Price to Earnings (P/E)
since 2005
Calculation
Pioneer Natural Resources Co., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss) attributable to common stockholders1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 22, 2024 | 11.17 | = | 233.92 | ÷ | 20.95 | 20.95 | = | 4,894 | ÷ | 233,623,121 | |
| Feb 23, 2023 | 6.14 | = | 205.06 | ÷ | 33.38 | 33.38 | = | 7,845 | ÷ | 235,004,153 | |
| Feb 22, 2022 | 25.60 | = | 223.20 | ÷ | 8.72 | 8.72 | = | 2,118 | ÷ | 242,884,015 | |
| Mar 1, 2021 | — | = | 148.47 | ÷ | -0.92 | -0.92 | = | -200 | ÷ | 216,580,280 | |
| Feb 24, 2020 | 29.80 | = | 135.97 | ÷ | 4.56 | 4.56 | = | 756 | ÷ | 165,714,771 | |
| Feb 26, 2019 | 24.58 | = | 142.76 | ÷ | 5.81 | 5.81 | = | 978 | ÷ | 168,369,523 | |
| Feb 20, 2018 | 36.44 | = | 178.25 | ÷ | 4.89 | 4.89 | = | 833 | ÷ | 170,300,825 | |
| Feb 17, 2017 | — | = | 192.00 | ÷ | -3.27 | -3.27 | = | -556 | ÷ | 169,796,963 | |
| Feb 19, 2016 | — | = | 122.99 | ÷ | -1.67 | -1.67 | = | -273 | ÷ | 163,266,510 | |
| Feb 19, 2015 | 25.65 | = | 160.16 | ÷ | 6.24 | 6.24 | = | 930 | ÷ | 148,963,753 | |
| Feb 27, 2014 | — | = | 195.00 | ÷ | -5.87 | -5.87 | = | -838 | ÷ | 142,916,619 | |
| Feb 13, 2013 | 81.32 | = | 126.76 | ÷ | 1.56 | 1.56 | = | 192 | ÷ | 123,360,341 | |
| Feb 29, 2012 | 16.19 | = | 109.64 | ÷ | 6.77 | 6.77 | = | 834 | ÷ | 123,260,358 | |
| Feb 25, 2011 | 19.79 | = | 102.86 | ÷ | 5.20 | 5.20 | = | 605 | ÷ | 116,452,149 | |
| Feb 26, 2010 | — | = | 46.65 | ÷ | -0.45 | -0.45 | = | -52 | ÷ | 115,550,322 | |
| Feb 25, 2009 | 7.76 | = | 14.77 | ÷ | 1.90 | 1.90 | = | 220 | ÷ | 115,616,236 | |
| Feb 21, 2008 | 14.14 | = | 44.14 | ÷ | 3.12 | 3.12 | = | 373 | ÷ | 119,389,995 | |
| Feb 20, 2007 | 6.60 | = | 39.56 | ÷ | 5.99 | 5.99 | = | 740 | ÷ | 123,502,029 | |
| Feb 17, 2006 | 10.68 | = | 44.40 | ÷ | 4.16 | 4.16 | = | 535 | ÷ | 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 valuation trajectory of the company from 2006 to 2024 is characterized by significant volatility in the Price-to-Earnings (P/E) ratio, driven primarily by inconsistent earnings performance and the cyclical nature of the energy sector.
- Earnings Volatility and Valuation Gaps
- Earnings per share (EPS) exhibited extreme variance throughout the period, with negative values recorded in 2010, 2014, 2016, 2017, and 2021. These periods of net losses resulted in undefined P/E ratios, indicating intervals where the company's valuation could not be measured by traditional earnings multiples due to a lack of profitability.
- Analysis of P/E Extremes
- A critical valuation spike occurred in 2013, where the P/E ratio reached a peak of 81.32. This anomaly was driven by a sharp contraction in EPS to $1.56 while the share price remained elevated at $126.76. In contrast, a significant valuation compression occurred in 2023, with the P/E ratio dropping to 6.14. This decline was the result of a record EPS of $33.38, which vastly outpaced the growth in the share price of $205.06.
- Share Price and Multiplier Correlation
- The share price demonstrated a long-term upward trend, growing from $44.40 in 2006 to $233.92 in 2024. However, the P/E ratio did not move in tandem with this price growth. Between 2018 and 2020, the P/E ratio stabilized within a higher range of 24.58 to 36.44, suggesting a period of higher market expectations or lower relative earnings. By 2024, the P/E ratio moderated to 11.17, reflecting a more balanced relationship between the share price ($233.92) and stabilized earnings ($20.95).
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Comparison to Competitors
Pioneer Natural Resources Co., P/E, long-term trends, comparison to competitors
| Pioneer Natural Resources Co. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Feb 22, 2024 | 11.17 | 13.42 | 11.92 | 11.49 |
| Feb 23, 2023 | 6.14 | 8.71 | 7.07 | 8.01 |
| Feb 22, 2022 | 25.60 | 16.81 | 14.66 | 14.11 |
| Mar 1, 2021 | — | — | — | — |
| Feb 24, 2020 | 29.80 | 70.06 | 8.77 | 15.64 |
| Feb 26, 2019 | 24.58 | 15.30 | 12.60 | 16.15 |
| Feb 20, 2018 | 36.44 | 22.83 | — | 16.28 |
| Feb 17, 2017 | — | — | — | 42.80 |
| Feb 19, 2016 | — | 35.02 | — | 20.96 |
| Feb 19, 2015 | 25.65 | 10.61 | 12.03 | 11.56 |
| Feb 27, 2014 | — | 10.04 | 8.91 | 12.71 |
| Feb 13, 2013 | 81.32 | 8.61 | 8.49 | 8.94 |
| Feb 29, 2012 | 16.19 | 7.96 | 7.60 | 10.03 |
| Feb 25, 2011 | 19.79 | 10.77 | 9.89 | 13.89 |
| Feb 26, 2010 | — | 13.81 | 14.78 | 15.92 |
| Feb 25, 2009 | 7.76 | 5.29 | — | 7.42 |
| Feb 21, 2008 | 14.14 | 9.89 | 10.59 | 11.78 |
| Feb 20, 2007 | 6.60 | 8.63 | 7.09 | 10.33 |
| Feb 17, 2006 | 10.68 | 9.04 | 6.31 | 10.03 |
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/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Pioneer Natural Resources Co. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 22, 2024 | 11.17 | 12.17 |
| Feb 23, 2023 | 6.14 | 8.08 |
| Feb 22, 2022 | 25.60 | 15.11 |
| Mar 1, 2021 | — | — |
| Feb 24, 2020 | 29.80 | 20.13 |
| Feb 26, 2019 | 24.58 | 15.32 |
| Feb 20, 2018 | 36.44 | 21.22 |
| Feb 17, 2017 | — | 162.35 |
| Feb 19, 2016 | — | 33.10 |
| Feb 19, 2015 | 25.65 | 11.30 |
| Feb 27, 2014 | — | 11.25 |
| Feb 13, 2013 | 81.32 | 8.78 |
| Feb 29, 2012 | 16.19 | 8.96 |
| Feb 25, 2011 | 19.79 | 12.17 |
| Feb 26, 2010 | — | 15.12 |
| Feb 25, 2009 | 7.76 | 9.95 |
| Feb 21, 2008 | 14.14 | 11.08 |
| Feb 20, 2007 | 6.60 | 9.23 |
| Feb 17, 2006 | 10.68 | 9.02 |
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/E, long-term trends, comparison to industry (energy)
| Pioneer Natural Resources Co. | Energy | |
|---|---|---|
| Feb 22, 2024 | 11.17 | 12.48 |
| Feb 23, 2023 | 6.14 | 8.54 |
| Feb 22, 2022 | 25.60 | 15.67 |
| Mar 1, 2021 | — | — |
| Feb 24, 2020 | 29.80 | 37.93 |
| Feb 26, 2019 | 24.58 | 15.94 |
| Feb 20, 2018 | 36.44 | 26.50 |
| Feb 17, 2017 | — | 354.83 |
| Feb 19, 2016 | — | 33.85 |
| Feb 19, 2015 | 25.65 | 11.97 |
| Feb 27, 2014 | — | 11.81 |
| Feb 13, 2013 | 81.32 | 9.43 |
| Feb 29, 2012 | 16.19 | 9.63 |
| Feb 25, 2011 | 19.79 | 13.24 |
| Feb 26, 2010 | — | 15.83 |
| Feb 25, 2009 | 7.76 | 9.90 |
| Feb 21, 2008 | 14.14 | 11.66 |
| Feb 20, 2007 | 6.60 | 9.76 |
| Feb 17, 2006 | 10.68 | 9.78 |
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).