Pioneer Natural Resources Recovers From Beating in S&P Energy Rout

Updated from 9:27 a.m. EDT with recent share prices and comments from analyst reports.

NEW YORK (TheStreet) -- Energy stocks of the S&P 500 were bouncing back Wednesday after leading the selloff Tuesday. Shares of energy stocks in the index were collectively up more than 1% in the first hour of trading after falling 2.14% on Tuesday.

Pioneer Natural Resources (PXD) led those decliners Tuesday, falling 5.6% to $209.98. At 10:30 a.m. EDT on Wednesday, shares of Pioneer were up 1.75% to $213.65. Pioneer announced quarterly results Monday after the close, missing analysts' estimates for revenue even as it beat on earnings. 

Shares of Exxon Mobil (XOM) also fell nearly 2% in active trading Tuesday but were up almost 1% early Wednesday. Shares of Chevron (CVX) dropped 2.5% to close Tuesday at $124.96, but were likewise bouncing back, up 1.06% on Wednesday. 

Pioneer reported adjusted net income of $195 million, or $1.35 a share, beating analysts' estimates of $1.28 as polled by Thomson Reuters. Revenue fell to $953 million from $1.16 billion in the same period last year, missing the consensus estimate of $964.05 million. However, revenue from oil and gas was higher than the year-ago period.

The company also announced the sale of its Kansas Hugoton field assets to Linn Energy for $340 million, and the sale of its North Texas Barnett Shale assets to an undisclosed company for $155 million. Both deals are expected to close in the third quarter.

"The sale of these assets will allow us to strategically redeploy capital to our core, oil-related Spraberry/Wolfcamp assets in the Permian Basin of West Texas where we are successfully transforming the substantial resource potential we delineated in 2013 into strong production growth," said Chairman and CEO Scott Sheffield in a press release.

If you liked this article you might like

11 Stock Picks for the Coming Oil Breakout

Pioneer Natural Resources: Cramer's Top Takeaways

Bears Are Looming Over Amazon: Cramer's 'Mad Money' Recap (Wed 8/23/17)

Oil Prices Climb Ahead of Crude Inventory Data

Jim Cramer Reveals What to Do When You're Hung on Oil Stocks