Laser-focused on dividends.
Now this, from Michael Fitzsimmons:
- PXD is down 20%-plus since its high in June, even as consensus earnings estimates have risen significantly.
- Meantime, this week's Barron's pointed out that energy stocks make up ~4% of the S&P 500 yet are expected to account ~12% of the index’s earnings in Q2.
- PXD is likely to pay out substantially more than $20/share in total dividends (base+variable) this year.
- Note: most financial websites are not reporting variable dividends/yields very well. Given the price action has been lower, while the earnings consensus has risen, I'm upgrading my rating on PXD from HOLD to BUY.
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