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 share price exhibited considerable volatility over the observed period, with notable fluctuations indicative of market and company-specific events. Starting at $44.40 in 2006, the price saw a decline to $14.77 in early 2009, coinciding with the global financial crisis, followed by a steady recovery and upward trend, reaching a peak of $223.20 in early 2022 before a slight decrease to $205.06 in early 2023 and a subsequent rise to $233.92 in early 2024. This pattern demonstrates strong market confidence and potential growth in perceived value over the longer term despite intermittent downsides.
Book value per share (BVPS) displayed an overall upward trajectory across the years, increasing from $17.23 in 2006 to $99.18 in 2024. There were periods of accelerated growth, particularly between 2010 and 2019, where BVPS rose from approximately $30.60 to $71.93, suggesting effective asset accumulation or improved profitability retained in equity. A temporary decline occurred from 2020 ($73.13) to 2021 ($53.42), which may reflect asset devaluation or increased liabilities during that period, followed by a robust recovery to $99.18 by 2024.
The price-to-book value (P/BV) ratio illustrated significant variability, oscillating between a low of 0.48 in early 2009, aligning with the share price nadir, and a high of 4.22 in early 2014, indicating periods where the market valuation either undervalued or overvalued the company's net assets. High ratios in certain years suggest investor optimism and expectations of future growth exceeding current book value, while low ratios, particularly around 2009, correspond with market distress or depressed sentiments. For most recent years, the P/BV ratio stabilized around 2.1 to 2.4, reflecting a balanced market assessment vis-à-vis equity value.
Overall, the data reflect a company that, despite experiencing cyclical volatility and downturns linked to broader economic conditions, maintained a generally increasing equity base and experienced strong market confidence as evidenced by the rising share price and relatively stable P/BV ratios in the later years.
Comparison to Competitors
Pioneer Natural Resources Co., P/BV, long-term trends, comparison to competitors
| Pioneer Natural Resources Co. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
|---|---|---|---|---|---|
| Feb 22, 2024 | 2.36 | 1.78 | 2.65 | 2.02 | 1.67 |
| Feb 23, 2023 | 2.14 | 1.94 | 2.75 | 2.29 | 1.76 |
| Feb 22, 2022 | 2.37 | 1.89 | 2.61 | 1.93 | 1.79 |
| Mar 1, 2021 | 2.78 | 1.50 | 2.22 | 1.53 | 1.33 |
| Feb 24, 2020 | 1.86 | 1.42 | 1.80 | 1.17 | 0.86 |
| Feb 26, 2019 | 1.98 | 1.47 | 2.47 | 1.75 | 2.34 |
| Feb 20, 2018 | 2.69 | 1.42 | 2.10 | 1.71 | 2.54 |
| Feb 17, 2017 | 3.13 | 1.44 | 1.70 | 2.01 | 2.32 |
| Feb 19, 2016 | 2.40 | 1.05 | 1.02 | 1.98 | 2.19 |
| Feb 19, 2015 | 2.78 | 1.32 | 1.59 | 2.16 | 1.76 |
| Feb 27, 2014 | 4.22 | 1.44 | 1.57 | 2.38 | 1.77 |
| Feb 13, 2013 | 2.75 | 1.65 | 1.49 | 2.42 | 1.65 |
| Feb 29, 2012 | 2.46 | 1.76 | 1.45 | 2.67 | 2.26 |
| Feb 25, 2011 | 2.91 | 1.95 | 1.64 | 2.88 | 2.55 |
| Feb 26, 2010 | 1.52 | 1.58 | 1.15 | 2.78 | 2.21 |
| Feb 25, 2009 | 0.48 | 1.46 | 1.03 | 2.97 | 1.50 |
| Feb 21, 2008 | 1.73 | 2.40 | 1.41 | 3.93 | 2.65 |
| Feb 20, 2007 | 1.64 | 2.14 | 1.33 | 3.58 | 2.02 |
| Feb 17, 2006 | 2.58 | 2.03 | 1.62 | 3.26 | 2.48 |
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 | 1.98 |
| Feb 23, 2023 | 2.14 | 2.18 |
| Feb 22, 2022 | 2.37 | 1.99 |
| Mar 1, 2021 | 2.78 | 1.57 |
| Feb 24, 2020 | 1.86 | 1.29 |
| Feb 26, 2019 | 1.98 | 1.73 |
| Feb 20, 2018 | 2.69 | 1.67 |
| Feb 17, 2017 | 3.13 | 1.77 |
| Feb 19, 2016 | 2.40 | 1.53 |
| Feb 19, 2015 | 2.78 | 1.74 |
| Feb 27, 2014 | 4.22 | 1.88 |
| Feb 13, 2013 | 2.75 | 1.96 |
| Feb 29, 2012 | 2.46 | 2.13 |
| Feb 25, 2011 | 2.91 | 2.33 |
| Feb 26, 2010 | 1.52 | 2.00 |
| Feb 25, 2009 | 0.48 | 1.98 |
| Feb 21, 2008 | 1.73 | 2.73 |
| Feb 20, 2007 | 1.64 | 2.48 |
| 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 | 2.05 |
| Feb 23, 2023 | 2.14 | 2.27 |
| Feb 22, 2022 | 2.37 | 2.06 |
| Mar 1, 2021 | 2.78 | 1.60 |
| Feb 24, 2020 | 1.86 | 1.33 |
| Feb 26, 2019 | 1.98 | 1.73 |
| Feb 20, 2018 | 2.69 | 1.78 |
| Feb 17, 2017 | 3.13 | 1.89 |
| Feb 19, 2016 | 2.40 | 1.60 |
| Feb 19, 2015 | 2.78 | 1.82 |
| Feb 27, 2014 | 4.22 | 1.97 |
| Feb 13, 2013 | 2.75 | 2.04 |
| Feb 29, 2012 | 2.46 | 2.21 |
| Feb 25, 2011 | 2.91 | 2.46 |
| Feb 26, 2010 | 1.52 | 2.11 |
| Feb 25, 2009 | 0.48 | 2.04 |
| Feb 21, 2008 | 1.73 | 2.92 |
| Feb 20, 2007 | 1.64 | 2.64 |
| Feb 17, 2006 | 2.58 | 2.74 |
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).