Pioneer Natural Resources shares hit high after 1Q beat

NEW YORK—Shares of Pioneer Natural Resources Co. jumped Wednesday, after the oil and gas producer said its first-quarter earnings more than quadrupled on expanding production and sales of oil and gas.

The company earned $129.7 million, or $1.09 per share, compared with a year-ago profit of $29.6 million, or 24 cents per share.

Revenue leapt 59 percent to $584.2 million from $367.3 million a year earlier.

The results easily beat estimate of analysts surveyed by Thomson Financial, who expected profit of 84 cents per share on revenue of $546.8 million.

Pioneer Natural Resources said its production increased due to a greater focus on onshore assets, particularly in North America. Average oil and gas sales rose 24 percent in the quarter to 110,298 barrels oil equivalent per day.

Shares rose $2.56, or 4.1 percent, to $65.56 in midday trading. The stock hit a 52-week high of $67.41 earlier in the session.

Citi Investment Research analyst Gil Yang sai the company delivered a great quarter, and reiterated his "Top Pick" recommendation.