Jim Cramer Just Turned Bullish on These 5 Stocks

3. Pioneer Natural Resources Company (NYSE:PXD)

Number of Hedge Fund Holders: 56  

Pioneer Natural Resources Company (NYSE:PXD) is an independent oil and gas firm. The journalist investor outlined his bullish stance on the firm during the Lightning Round of his show on September 1, saying that the firm had “the largest dividend in the S&P” and it was his stock. He added that Scott Sheffield, the CEO of the firm, “knows what he’s doing and is terrific”. 

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 production names had 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.”