 135.97 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 8.37 | 4.70 | 16.34 | 170.14 | 14.48 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Chevron Corp. | 9.48 | 6.12 | 11.40 | — | — | |
| ConocoPhillips | 7.61 | 4.57 | 8.66 | — | — | |
| Exxon Mobil Corp. | 7.62 | 5.65 | 9.86 | — | — | |
| Occidental Petroleum Corp. | 7.37 | 3.78 | 7.96 | — | — | |
| P/OP Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 8.12 | 5.45 | 10.00 | — | — | |
| P/OP Ratio, Industry | ||||||
| Energy | 8.38 | 5.78 | 10.37 | — | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Data adjusted for splits and stock dividends.
2 2023 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 6,531,000,000 ÷ 233,623,121 = 27.96
3 Closing price as at the filing date of Pioneer Natural Resources Co. Annual Report.
4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 233.92 ÷ 27.96 = 8.37
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a general upward trend over the five-year period. It increased from $135.97 at the end of 2019 to $233.92 at the end of 2023. Notably, there was a significant rise in 2021, reaching $223.20, followed by a slight decline in 2022 to $205.06, and then a rebound to a new peak in 2023.
- Operating Profit Per Share (Operating Profit / Share)
- The operating profit per share showed considerable volatility during the period. It started at $9.39 in 2019, sharply dropped to $0.87 in 2020, likely indicating challenging conditions that year. The metric then rebounded strongly in 2021 to $13.66 and surged further to a substantial $43.62 in 2022 before declining to $27.96 in 2023. This pattern reflects significant operational profitability recovery after 2020, with the peak in 2022 possibly driven by favorable business factors, followed by a moderation in 2023.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio displayed marked fluctuations corresponding to changes in both share price and operating profit per share. It was relatively low at 14.48 in 2019, sharply increased to an extremely high value of 170.14 in 2020, reflecting the very low operating profit per share that year despite a higher share price. Subsequently, it normalized to 16.34 in 2021 as operating profit improved. The ratio reached its lowest point at 4.7 in 2022, indicating the share price was relatively low compared to the much higher operating profits. In 2023, the ratio rose again to 8.37, reflecting the increase in share price relative to the decreased operating profit per share.
- Summary of Trends
- Overall, the data reveals a recovery from a low profitability and high valuation discrepancy in 2020, followed by robust operational performance in 2021 and 2022. The inverse movement of the price to operating profit ratio relative to operating profit per share highlights the fluctuating investor valuation in relation to company earnings. The company experienced its highest operational profitability in 2022, with subsequent correction in 2023, while the share price shows a consistent long-term growth trend with some volatility.
Price to Sales (P/S)
Pioneer Natural Resources Co., historical P/S calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 233,623,121 | 235,004,153 | 242,884,015 | 216,580,280 | 165,714,771 | |
| Selected Financial Data (US$) | ||||||
| Revenue from contracts with purchasers (in millions) | 19,374) | 24,384) | 17,870) | 7,024) | 9,671) | |
| Sales per share2 | 82.93 | 103.76 | 73.57 | 32.43 | 58.36 | |
| Share price1, 3 | 233.92 | 205.06 | 223.20 | 148.47 | 135.97 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 2.82 | 1.98 | 3.03 | 4.58 | 2.33 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.46 | 1.31 | 1.69 | 2.09 | — | |
| ConocoPhillips | 2.33 | 1.68 | 2.58 | 3.52 | — | |
| Exxon Mobil Corp. | 1.24 | 1.12 | 1.17 | 1.34 | — | |
| Occidental Petroleum Corp. | 1.78 | 1.45 | 1.40 | 1.39 | — | |
| P/S Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.43 | 1.25 | 1.47 | 1.71 | — | |
| P/S Ratio, Industry | ||||||
| Energy | 1.47 | 1.31 | 1.51 | 1.68 | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Data adjusted for splits and stock dividends.
2 2023 Calculation
Sales per share = Revenue from contracts with purchasers ÷ No. shares of common stock outstanding
= 19,374,000,000 ÷ 233,623,121 = 82.93
3 Closing price as at the filing date of Pioneer Natural Resources Co. Annual Report.
4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 233.92 ÷ 82.93 = 2.82
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend from 2019 to 2023, starting at 135.97 US dollars in 2019 and reaching 233.92 US dollars by the end of 2023. There was a notable increase in 2021, peaking at 223.2 US dollars before a slight decline to 205.06 US dollars in 2022. The price then rebounded in 2023, surpassing previous highs.
- Sales per Share
- Sales per share showed considerable variability over the period. Beginning at 58.36 US dollars in 2019, the figure dropped significantly to 32.43 US dollars in 2020. However, a strong recovery followed in subsequent years, with sales per share increasing sharply to 73.57 US dollars in 2021 and reaching a peak of 103.76 US dollars in 2022. There was a decline in 2023 to 82.93 US dollars, though the level remained higher than in 2019.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio fluctuated meaningfully throughout the period. Initially, it stood at 2.33 in 2019, rising steeply to 4.58 in 2020, suggesting that the share price increased disproportionately relative to sales per share during that year. Subsequently, the ratio decreased to 3.03 in 2021 and further declined to 1.98 in 2022, indicating that sales growth outpaced share price appreciation in these years. In 2023, the P/S ratio increased again to 2.82, reflecting a relative acceleration in share price compared to sales.
Price to Book Value (P/BV)
Pioneer Natural Resources Co., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 233,623,121 | 235,004,153 | 242,884,015 | 216,580,280 | 165,714,771 | |
| Selected Financial Data (US$) | ||||||
| Equity (in millions) | 23,171) | 22,541) | 22,837) | 11,569) | 12,119) | |
| Book value per share (BVPS)2 | 99.18 | 95.92 | 94.02 | 53.42 | 73.13 | |
| Share price1, 3 | 233.92 | 205.06 | 223.20 | 148.47 | 135.97 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 2.36 | 2.14 | 2.37 | 2.78 | 1.86 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Chevron Corp. | 1.78 | 1.94 | 1.89 | 1.50 | — | |
| ConocoPhillips | 2.65 | 2.75 | 2.61 | 2.22 | — | |
| Exxon Mobil Corp. | 2.02 | 2.29 | 1.93 | 1.53 | — | |
| Occidental Petroleum Corp. | 1.67 | 1.76 | 1.79 | 1.33 | — | |
| P/BV Ratio, Sector | ||||||
| Oil, Gas & Consumable Fuels | 1.98 | 2.18 | 1.99 | 1.57 | — | |
| P/BV Ratio, Industry | ||||||
| Energy | 2.05 | 2.27 | 2.06 | 1.60 | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Data adjusted for splits and stock dividends.
2 2023 Calculation
BVPS = Equity ÷ No. shares of common stock outstanding
= 23,171,000,000 ÷ 233,623,121 = 99.18
3 Closing price as at the filing date of Pioneer Natural Resources Co. Annual Report.
4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 233.92 ÷ 99.18 = 2.36
5 Click competitor name to see calculations.
The data reveals notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over a five-year period.
- Share Price
- The share price demonstrates an overall upward trend from 2019 to 2023. Starting at $135.97 at the end of 2019, it increased notably to $148.47 in 2020 and surged significantly to $223.20 in 2021. There was a slight decline in 2022 to $205.06, followed by a recovery and growth to $233.92 by the end of 2023. This indicates growing investor confidence and market valuation despite some fluctuations.
- Book Value per Share (BVPS)
- BVPS fluctuates over the period but also shows an overall increasing trend. It began at $73.13 in 2019, experienced a significant decline to $53.42 in 2020, possibly reflecting impairments or operational challenges during that year. Subsequently, it rebounded strongly to $94.02 in 2021 and continued increasing moderately to $95.92 in 2022 and $99.18 in 2023. The recovery and growth in BVPS from 2020 onward suggest improvements in the company's net asset value or retained earnings.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio shows variability, beginning at 1.86 in 2019, rising sharply to 2.78 in 2020, indicating the share price increased faster than book value that year despite the BVPS drop. The ratio then declined to 2.37 in 2021 and further to 2.14 in 2022, reflecting a more balanced relationship as BVPS rose alongside the share price. In 2023, the ratio increased again to 2.36, suggesting the share price growth outpaced the rise in book value during that year.
In summary, the company's market valuation has generally strengthened over the five years, as evidenced by the increasing share price and recovering book value per share. The fluctuations in the P/BV ratio reflect shifting investor perceptions and relative changes between market price and underlying net asset value. The data indicates resilience and growth potential despite temporary setbacks, particularly noticeable in the trough of 2020.