Pioneer stock is a good pick even if oil goes to $60 a barrel: Dory Wiley

Pioneer Natural Resources Co (NYSE: PXD) down nearly 25% in the trailing thirty days is a fantastic opportunity to buy, as per the President and CEO of Commerce Street Holdings.

Energy trade is far from over yet

Dory Wiley says the recent sell-off does not indicate an end to the “energy trade”. He dubs PXD a good pick even if oil goes sharply down to $60 a barrel. On CNBC’s “Closing Bell: Overtime”, the expert said:

Pioneer is one of the largest producers in the Permian. In early May, the Irving-headquartered company reported market-beating results for its fiscal first quarter.

Oil supply is still chasing the demand

Wiley reiterated that the supply of oil is still lagging significantly behind the global demand that warrants sticking to the energy stocks like Pioneer Natural Resources Co. He noted:

The NYSE-listed firm recently raised its dividend by nearly 100%. Wall Street currently rates PXD at “overweight” and sees a more than 40% upside in the stock from here on average.