Parsley Energy Inc. (PE) Receives New Coverage from Analysts at Imperial Capital
Equities researchers at Imperial Capital assumed coverage on shares of Parsley Energy Inc. (NYSE:PE) in a report issued on Tuesday. The firm set an “outperform” rating and a $34.00 price target on the stock. Imperial Capital’s target price suggests a potential downside of 3.82% from the stock’s current price.
The analysts wrote, “PE’s activity in the Midland Basin has resulted in improving efficiencies and peer leading IRRs, while early Delaware Basin results show similar promise,” analyst Kim Pacanovsky wrote in a note.Further, Pacanovsky said, “Investors should focus on companies with the lowest breakeven/highest IRRs in combination with a strong balance sheet” given the Brexit effect and volatile commodity markets.”We believe Parsley Energy is among those companies,” Pacanovsky highlighted.Related Link: Goldman Sachs Sees Multiple Expansion For American Electric Power CompanyParsley has a “lean” balance sheet, with $821 million of pro forma liquidity. The analyst said the company’s hedging strategy protected it from the fall in crude prices, which also resulted in lower service costs.”In fact, at our estimated year-over-year (yoy) crude growth of 69 percent for 2016, we believe it will far outpace its peers on oil growth. With liquidity, a low cost structure, smart hedges, and no finger on the pause button, we believe PE has all the ingredients to continue to outperform the group,”
Several other brokerages also recently commented on PE. Stifel Nicolaus restated a “buy” rating and set a $34.00 price objective (up from $30.00) on shares of Parsley Energy in a research report on Monday, July 18th. Morgan Stanley assumed coverage on shares of Parsley Energy in a research report on Thursday, July 21st. They set an “overweight” rating and a $39.00 price objective for the company. Zacks Investment Research downgraded shares of Parsley Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. TheStreet upgraded shares of Parsley Energy from a “sell” rating to a “hold” rating in a research report on Thursday, July 7th. Finally, Piper Jaffray Cos. initiated coverage on shares of Parsley Energy in a research note on Friday, July 8th. They set an “overweight” rating on the stock. Six analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $30.93.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/09/parsley-energy-inc-pe-receives-new-coverage-from-analysts-at-imperial-capital.html
Parsley Energy (NYSE:PE) traded up 0.28% on Tuesday, hitting $35.35. The stock had a trading volume of 2,383,439 shares. The company’s 50 day moving average is $33.50 and its 200-day moving average is $28.00. The firm’s market capitalization is $6.05 billion. Parsley Energy has a 1-year low of $14.51 and a 1-year high of $35.93.
Parsley Energy (NYSE:PE) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.03) by $0.10. Parsley Energy had a negative net margin of 18.26% and a negative return on equity of 0.66%. The firm had revenue of $106.30 million for the quarter, compared to analyst estimates of $92.04 million. During the same quarter in the prior year, the firm earned ($0.01) earnings per share. The firm’s revenue for the quarter was up 36.5% on a year-over-year basis. On average, analysts forecast that Parsley Energy will post $0.10 EPS for the current year.
In other Parsley Energy news, insider Mike Hinson sold 25,000 shares of the company’s stock in a transaction dated Wednesday, October 5th. The shares were sold at an average price of $35.13, for a total value of $878,250.00. Following the completion of the sale, the insider now directly owns 536,153 shares of the company’s stock, valued at approximately $18,835,054.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Bryan Sheffield sold 1,100,000 shares of the company’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $32.15, for a total transaction of $35,365,000.00. Following the completion of the sale, the insider now directly owns 13,169,935 shares of the company’s stock, valued at $423,413,410.25. The disclosure for this sale can be found here. 24.17% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the company. Thompson Davis & CO. Inc. increased its stake in shares of Parsley Energy by 93.8% in the second quarter. Thompson Davis & CO. Inc. now owns 3,875 shares of the company’s stock worth $105,000 after buying an additional 1,875 shares during the last quarter. Public Employees Retirement Association of Colorado bought a new position in Parsley Energy during the second quarter worth $131,000. BlackRock Inc. increased its position in Parsley Energy by 134.5% in the first quarter. BlackRock Inc. now owns 6,650 shares of the company’s stock worth $151,000 after buying an additional 3,814 shares in the last quarter. Loeb Partners Corp bought a new position in Parsley Energy during the second quarter worth $235,000. Finally, Gradient Investments LLC increased its position in Parsley Energy by 1,071.4% in the first quarter. Gradient Investments LLC now owns 11,093 shares of the company’s stock worth $251,000 after buying an additional 10,146 shares in the last quarter. 84.49% of the stock is owned by institutional investors and hedge funds.
About Parsley Energy
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. The Permian Basin is located in West Texas and Southeastern New Mexico and comprises over three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.
Receive News & Ratings for Parsley Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parsley Energy Inc. and related companies with MarketBeat.com's FREE daily email newsletter.