Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Pioneer Natural Resources Co., historical price multiples (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Price to Earnings (P/E) Ratio Trends
- The P/E ratio exhibits notable fluctuations over the observed periods. Initial data from 2019 is missing; however, from March 2020 to December 2020, the ratio decreases from 29.8 to 21.29 but then sharply rises to 125.89, indicating significant volatility or earnings variability during that period. The data for early 2021 shows some missing values, but a peak is observed at 138.17, followed by a substantial decline through 2022 and into 2023, reaching lows around 6.14 to 7.05. The latter part of 2023 shows a slight increase, ending near 11.17. Overall, the trend reflects high volatility with a general decrease in the P/E ratio from 2021 onward.
- Price to Operating Profit (P/OP) Ratio Trends
- The P/OP ratio mirrors the volatility seen in the P/E ratio. Starting from 14.48 in March 2020, it descends to 10.54 in June 2020 before climbing to 20.64 in December 2020, suggesting fluctuating profitability or market valuation changes. A spike to 170.14 is recorded in early 2021, which is an extreme outlier compared to other periods, possibly indicating anomalous operating profits or market capitalization changes. The ratio then stabilizes and declines steadily through 2022 and 2023, reaching values below 7 in mid-2023, with a slight increase toward the end of 2023. This indicates improvement in operating profit relative to price in recent quarters after significant earlier volatility.
- Price to Sales (P/S) Ratio Trends
- This ratio demonstrates less extreme volatility compared to earnings-based ratios. Beginning in March 2020 at 2.33, the ratio drops to 1.57 in June 2020, climbs slightly through the remainder of 2020, then jumps to above 4 in early 2021, suggesting a temporary increase in price relative to sales. From mid-2021 onward, the P/S ratio decreases gradually, fluctuating between approximately 2.3 and 3.3, indicating more stable valuation relative to sales. The ratio maintains a range near 2.8 towards the end of 2023, demonstrating relative consistency in valuation based on sales.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio starts at moderate levels around 2.09 in early 2019 and decreases to near 1.09 by September 2020, suggesting a lower market valuation relative to book value during this period. A sharp increase to 2.78 in December 2020 occurs, followed by fluctuations between roughly 1.6 and 2.6 throughout 2021 and 2022. In 2023, the ratio stabilizes between 2.28 and 2.52, indicating a modest premium is placed on the company's book value. The overall pattern reflects initial decline followed by recovery and stabilization at a slightly elevated valuation relative to book value.
- General Observations
- Across the metrics analyzed, considerable volatility is evident, particularly in earnings and operating profit-related ratios during 2020 and early 2021, possibly reflecting external market disruptions or earnings irregularities. Sales-related valuation measures present greater stability. The data from 2022 through 2023 shows a trend toward normalization with lower P/E and P/OP ratios, implying improved profitability or more favorable earnings assessments by the market. The P/BV ratio’s stabilization suggests a consistent investor perception of the company’s net asset value over recent periods.
Price to Earnings (P/E)
Pioneer Natural Resources Co., historical P/E calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 233,623,121 | 233,308,884 | 233,141,153 | 233,735,537 | 235,004,153 | 237,598,733 | 238,666,954 | 241,958,985 | 242,884,015 | 244,133,701 | 243,959,045 | 243,952,401 | 216,580,280 | 164,406,947 | 164,276,170 | 164,863,215 | 165,714,771 | 165,646,527 | 167,143,628 | 168,423,736 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders (in millions) | 1,269) | 1,301) | 1,102) | 1,222) | 1,481) | 1,984) | 2,371) | 2,009) | 763) | 1,045) | 380) | (70) | 43) | (85) | (449) | 291) | 344) | 231) | (169) | 350) | ||||||
| Earnings per share (EPS)2 | 20.95 | 21.89 | 24.83 | 30.20 | 33.38 | 30.00 | 25.93 | 17.35 | 8.72 | 5.73 | 1.10 | -2.30 | -0.92 | 0.61 | 2.54 | 4.23 | 4.56 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 233.92 | 245.84 | 224.68 | 212.81 | 205.06 | 257.31 | 227.91 | 256.48 | 223.20 | 185.30 | 151.79 | 167.58 | 148.47 | 77.34 | 102.65 | 89.99 | 135.97 | 133.57 | 126.17 | 151.65 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | 11.17 | 11.23 | 9.05 | 7.05 | 6.14 | 8.58 | 8.79 | 14.79 | 25.60 | 32.36 | 138.17 | — | — | 125.89 | 40.44 | 21.29 | 29.80 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Chevron Corp. | 13.42 | 11.03 | 9.88 | 8.27 | 8.71 | 10.25 | 10.19 | 16.06 | 16.81 | 22.09 | 54.58 | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | 11.92 | 12.94 | 10.65 | 7.44 | 7.07 | 9.23 | 7.19 | 10.35 | 14.66 | 20.66 | 40.48 | 3,758.13 | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | 11.49 | 11.00 | 8.76 | 7.58 | 8.47 | 8.70 | 9.74 | 14.98 | 14.11 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Occidental Petroleum Corp. | 13.36 | 11.85 | 9.28 | 5.97 | 4.24 | 5.61 | 5.94 | 8.51 | 23.89 | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
EPS
= (Net income (loss) attributable to common stockholdersQ4 2023
+ Net income (loss) attributable to common stockholdersQ3 2023
+ Net income (loss) attributable to common stockholdersQ2 2023
+ Net income (loss) attributable to common stockholdersQ1 2023)
÷ No. shares of common stock outstanding
= (1,269,000,000 + 1,301,000,000 + 1,102,000,000 + 1,222,000,000)
÷ 233,623,121 = 20.95
3 Closing price as at the filing date of Pioneer Natural Resources Co. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 233.92 ÷ 20.95 = 11.17
5 Click competitor name to see calculations.
- Share Price Trends
- The share price initially experienced a decline from $151.65 in March 2019 to $77.34 in September 2020, reflecting a downward trend over this period. Subsequently, a significant recovery occurred, particularly from late 2020 onwards, reaching a peak of $257.31 in September 2022. After this peak, the share price showed some volatility but generally maintained high levels, ending at $233.92 in December 2023. The recovery and subsequent increase in share price indicate improved market sentiment and potentially better company performance after the low point in late 2020.
- Earnings Per Share (EPS) Trends
- EPS data begins from March 2020, showing considerable volatility. Initially, EPS was 4.56 in March 2020, followed by a decline through December 2020, even turning negative in the first half of 2021. After mid-2021, EPS improved markedly, reaching 30.00 by March 2023. Thereafter, a gradual decline is observable through December 2023, where EPS settled at 20.95. This trend suggests a recovery phase post-2020 with substantial profitability growth, although with some correction or pressure in the latter part of 2023.
- Price-to-Earnings (P/E) Ratio Trends
- P/E ratios are only available from March 2020 onwards. The P/E ratio peaked sharply in December 2020 at 125.89 and remained highly elevated in early 2021, indicating the share price was high relative to earnings, potentially due to low or negative earnings during this period. From March 2021, the ratio declined consistently, reflecting increasing earnings and/or stabilizing prices, reaching a low point of 6.14 in March 2023. Towards the end of 2023, P/E increased again slightly but remained moderate in the range of approximately 9 to 11. This pattern indicates earnings growth outpacing price increases during 2021-2023, followed by a modest re-rating of the share price relative to earnings in the final quarters.
- Combined Insights
- The company experienced a challenging period around 2020, with declining share prices and fluctuating, often negative earnings. Recovery trends in both share price and EPS began in late 2020, with strong earnings growth through early 2023 driving improved valuation metrics, as seen in the declining P/E ratio. The share price's volatility in late 2022 and 2023, combined with a slight EPS decline, suggests some earnings pressure or market reassessment, although overall performance remains stronger than the 2019-2020 period. The moderate P/E ratios at the end of 2023 reflect a more balanced valuation aligning with the company's improved earnings profile.
Price to Operating Profit (P/OP)
Pioneer Natural Resources Co., historical P/OP calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 233,623,121 | 233,308,884 | 233,141,153 | 233,735,537 | 235,004,153 | 237,598,733 | 238,666,954 | 241,958,985 | 242,884,015 | 244,133,701 | 243,959,045 | 243,952,401 | 216,580,280 | 164,406,947 | 164,276,170 | 164,863,215 | 165,714,771 | 165,646,527 | 167,143,628 | 168,423,736 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating income (loss) (in millions) | 1,694) | 1,736) | 1,475) | 1,626) | 1,951) | 2,560) | 3,066) | 2,675) | 1,056) | 1,411) | 588) | 262) | 112) | 32) | (435) | 480) | 539) | 364) | 24) | 629) | ||||||
| Operating profit per share2 | 27.96 | 29.09 | 32.65 | 39.37 | 43.62 | 39.38 | 34.39 | 23.68 | 13.66 | 9.72 | 4.07 | -0.12 | 0.87 | 3.75 | 5.77 | 8.53 | 9.39 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 233.92 | 245.84 | 224.68 | 212.81 | 205.06 | 257.31 | 227.91 | 256.48 | 223.20 | 185.30 | 151.79 | 167.58 | 148.47 | 77.34 | 102.65 | 89.99 | 135.97 | 133.57 | 126.17 | 151.65 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | 8.37 | 8.45 | 6.88 | 5.40 | 4.70 | 6.53 | 6.63 | 10.83 | 16.34 | 19.06 | 37.25 | — | 170.14 | 20.64 | 17.79 | 10.54 | 14.48 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Chevron Corp. | 9.48 | 7.68 | 6.97 | 5.81 | 6.12 | 7.34 | 7.23 | 11.13 | 11.40 | 14.10 | 26.00 | — | — | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | 7.61 | 8.04 | 6.49 | 4.60 | 4.57 | 5.96 | 4.72 | 6.75 | 8.66 | 11.68 | 17.96 | 71.79 | — | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | 7.62 | 7.06 | 6.00 | 5.28 | 5.88 | 6.28 | 6.76 | 10.28 | 9.86 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Occidental Petroleum Corp. | 7.37 | 6.93 | 5.80 | 4.11 | 3.78 | 4.91 | 5.18 | 7.42 | 7.96 | 33.61 | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Operating profit per share
= (Operating income (loss)Q4 2023
+ Operating income (loss)Q3 2023
+ Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023)
÷ No. shares of common stock outstanding
= (1,694,000,000 + 1,736,000,000 + 1,475,000,000 + 1,626,000,000)
÷ 233,623,121 = 27.96
3 Closing price as at the filing date of Pioneer Natural Resources Co. Quarterly or Annual Report.
4 Q4 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 notable fluctuations over the analyzed periods. Initially, from March 2019 to December 2019, the price showed a moderate decline from $151.65 to $135.97. This was followed by a significant drop reaching a low of $77.34 in September 2020, coinciding with global economic disruptions during that period. Subsequently, the share price recovered robustly, peaking at $256.48 in March 2022. After this peak, the price experienced some volatility but remained relatively elevated compared to the initial periods, closing at $233.92 in December 2023. The general trend from 2021 onwards suggests a strong recovery and growth phase.
- Operating Profit Per Share (OPPS)
- Data for operating profit per share is available from March 2020 onward. The OPPS started at $9.39 in March 2020 but declined progressively to $0.87 by March 2021, further dropping to negative territory at -$0.12 in June 2021, indicating operational challenges during this time. A recovery phase followed, with OPPS improving substantially to $9.72 by December 2021 and continuing a strong upward trajectory through 2022 and 2023, reaching a peak of $43.62 in December 2022. Towards the latter quarters of 2023, OPPS showed slight declines but remained strong overall, reflecting improved profitability.
- Price to Operating Profit Ratio (P/OP)
- P/OP ratios were reported starting March 2020. Initially, the ratio was moderate at 14.48, then decreased to 10.54 in June 2020, suggesting enhanced operating performance relative to price. A dramatic spike occurred in March 2021 with a P/OP of 170.14, reflecting a combination of high share price and very low or negative operating profit per share in prior quarters. Following this anomaly, the ratio normalized and generally declined over time, reaching a low of 4.7 in December 2022, indicating that operating profits grew disproportionately faster than share prices. By the end of 2023, the ratio increased slightly to around 8.37, suggesting some moderation in profits growth relative to share price.
- Overall Analysis
- The data reflects initial volatility and challenges in both market valuation and profitability during 2020 and early 2021, likely influenced by external economic factors. From mid-2021 onward, there was a clear recovery and strengthening in operating profitability per share. The share price mirrored this trend with a peak in early 2022, followed by relative stability at higher levels than the pre-pandemic years. The P/OP ratio fluctuations corroborate these observations, highlighting periods of market reassessment and eventual alignment of share price with improved operating performance. Overall, the company demonstrates resilience and enhanced financial health through the analyzed timeframe.
Price to Sales (P/S)
Pioneer Natural Resources Co., historical P/S calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 233,623,121 | 233,308,884 | 233,141,153 | 233,735,537 | 235,004,153 | 237,598,733 | 238,666,954 | 241,958,985 | 242,884,015 | 244,133,701 | 243,959,045 | 243,952,401 | 216,580,280 | 164,406,947 | 164,276,170 | 164,863,215 | 165,714,771 | 165,646,527 | 167,143,628 | 168,423,736 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Revenue from contracts with purchasers (in millions) | 5,076) | 5,141) | 4,560) | 4,597) | 5,175) | 6,057) | 7,005) | 6,147) | 5,576) | 4,961) | 4,269) | 3,064) | 2,016) | 1,857) | 1,141) | 2,010) | 2,642) | 2,406) | 2,379) | 2,244) | ||||||
| Sales per share2 | 82.93 | 83.46 | 87.45 | 97.69 | 103.76 | 104.31 | 99.26 | 86.60 | 73.57 | 58.62 | 45.93 | 33.11 | 32.43 | 46.53 | 49.91 | 57.24 | 58.36 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 233.92 | 245.84 | 224.68 | 212.81 | 205.06 | 257.31 | 227.91 | 256.48 | 223.20 | 185.30 | 151.79 | 167.58 | 148.47 | 77.34 | 102.65 | 89.99 | 135.97 | 133.57 | 126.17 | 151.65 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | 2.82 | 2.95 | 2.57 | 2.18 | 1.98 | 2.47 | 2.30 | 2.96 | 3.03 | 3.16 | 3.30 | 5.06 | 4.58 | 1.66 | 2.06 | 1.57 | 2.33 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Chevron Corp. | 1.46 | 1.39 | 1.39 | 1.27 | 1.31 | 1.54 | 1.44 | 1.86 | 1.69 | 1.63 | 1.69 | 2.19 | 2.09 | — | — | — | — | — | — | — | ||||||
| ConocoPhillips | 2.33 | 2.42 | 2.06 | 1.56 | 1.68 | 2.22 | 1.75 | 2.47 | 2.58 | 2.67 | 2.56 | 3.35 | 3.52 | — | — | — | — | — | — | — | ||||||
| Exxon Mobil Corp. | 1.24 | 1.21 | 1.17 | 1.13 | 1.12 | 1.17 | 1.08 | 1.26 | 1.17 | 1.12 | 1.12 | 1.43 | 1.34 | — | — | — | — | — | — | — | ||||||
| Occidental Petroleum Corp. | 1.78 | 1.81 | 1.72 | 1.48 | 1.45 | 1.87 | 1.80 | 1.92 | 1.40 | 1.42 | 1.26 | 1.51 | 1.39 | — | — | — | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Sales per share
= (Revenue from contracts with purchasersQ4 2023
+ Revenue from contracts with purchasersQ3 2023
+ Revenue from contracts with purchasersQ2 2023
+ Revenue from contracts with purchasersQ1 2023)
÷ No. shares of common stock outstanding
= (5,076,000,000 + 5,141,000,000 + 4,560,000,000 + 4,597,000,000)
÷ 233,623,121 = 82.93
3 Closing price as at the filing date of Pioneer Natural Resources Co. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 233.92 ÷ 82.93 = 2.82
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends over the observed periods.
- Share Price
- The share price experienced a decline from early 2019 through mid-2020, falling from $151.65 in March 2019 to a low of $77.34 in September 2020. This was followed by a substantial recovery, with the price climbing to a peak of $256.48 in March 2022. After this peak, the share price showed some volatility but remained generally elevated compared to the earlier period, fluctuating around the $200-$245 range through the end of 2023.
- Sales Per Share
- Sales per share data, available from March 2020 onward, display an initial decreasing trend from $58.36 in March 2020 to $32.43 in March 2021. Subsequently, there was a marked increase, reaching a peak of $104.31 in December 2022. Following this peak, sales per share show a gradual decline through 2023, ending at approximately $82.93 in December 2023. This pattern indicates a recovery and growth phase post the early 2020 trough, with some softening in the most recent quarters.
- Price-to-Sales (P/S) Ratio
- The P/S ratio, recorded from March 2020, exhibits considerable fluctuation. It initially decreased sharply from 2.33 in March 2020 to 1.57 in June 2020, then increased to 2.06 in September 2020 before declining again to 1.66 in December 2020. A notable surge occurred between March 2021 and June 2021, with highs above 5, indicating the market value was rising faster than sales. Thereafter, the ratio declined steadily, ranging between about 2.3 and 2.95 through 2023, reflecting a possible normalization of valuation relative to sales despite fluctuations.
Overall, the data suggest a significant impact during the early stages of 2020, likely related to broader market or industry conditions, followed by recovery phases in share price and sales per share. The P/S ratio’s volatility points to changing investor perceptions of value relative to sales performance, with peaks possibly indicating periods of heightened optimism or market speculation. The gradual stabilization in the most recent quarters suggests a more balanced alignment between market valuation and sales achievements.
Price to Book Value (P/BV)
Pioneer Natural Resources Co., historical P/BV calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 233,623,121 | 233,308,884 | 233,141,153 | 233,735,537 | 235,004,153 | 237,598,733 | 238,666,954 | 241,958,985 | 242,884,015 | 244,133,701 | 243,959,045 | 243,952,401 | 216,580,280 | 164,406,947 | 164,276,170 | 164,863,215 | 165,714,771 | 165,646,527 | 167,143,628 | 168,423,736 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Equity (in millions) | 23,171) | 22,719) | 22,000) | 21,838) | 22,541) | 22,949) | 23,790) | 23,668) | 22,837) | 23,193) | 22,638) | 18,146) | 11,569) | 11,654) | 11,740) | 12,211) | 12,119) | 11,856) | 11,876) | 12,209) | ||||||
| Book value per share (BVPS)2 | 99.18 | 97.38 | 94.36 | 93.43 | 95.92 | 96.59 | 99.68 | 97.82 | 94.02 | 95.00 | 92.79 | 74.38 | 53.42 | 70.89 | 71.47 | 74.07 | 73.13 | 71.57 | 71.05 | 72.49 | ||||||
| Share price1, 3 | 233.92 | 245.84 | 224.68 | 212.81 | 205.06 | 257.31 | 227.91 | 256.48 | 223.20 | 185.30 | 151.79 | 167.58 | 148.47 | 77.34 | 102.65 | 89.99 | 135.97 | 133.57 | 126.17 | 151.65 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | 2.36 | 2.52 | 2.38 | 2.28 | 2.14 | 2.66 | 2.29 | 2.62 | 2.37 | 1.95 | 1.64 | 2.25 | 2.78 | 1.09 | 1.44 | 1.21 | 1.86 | 1.87 | 1.78 | 2.09 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Chevron Corp. | 1.78 | 1.70 | 1.88 | 1.86 | 1.94 | 2.21 | 1.93 | 2.25 | 1.89 | 1.61 | 1.47 | 1.59 | 1.50 | 1.02 | 1.21 | 1.17 | — | — | — | — | ||||||
| ConocoPhillips | 2.65 | 3.03 | 2.90 | 2.47 | 2.75 | 3.40 | 2.28 | 2.70 | 2.61 | 2.19 | 1.69 | 1.74 | 2.22 | 1.02 | 1.28 | 1.40 | — | — | — | — | ||||||
| Exxon Mobil Corp. | 2.02 | 2.10 | 2.14 | 2.24 | 2.29 | 2.43 | 2.14 | 2.28 | 1.93 | 1.69 | 1.52 | 1.64 | 1.53 | 0.79 | 1.03 | 1.02 | — | — | — | — | ||||||
| Occidental Petroleum Corp. | 1.67 | 1.81 | 1.87 | 1.78 | 1.76 | 2.37 | 2.18 | 2.24 | 1.79 | 1.67 | 1.35 | 1.36 | 1.33 | 0.57 | 0.66 | 0.39 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 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. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 233.92 ÷ 99.18 = 2.36
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited significant volatility over the observed quarters. From March 2019 to December 2019, the share price showed a moderate fluctuation, rising from 151.65 US$ to 135.97 US$. A notable decline occurred in the first three quarters of 2020, reaching a low of 77.34 US$ in September 2020, likely reflecting broader market or sector pressures during that period. Recovery ensued with a sharp increase, peaking at 148.47 US$ by December 2020. The upward trend persisted through 2021, with the share price reaching 256.48 US$ in March 2022. However, after this peak, the share price displayed some decline and fluctuations, settling around the 230 US$ range by the end of 2023, indicating a period of stabilization but with some short-term declines.
- Book Value per Share (BVPS)
- The book value per share remained relatively stable compared to the share price. From March 2019 to December 2019, BVPS hovered near the low 70s, showing only slight fluctuations. In 2020, BVPS showed a mild decline, bottoming at 53.42 US$ in December 2020, a considerable drop likely linked to adverse conditions affecting the company’s asset base or equity. From 2021 onwards, BVPS demonstrated a recovery and gradual growth, reaching close to 99.18 US$ by the end of 2023. This upward trend in BVPS suggests effective management of assets and equity over recent years despite market variability.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio saw wide variation during the period. Initially, in early 2019, the ratio was above 2.0, indicating the market valuation was roughly double the book value. It declined sharply through 2020, hitting a low near 1.09 in September 2020, reflecting the depressed share price relative to book value. A sharp rebound to 2.78 was observed by December 2020. Subsequently, the P/BV ratio mostly stayed above 2.0, peaking around 2.66 in the third quarter of 2022, and maintaining values near 2.3-2.5 during 2023. These levels suggest the market consistently valued the company significantly above its book value in the post-2020 recovery phase, potentially reflecting optimism about future earnings or growth prospects.