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Dory Wiley reveals the ‘best investment on the Street’

Pioneer Natural Resources Co (NYSE: PXD) is already up 30% for the year but Dory A. Wiley (President & CEO of Commerce Street Holdings LLC) is convinced the stock has more room to run.

Lower oil price is not a threat for PXD

Interestingly, he says this hydrocarbon exploration company is a great pick even if oil prices continue to tumble moving forward. In an interview with TD Ameritrade Network, Wiley added:

Pioneer has the lowest breakeven to anybody in the Permian. So, it’s actually defensive stock. You’d do really well even if oil goes down to $60 a barrel or even $50 a barrel. I think it’s a good place to hang out.

Not that he sees it happening, though. Despite concerns of a recession, Wiley expects oil prices to remain elevated since they’re driven not from excess demand but insufficient supply.

Pioneer stock to double in two years

Last month, Pioneer Natural Resources reported better-than-expected earnings for its fiscal second quarter and raised its dividend to $8.57 a share. Wiley said:

Pioneer maybe the best investment on the Street. You get a yield of 14%, a single digit PE, and very low debt. That stock is easily a double over the next two years even if the market went sideways. It’s a defensive strategy.

His bullish view is in line with Wall Street that currently rates PXD at “overweight”.

For an economic downturn that’s coming, Wiley also recommends owning the consumer staples. Two he likes in particular include Bunge Ltd and Walgreens Boots Alliance.

The post Dory Wiley reveals the ‘best investment on the Street’ appeared first on Invezz.

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