ClearBridge Investments Trimmed its Pioneer Natural Resources Company (PXD) Stake

ClearBridge Investments, an investment management company, released its “ClearBridge Select Strategy” second quarter 2022 investor letter. A copy of this letter can be downloaded here. In the second quarter, the fund underperformed its benchmark index. Stocks from IT, healthcare, industrials, and consumer discretionary posted losses during the quarter, however stocks from consumer staples and financials sectors contributed to the performance of the fund. To know about the fund’s best picks in 2022, please check its top 5 holdings.

In the letter, ClearBridge Investments discussed its Select Strategy portfolio. The firm holds stocks like Pioneer Natural Resources Company (NYSE:PXD). Pioneer Natural Resources Company (NYSE:PXD) is an oil and gas company based in the US and has a market capitalization of $53.396 billion. The stock of Pioneer Natural Resources Company (NYSE:PXD) closed at $220.68 per share on August 3, 2022. One-month return of Pioneer Natural Resources Company (NYSE:PXD) was 1.85% and its shares gained 45.39% of their value over the last 52 weeks.

Here is what ClearBridge Select Strategy specifically said about Pioneer Natural Resources Company (NYSE:PXD) in its second-quarter investor letter:

“Energy has proved a recent source of new ideas. Here we target evolving opportunities, companies with specific drivers toward operating improvement trading at depressed valuations. Pioneer Natural Resources Company (NYSE:PXD) fit that narrative in 2020 when we made the oil exploration & production company a core holding. Intra-quarter, it grew into the largest holding in the Strategy. We subsequently trimmed Pioneer to reduce our direct oil exposure and rotated into natural gas with new positions in leading producer Chesapeake Energy (CHK) and drilling, services and technology supplier Baker Hughes (BKR). Energy remains one of the tighter commodity markets on the supply side and is experiencing a sea change from taking Russia out of the market. Europe will become more reliant on U.S. natural gas, which can be sold more profitably there than domestically.”

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Pioneer Natural Resources Company (NYSE:PXD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held Pioneer Natural Resources Company (NYSE:PXD) at the end of the first quarter which was up from 43 in the previous quarter.

We discussed Pioneer Natural Resources Company (NYSE:PXD) in another article which shared Jim Cramer’s stock picks in recession. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.