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Top 6 Stocks to Buy for May

Market approaching resistance; buy quality stocks on pullbacks

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Top Stock to Buy #4 – Pioneer Natural Resources (PXD)

Pioneer Natural Resources (NYSE:PXD) is an independent oil and gas exploration and production company with operations mostly in the United States and South Africa. However, the South African holdings are expected to be sold this year.

Earnings for the company are on a tear due to its unique position in thePermianBasinand its focus on oil production and cost cutting. S&P says that a higher liquid mix could boost earnings to $6.15 in 2012 and $8.85 in 2013, up from $3.95 in 2011.

The breakout from the triangle late in 2011 was a long-term bullish signal, but the follow-through after holding at its bullish support line is more significant. By breaking over $115, the target of $150 appears attainable within six months. Buy PDX now.

PXD Chart
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