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Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio

Zacks Equity Research
·2 min read

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals.

Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

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Pioneer Natural Resources (PXD)

Headquartered in Irving, TX, Pioneer Natural Resources Company is an explorer and producer of oil, natural gas and natural gas liquid. The leading upstream energy firm primarily has operations in the Permian, the most prolific basin in the United States.

PXD sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of A, and has a VGM Score of B. The stock is down 2.5% and up 4.9% over the past one-week and four-week period, respectively, and Pioneer Natural Resources has gained 18.9% in the last one-year period as well. Additionally, an average of 1,359,798.75 shares were traded over the last 20 trading sessions.

Momentum investors also pay close attention to a company's earnings. For PXD, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.31 to $21.50 per share for 2024. PXD boasts an average earnings surprise of 4.5%.

Investors should take the time to consider PXD for their portfolios due to its solid Zacks Ranks, notable earnings metrics, and impressive Momentum and VGM Style Scores.

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Pioneer Natural Resources Company (PXD) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research