Seaport Global Securities Weighs in on Parsley Energy, Inc.’s Q4 2017 Earnings (PE)
Parsley Energy, Inc. (NYSE:PE) – Research analysts at Seaport Global Securities raised their Q4 2017 EPS estimates for shares of Parsley Energy in a research report issued on Monday. Seaport Global Securities analyst M. Kelly now expects that the oil and natural gas company will post earnings per share of $0.16 for the quarter, up from their prior forecast of $0.15. Seaport Global Securities has a “Neutral” rating and a $30.00 price target on the stock. Seaport Global Securities also issued estimates for Parsley Energy’s Q3 2018 earnings at $0.21 EPS.
Parsley Energy (NYSE:PE) last released its quarterly earnings results on Thursday, May 4th. The oil and natural gas company reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.06. The firm had revenue of $200.90 million during the quarter, compared to analysts’ expectations of $181.23 million. Parsley Energy had a positive return on equity of 2.04% and a negative net margin of 4.26%. Parsley Energy’s quarterly revenue was up 222.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.02) EPS.
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A number of other analysts have also issued reports on PE. Citigroup Inc. initiated coverage on Parsley Energy in a report on Wednesday, March 22nd. They issued a “buy” rating and a $40.00 target price on the stock. UBS AG initiated coverage on Parsley Energy in a report on Thursday, March 23rd. They set a “buy” rating and a $42.00 price objective on the stock. Scotiabank set a $43.00 target price on Parsley Energy and gave the stock a “buy” rating in a research report on Monday, March 27th. Barclays PLC restated an “overweight” rating and set a $37.00 target price (down previously from $41.00) on shares of Parsley Energy in a research report on Saturday, April 22nd. Finally, BMO Capital Markets set a $40.00 target price on Parsley Energy and gave the stock a “buy” rating in a research report on Thursday, May 4th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twenty-three have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $40.30.
Shares of Parsley Energy (NYSE PE) traded up 2.10% during trading on Wednesday, hitting $28.72. The company’s stock had a trading volume of 1,044,130 shares. The company’s market capitalization is $7.08 billion. Parsley Energy has a 1-year low of $25.17 and a 1-year high of $39.82. The firm’s 50 day moving average is $27.85 and its 200-day moving average is $31.13.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Parsley Energy by 9.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,043 shares of the oil and natural gas company’s stock worth $107,000 after buying an additional 251 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in shares of Parsley Energy during the first quarter worth $133,000. Creative Planning increased its stake in shares of Parsley Energy by 4,425.0% in the first quarter. Creative Planning now owns 4,525 shares of the oil and natural gas company’s stock worth $147,000 after buying an additional 4,425 shares during the last quarter. Fortaleza Asset Management Inc. increased its stake in shares of Parsley Energy by 50.3% in the first quarter. Fortaleza Asset Management Inc. now owns 4,540 shares of the oil and natural gas company’s stock worth $148,000 after buying an additional 1,520 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Parsley Energy by 6.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,716 shares of the oil and natural gas company’s stock worth $153,000 after buying an additional 300 shares during the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.
In related news, Director A R. Alameddine bought 3,500 shares of the stock in a transaction that occurred on Wednesday, May 17th. The stock was acquired at an average cost of $31.65 per share, with a total value of $110,775.00. Following the transaction, the director now directly owns 94,888 shares in the company, valued at $3,003,205.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Colin Roberts sold 3,400 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $30.00, for a total value of $102,000.00. Following the transaction, the insider now directly owns 229,326 shares of the company’s stock, valued at $6,879,780. The disclosure for this sale can be found here. Insiders have sold 1,723,900 shares of company stock valued at $54,188,730 over the last 90 days. Corporate insiders own 15.51% of the company’s stock.
About Parsley Energy
Parsley Energy, Inc is a holding company. The Company is an independent oil and natural gas company. The Company focuses 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 includes three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.
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