Parsley Energy Inc. (PE) Lifted to Buy at Zacks Investment Research
Parsley Energy Inc. (NYSE:PE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $41.00 price target on the stock. Zacks Investment Research’s target price points to a potential upside of 12.21% from the stock’s current price.
According to Zacks, “Parsley Energy, Inc. is an independent oil and natural gas company. It is focused on the acquisition, development, and exploitation of unconventional oil and natural gas reserves in the Permian Basin. Parsley Energy, Inc. is headquartered in Midland, Texas. “
A number of other analysts have also recently weighed in on PE. Deutsche Bank AG raised their target price on shares of Parsley Energy from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Tuesday, June 14th. Wunderlich initiated coverage on shares of Parsley Energy in a report on Friday, June 17th. They set a “buy” rating and a $32.00 target price for the company. Barclays PLC initiated coverage on shares of Parsley Energy in a report on Tuesday, June 21st. They set an “overweight” rating and a $30.00 target price for the company. Simmons initiated coverage on shares of Parsley Energy in a report on Friday, July 8th. They set an “overweight” rating and a $31.00 target price for the company. Finally, Piper Jaffray Cos. initiated coverage on shares of Parsley Energy in a report on Friday, July 8th. They set an “overweight” rating for the company. Five analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. Parsley Energy currently has a consensus rating of “Buy” and a consensus target price of $31.28.
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Shares of Parsley Energy (NYSE:PE) opened at 36.54 on Wednesday. Parsley Energy has a 52-week low of $14.51 and a 52-week high of $37.04. The firm’s market cap is $6.26 billion. The stock’s 50 day moving average price is $33.65 and its 200-day moving average price is $28.26.
Parsley Energy (NYSE:PE) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.13) EPS for the quarter, missing the Zacks’ 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 company 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 business earned ($0.01) EPS. Parsley Energy’s revenue was up 36.5% compared to the same quarter last year. On average, equities research analysts anticipate that Parsley Energy will post $0.10 earnings per share for the current fiscal year.
In other news, insider Mike Hinson sold 25,000 shares of the firm’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $27.42, for a total transaction of $685,500.00. Following the transaction, the insider now owns 646,653 shares in the company, valued at approximately $17,731,225.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Matthew Gallagher sold 45,000 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $32.64, for a total transaction of $1,468,800.00. Following the transaction, the insider now owns 642,406 shares in the company, valued at approximately $20,968,131.84. The disclosure for this sale can be found here. Company insiders own 24.17% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thompson Davis & CO. Inc. increased its position in 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 in the last quarter. Public Employees Retirement Association of Colorado acquired 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 acquired a new position in Parsley Energy during the second quarter worth $235,000. Finally, Penn Capital Management Co. Inc. acquired a new position in Parsley Energy during the second quarter worth $252,000. Institutional investors and hedge funds own 84.49% of the company’s stock.
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.
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