Price to FCFE (P/FCFE)
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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Free Cash Flow to Equity (FCFE)
Pioneer Natural Resources Co., FCFE calculation
US$ in millions
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).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities experienced notable fluctuations over the five-year period. Starting at 3,115 million US dollars in 2019, there was a significant decline to 2,083 million in 2020. This was followed by a substantial recovery and growth, reaching 6,059 million in 2021 and further increasing to a peak of 11,348 million in 2022. However, in 2023, the figure declined to 8,448 million, which, while lower than the previous year, remained considerably higher than the initial years in the series.
- Free Cash Flow to Equity (FCFE)
- Free cash flow to equity exhibited an overall upward trend from 2019 to 2021. Beginning at a modest 44 million US dollars in 2019, it rose sharply to 1,483 million in 2020 and further increased to 5,223 million in 2021. In 2022, the FCFE remained relatively stable at 5,209 million, indicating a plateau. In 2023, FCFE decreased to 3,219 million, marking a notable reduction but maintaining levels well above those at the start of the period.
- Summary of Trends
- Both key cash flow measures showed growth from 2019 through 2022, with the exception of an initial dip in operating cash flow in 2020, potentially reflecting external challenges affecting that year. Operating cash flow peaked in 2022 before contracting in 2023, while FCFE similarly peaked in 2021 and 2022 before declining in 2023. The contraction in 2023 for both metrics suggests a reduction in internal cash generation and cash available to equity holders compared to the two preceding years, although values remain substantially higher than at the beginning of the period. These patterns may reflect changing operational performance, investment activity, or market conditions impacting cash flows.
Price to FCFE Ratio, Current
Pioneer Natural Resources Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Chevron Corp. | |
| ConocoPhillips | |
| Exxon Mobil Corp. | |
| Occidental Petroleum Corp. | |
| P/FCFE, Sector | |
| Oil, Gas & Consumable Fuels | |
| P/FCFE, Industry | |
| Energy | |
Based on: 10-K (reporting date: 2023-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Pioneer Natural Resources Co., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| P/FCFE, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| P/FCFE, Industry | ||||||
| Energy | ||||||
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).
1 Data adjusted for splits and stock dividends.
3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Pioneer Natural Resources Co. Annual Report.
5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from 2019 to 2023. It increased from $135.97 in 2019 to $233.92 in 2023, peaking in 2023 after a slight decline in 2022. This indicates a general appreciation in market valuation over the period.
- Free Cash Flow to Equity (FCFE) per Share
- FCFE per share demonstrated significant growth from 2019 to 2022, rising from $0.27 to $22.17. However, in 2023, there was a notable decrease to $13.78. This pattern suggests that the company's cash flow generation available to shareholders improved substantially during the period but faced a decline in the most recent year reported.
- Price to FCFE (P/FCFE) Ratio
- The P/FCFE ratio reflected a dramatic decline from a very high valuation of 512.1 in 2019 to single digits by 2022, reaching 9.25. This decline implies that the market price became more aligned with the company’s free cash flow generation over these years, possibly indicating improved earnings quality or market correction. However, the ratio increased to 16.98 in 2023, which correlates with the reduced FCFE per share despite the continued rise in share price.
- Overall Insights
- The data reveals a strong improvement in free cash flow generation until 2022, which contributed to a reduction in the P/FCFE multiple, suggesting increased market confidence in cash flow sustainability. The share price generally trended upwards, reflecting positive sentiment, although the drop in FCFE in 2023 led to a higher valuation multiple, potentially signaling market optimism or a lag in cash flow performance adjustment. The trends highlight the importance of monitoring both market valuation and underlying cash flow metrics to understand the company’s financial health and market perception.