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Stock analysts at Credit Suisse started coverage on shares of Parsley Energy (NYSE:PE) in a report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $31.00 price target on the stock. Credit Suisse’s price target points to a potential upside of 31.24% from the company’s current price.

The analysts wrote, “We initiate coverage of Parsley Energy (PE) with an Outperform rating and a target price of $31, which assumes that the shares trade at parity with our net asset value (NAV) estimate. “Parsley is a Permian Basin pure play, with a concentrated position in the Northern Midland Basin and an enterprise value of $3.0 billion. PE owns 89K net acres in the Midland Basin, but the bulk of its acreage is in the ‘core of the core’, which provides some of the highest rate of return oil projects in U.S. E&P. In addition, PE has a free call option on the Delaware Basin, with a contiguous 23K net acre position primarily in Pecos and Reeves counties, where industry activity has been rising.”

Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James initiated coverage on shares of Parsley Energy in a research note on Tuesday. They set an “outperform” rating and a $31.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. initiated coverage on shares of Parsley Energy in a research note on Tuesday. They set a “neutral” rating and a $24.00 price target on the stock. Finally, analysts at Wells Fargo & Co. initiated coverage on shares of Parsley Energy in a research note on Tuesday. They set an “outperform” rating on the stock. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $28.00.

Parsley Energy (NYSE:PE) traded up 0.47% during mid-day trading on Tuesday, hitting $23.73. The stock had a trading volume of 214,356 shares. Parsley Energy has a 52-week low of $21.19 and a 52-week high of $25.70. The stock has a 50-day moving average of $24.22 and a 200-day moving average of $24.22. The company’s market cap is $2.651 billion.

Parsley Energy, Inc is an independent oil and natural gas company. The Company is focused on the acquisition, development and exploitation of unconventional oil and natural gas reserves in the Permian Basin.

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