Price to Book Value (P/BV)
since 2005
Calculation
Pioneer Natural Resources Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2024 | 2.36 | = | 233.92 | ÷ | 99.18 | 99.18 | = | 23,171 | ÷ | 233,623,121 | |
| Feb 23, 2023 | 2.14 | = | 205.06 | ÷ | 95.92 | 95.92 | = | 22,541 | ÷ | 235,004,153 | |
| Feb 22, 2022 | 2.37 | = | 223.20 | ÷ | 94.02 | 94.02 | = | 22,837 | ÷ | 242,884,015 | |
| Mar 1, 2021 | 2.78 | = | 148.47 | ÷ | 53.42 | 53.42 | = | 11,569 | ÷ | 216,580,280 | |
| Feb 24, 2020 | 1.86 | = | 135.97 | ÷ | 73.13 | 73.13 | = | 12,119 | ÷ | 165,714,771 | |
| Feb 26, 2019 | 1.98 | = | 142.76 | ÷ | 71.93 | 71.93 | = | 12,111 | ÷ | 168,369,523 | |
| Feb 20, 2018 | 2.69 | = | 178.25 | ÷ | 66.20 | 66.20 | = | 11,274 | ÷ | 170,300,825 | |
| Feb 17, 2017 | 3.13 | = | 192.00 | ÷ | 61.27 | 61.27 | = | 10,404 | ÷ | 169,796,963 | |
| Feb 19, 2016 | 2.40 | = | 122.99 | ÷ | 51.25 | 51.25 | = | 8,368 | ÷ | 163,266,510 | |
| Feb 19, 2015 | 2.78 | = | 160.16 | ÷ | 57.60 | 57.60 | = | 8,581 | ÷ | 148,963,753 | |
| Feb 27, 2014 | 4.22 | = | 195.00 | ÷ | 46.19 | 46.19 | = | 6,602 | ÷ | 142,916,619 | |
| Feb 13, 2013 | 2.75 | = | 126.76 | ÷ | 46.12 | 46.12 | = | 5,689 | ÷ | 123,360,341 | |
| Feb 29, 2012 | 2.46 | = | 109.64 | ÷ | 44.53 | 44.53 | = | 5,489 | ÷ | 123,260,358 | |
| Feb 25, 2011 | 2.91 | = | 102.86 | ÷ | 35.38 | 35.38 | = | 4,121 | ÷ | 116,452,149 | |
| Feb 26, 2010 | 1.52 | = | 46.65 | ÷ | 30.60 | 30.60 | = | 3,536 | ÷ | 115,550,322 | |
| Feb 25, 2009 | 0.48 | = | 14.77 | ÷ | 30.98 | 30.98 | = | 3,582 | ÷ | 115,616,236 | |
| Feb 21, 2008 | 1.73 | = | 44.14 | ÷ | 25.49 | 25.49 | = | 3,043 | ÷ | 119,389,995 | |
| Feb 20, 2007 | 1.64 | = | 39.56 | ÷ | 24.17 | 24.17 | = | 2,985 | ÷ | 123,502,029 | |
| Feb 17, 2006 | 2.58 | = | 44.40 | ÷ | 17.23 | 17.23 | = | 2,217 | ÷ | 128,642,016 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Pioneer Natural Resources Co. Annual Report.
The financial data reveals a highly cyclical relationship between market valuation and the underlying book value of the entity over a nineteen-year period. While the book value per share has exhibited a consistent long-term upward trajectory, the price-to-book value (P/BV) ratio has experienced significant volatility, reflecting broader market sentiment and industry-specific fluctuations.
- Price to Book Value (P/BV) Ratio Trends
- The P/BV ratio demonstrates extreme variance, reaching a historical trough of 0.48 in February 2009, where the market price traded at a significant discount to the accounting value of the assets. Conversely, a peak valuation occurred in February 2014, with the ratio climbing to 4.22, indicating a high market premium. Following this peak, the ratio entered a period of correction and subsequent stabilization, generally oscillating between 1.86 and 3.13 from 2015 through 2024.
- Book Value per Share (BVPS) Progression
- A strong long-term growth trend is observed in the book value per share, which increased from 17.23 USD in 2006 to 99.18 USD by 2024. This steady growth suggests a consistent accumulation of net assets. A notable anomaly occurred in 2021, where BVPS dropped to 53.42 USD from 73.13 USD in the previous year, followed by a rapid recovery to 94.02 USD in 2022.
- Share Price Volatility
- The share price exhibits more aggressive fluctuations than the book value. After a severe decline to 14.77 USD in 2009, the price underwent a sustained increase, peaking at 195.00 USD in 2014. Despite subsequent volatility, the price reached its highest recorded level of 233.92 USD in February 2024, coinciding with a stabilized P/BV ratio of 2.36.
- Valuation Correlation
- Analysis indicates that while BVPS provides a stable floor for valuation, the P/BV ratio is primarily driven by share price volatility. The convergence of a rising book value and a stabilizing P/BV ratio in the most recent five-year period suggests a transition toward a more mature valuation profile compared to the high volatility observed between 2009 and 2014.
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Comparison to Competitors
Pioneer Natural Resources Co., P/BV, long-term trends, comparison to competitors
| Pioneer Natural Resources Co. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 22, 2024 | 2.36 | 1.78 | 2.65 | 2.02 |
| Feb 23, 2023 | 2.14 | 1.94 | 2.75 | 2.29 |
| Feb 22, 2022 | 2.37 | 1.89 | 2.61 | 1.93 |
| Mar 1, 2021 | 2.78 | 1.50 | 2.22 | 1.53 |
| Feb 24, 2020 | 1.86 | 1.42 | 1.80 | 1.17 |
| Feb 26, 2019 | 1.98 | 1.47 | 2.47 | 1.75 |
| Feb 20, 2018 | 2.69 | 1.42 | 2.10 | 1.71 |
| Feb 17, 2017 | 3.13 | 1.44 | 1.70 | 2.01 |
| Feb 19, 2016 | 2.40 | 1.05 | 1.02 | 1.98 |
| Feb 19, 2015 | 2.78 | 1.32 | 1.59 | 2.16 |
| Feb 27, 2014 | 4.22 | 1.44 | 1.57 | 2.38 |
| Feb 13, 2013 | 2.75 | 1.65 | 1.49 | 2.42 |
| Feb 29, 2012 | 2.46 | 1.76 | 1.45 | 2.67 |
| Feb 25, 2011 | 2.91 | 1.95 | 1.64 | 2.88 |
| Feb 26, 2010 | 1.52 | 1.58 | 1.15 | 2.78 |
| Feb 25, 2009 | 0.48 | 1.46 | 1.03 | 2.97 |
| Feb 21, 2008 | 1.73 | 2.40 | 1.41 | 3.93 |
| Feb 20, 2007 | 1.64 | 2.14 | 1.33 | 3.58 |
| Feb 17, 2006 | 2.58 | 2.03 | 1.62 | 3.26 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Pioneer Natural Resources Co., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Pioneer Natural Resources Co. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 22, 2024 | 2.36 | 2.00 |
| Feb 23, 2023 | 2.14 | 2.21 |
| Feb 22, 2022 | 2.37 | 2.00 |
| Mar 1, 2021 | 2.78 | 1.58 |
| Feb 24, 2020 | 1.86 | 1.33 |
| Feb 26, 2019 | 1.98 | 1.70 |
| Feb 20, 2018 | 2.69 | 1.62 |
| Feb 17, 2017 | 3.13 | 1.74 |
| Feb 19, 2016 | 2.40 | 1.49 |
| Feb 19, 2015 | 2.78 | 1.74 |
| Feb 27, 2014 | 4.22 | 1.89 |
| Feb 13, 2013 | 2.75 | 1.99 |
| Feb 29, 2012 | 2.46 | 2.11 |
| Feb 25, 2011 | 2.91 | 2.31 |
| Feb 26, 2010 | 1.52 | 1.98 |
| Feb 25, 2009 | 0.48 | 2.04 |
| Feb 21, 2008 | 1.73 | 2.74 |
| Feb 20, 2007 | 1.64 | 2.51 |
| Feb 17, 2006 | 2.58 | 2.54 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Pioneer Natural Resources Co., P/BV, long-term trends, comparison to industry (energy)
| Pioneer Natural Resources Co. | Energy | |
|---|---|---|
| Feb 22, 2024 | 2.36 | 2.08 |
| Feb 23, 2023 | 2.14 | 2.30 |
| Feb 22, 2022 | 2.37 | 2.07 |
| Mar 1, 2021 | 2.78 | 1.61 |
| Feb 24, 2020 | 1.86 | 1.38 |
| Feb 26, 2019 | 1.98 | 1.69 |
| Feb 20, 2018 | 2.69 | 1.74 |
| Feb 17, 2017 | 3.13 | 1.86 |
| Feb 19, 2016 | 2.40 | 1.56 |
| Feb 19, 2015 | 2.78 | 1.83 |
| Feb 27, 2014 | 4.22 | 1.99 |
| Feb 13, 2013 | 2.75 | 2.08 |
| Feb 29, 2012 | 2.46 | 2.21 |
| Feb 25, 2011 | 2.91 | 2.45 |
| Feb 26, 2010 | 1.52 | 2.10 |
| Feb 25, 2009 | 0.48 | 2.10 |
| Feb 21, 2008 | 1.73 | 2.94 |
| Feb 20, 2007 | 1.64 | 2.69 |
| Feb 17, 2006 | 2.58 | 2.76 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).