Pioneer Natural Resources and Pioneer Southwest Energy Partners to Merge (PXD,PSE)
On Monday, Pioneer Natural Resources (PXD) and Pioneer Southwest Energy Partners L.P. (PSE) announced that the two companies have entered into an agreement to merge.
The deal will result in Pioneer Southwest becoming a wholly-owned subsidiary of Pioneer Natural Resources. Shareholders of PSE will receive 0.2325 of a share of PXD for each share of PSE that is owned. Shareholders will also receive a whole share of PXD in lieu of any fractional shares issued during the merger.
The merger will result in an additional 3.95 million shares of common stock of PXD.
Pioneer Natural Resources shares were mostly flat during Monday morning trading. The stock is up 64% YTD.
Pioneer Southwest Energy Partners shares were up 36 cents, or 0.89%, during Monday morning trading. The stock is up 79% YTD.
The Bottom Line
Shares of Pioneer Natural Resources (PXD) have a 0.09% yield based on Monday morning’s price of $175.52.
Shares of Pioneer Southwest Energy Partners L.P. (PSE) have a 5.09% yield based on Monday morning’s price of $40.88.
Pioneer Natural Resources (PXD) and Pioneer Southwest Energy Partners L.P. (PSE) are not recommended at this time, holding Dividend.com DARS™ Ratings of 3.4 out of 5 stars.
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