Billionaire Stanley Druckenmiller is Decreasing Stakes in These 5 Stocks

4. Pioneer Natural Resources Company (NYSE:PXD)

Number of Hedge Fund Holders: 56  

Percentage Decrease in Stake During Q2 2022: 63%

Pioneer Natural Resources Company (NYSE:PXD) is an independent oil and gas firm.  Securities filings show that the hedge fund led by Druckenmiller owned 48,455 shares of Pioneer Natural Resources Company (NYSE:PXD) at the end of the second quarter of 2022 worth more than $10 million, representing 0.78% of the portfolio. 

On August 31, Barclays analyst Jeanine Wai maintained an Overweight rating on Pioneer Natural Resources Company (NYSE:PXD) stock and lowered the price target to $309 from $324, noting that energy firms were maintaining top-tier free cash flow yields. 

Among the hedge funds being tracked by Insider Monkey, Wyoming-based investment firm Adage Capital Management is a leading shareholder in Pioneer Natural Resources Company (NYSE:PXD), with 51,665 shares worth more than $11.5 million. 

In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Pioneer Natural Resources Company (NYSE:PXD) was one of them. Here is what the fund said:

“Our underweight to the energy sector weighed on performance, as energy prices skyrocketed from inflationary pressures and the threat of reduced supply. We have a limited footprint within the sector but continue to look for companies that will generate strong, long-term returns such as Pioneer Natural Resources Company (NYSE:PXD). Pioneer is an oil and gas exploration and production company that offers a combination of a strong asset base, quality balance sheet and compelling free cash flow yield at current commodity prices. We believe Pioneer Natural Resources Company (NYSE:PXD) has strong underlying drivers that will generate attractive risk-adjusted returns beyond shorter-term fluctuations in energy prices.”