Parsley Energy Inc. (PE) Lowered to “Neutral” at Macquarie
Parsley Energy Inc. (NYSE:PE) was downgraded by analysts at Macquarie from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, The Fly reports.
Several other brokerages have also recently commented on PE. Zacks Investment Research raised shares of Parsley Energy from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research note on Thursday, June 30th. Barclays PLC boosted their price objective on shares of Parsley Energy from $30.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, August 5th. Wunderlich assumed coverage on shares of Parsley Energy in a research note on Friday, June 17th. They set a “buy” rating and a $32.00 price objective for the company. Imperial Capital boosted their price objective on shares of Parsley Energy from $34.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, August 5th. Finally, Piper Jaffray Cos. assumed coverage on shares of Parsley Energy in a research note on Friday, July 8th. They set an “overweight” rating for the company. Six investment 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 company. Parsley Energy currently has a consensus rating of “Buy” and an average target price of $31.28.
Parsley Energy (NYSE:PE) opened at 36.54 on Wednesday. Parsley Energy has a 12 month low of $14.51 and a 12 month high of $37.04. The firm’s market cap is $6.26 billion. The firm’s 50 day moving average is $33.65 and its 200-day moving average is $28.26.
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Parsley Energy (NYSE:PE) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.03) by $0.10. The business earned $106.30 million during the quarter, compared to analysts’ expectations of $92.04 million. Parsley Energy had a negative return on equity of 0.66% and a negative net margin of 18.26%. Parsley Energy’s revenue for the quarter was up 36.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) EPS. On average, equities analysts forecast that Parsley Energy will post $0.10 EPS for the current year.
In related news, insider Matthew Gallagher sold 5,400 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $33.74, for a total transaction of $182,196.00. Following the completion of the sale, the insider now directly owns 637,006 shares in the company, valued at approximately $21,492,582.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Bryan Sheffield sold 1,100,000 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $32.15, for a total transaction of $35,365,000.00. Following the sale, the insider now 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 insiders.
A number of large investors have recently bought and sold shares of PE. Thompson Davis & CO. Inc. raised its stake 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 purchased a new stake in Parsley Energy during the second quarter worth approximately $131,000. BlackRock Inc. raised its stake 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 purchased a new stake in Parsley Energy during the second quarter worth approximately $235,000. Finally, Penn Capital Management Co. Inc. purchased a new stake in Parsley Energy during the second quarter worth approximately $252,000. Institutional investors 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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