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Equities researchers at Wells Fargo & Co. initiated coverage on shares of Parsley Energy (NYSE:PE) in a research report issued on Tuesday, reports. The firm set an “outperform” rating on the stock.

Shares of Parsley Energy (NYSE:PE) traded down 3.18% during mid-day trading on Tuesday, hitting $22.87. The stock had a trading volume of 934,715 shares. Parsley Energy has a 52 week low of $21.19 and a 52 week high of $25.70. The stock’s 50-day moving average is $24.22 and its 200-day moving average is $24.22. The company’s market cap is $2.555 billion.

Separately, analysts at Goldman Sachs initiated coverage on shares of Parsley Energy in a research note on Tuesday. They set a “neutral” rating on the stock. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $28.00.

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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