TheStreet’s Action Alerts PLUS Portfolio Manager Jim Cramer said Pioneer Natural Resources’ offering of 5.25 million shares of stock on Thursday likely means oil prices aren’t headed lower. ‘I do believe that Pioneer is saying the price of oil is not going to go down that much lower or they would not have sold stock,’ Cramer said, adding that the offering may have also been driven by the company thinking their stock price is high. Pioneer shares gained 23 percent year-to-date. On Friday, oil prices gained steam, snapping six-sessions of declines, with West Texas Intermediate reaching $47.60 and Brent trading at $48.73.
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