Parsley Energy Inc. (PE) Lowered to Neutral at Macquarie
Parsley Energy Inc. (NYSE:PE) was downgraded by equities researchers at Macquarie from an “outperform” rating to a “neutral” rating in a report released on Wednesday, The Fly reports.
Several other research analysts also recently commented on PE. Deutsche Bank AG lifted their target price on shares of Parsley Energy from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 14th. Wunderlich initiated coverage on shares of Parsley Energy in a research report on Friday, June 17th. They set a “buy” rating and a $32.00 price objective on the stock. Barclays PLC initiated coverage on shares of Parsley Energy in a research report on Tuesday, June 21st. They set an “overweight” rating and a $30.00 price objective on the stock. Zacks Investment Research raised shares of Parsley Energy from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Thursday, June 30th. Finally, Simmons initiated coverage on shares of Parsley Energy in a research report on Friday, July 8th. They set an “overweight” rating and a $31.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $31.28.
Shares of Parsley Energy (NYSE:PE) opened at 36.54 on Wednesday. The firm’s market capitalization is $6.26 billion. Parsley Energy has a 52 week low of $14.51 and a 52 week high of $37.04. The firm has a 50-day moving average of $33.65 and a 200 day moving average of $28.26.
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Parsley Energy (NYSE:PE) last issued its earnings results 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 return on equity of 0.66% and a negative net margin of 18.26%. The firm earned $106.30 million during the quarter, compared to analysts’ expectations of $92.04 million. During the same period in the previous year, the firm earned ($0.01) earnings per share. The firm’s quarterly revenue was up 36.5% compared to the same quarter last year. On average, equities analysts predict that Parsley Energy will post $0.10 earnings per share for the current fiscal year.
In other news, Director David Henry Smith sold 6,250 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $32.99, for a total value of $206,187.50. Following the transaction, the director now owns 30,861 shares in the company, valued at approximately $1,018,104.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Matthew Gallagher sold 5,400 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $33.74, for a total transaction of $182,196.00. Following the completion of the transaction, the insider now owns 637,006 shares in the company, valued at approximately $21,492,582.44. The disclosure for this sale can be found here. 24.17% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Redwood Investments LLC acquired a new position in shares of Parsley Energy during the second quarter valued at $17,455,000. Ashburton Jersey Ltd acquired a new position in shares of Parsley Energy during the fourth quarter valued at $1,213,000. Boston Partners raised its stake in Parsley Energy by 24.2% in the fourth quarter. Boston Partners now owns 15,805,496 shares of the company’s stock valued at $291,611,000 after buying an additional 3,075,739 shares in the last quarter. BlackRock Fund Advisors raised its stake in Parsley Energy by 3.4% in the first quarter. BlackRock Fund Advisors now owns 2,550,901 shares of the company’s stock valued at $57,650,000 after buying an additional 83,483 shares in the last quarter. Finally, MetLife Securities Inc raised its stake in Parsley Energy by 71.4% in the fourth quarter. MetLife Securities Inc now owns 136,757 shares of the company’s stock valued at $2,523,000 after buying an additional 56,978 shares in the last quarter. Hedge funds and other institutional investors own 84.49% of the company’s stock.
Parsley Energy Company Profile
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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