Parsley Energy, Inc. (PE) Price Target Cut to $30.00
Parsley Energy, Inc. (NYSE:PE) had its price objective lowered by analysts at Barclays PLC from $32.00 to $30.00 in a research report issued to clients and investors on Tuesday. The brokerage presently has an “overweight” rating on the oil and natural gas company’s stock. Barclays PLC’s price target points to a potential upside of 16.96% from the stock’s current price.
PE has been the subject of a number of other research reports. Northland Securities set a $43.00 price objective on Parsley Energy and gave the company a “buy” rating in a research report on Monday, July 17th. BMO Capital Markets set a $40.00 price objective on Parsley Energy and gave the company a “buy” rating in a research report on Thursday, May 4th. UBS AG reaffirmed a “buy” rating and issued a $44.00 price objective (up previously from $42.00) on shares of Parsley Energy in a research report on Friday, May 5th. BidaskClub downgraded Parsley Energy from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. Finally, Seaport Global Securities downgraded Parsley Energy from a “buy” rating to a “neutral” rating and set a $30.00 price objective for the company. in a research report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-three have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $40.19.
Shares of Parsley Energy (NYSE:PE) traded up 2.35% during mid-day trading on Tuesday, hitting $25.65. The company had a trading volume of 7,538,956 shares. The firm has a 50-day moving average price of $27.82 and a 200 day moving average price of $30.65. Parsley Energy has a 12 month low of $24.87 and a 12 month high of $39.82. The firm has a market capitalization of $6.30 billion, a P/E ratio of 143.30 and a beta of -0.09.
Parsley Energy (NYSE:PE) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.11 by $0.06. The business had revenue of $213.68 million during the quarter, compared to analysts’ expectations of $216.54 million. Parsley Energy had a net margin of 5.23% and a return on equity of 2.06%. Parsley Energy’s revenue for the quarter was up 99.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 EPS. On average, equities research analysts forecast that Parsley Energy will post $0.56 earnings per share for the current fiscal year.
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In other Parsley Energy news, Director A R. Alameddine purchased 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were acquired at an average price of $31.65 per share, for a total transaction of $110,775.00. Following the completion of the purchase, the director now owns 94,888 shares in the company, valued at approximately $3,003,205.20. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Colin Roberts sold 3,400 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $30.00, for a total value of $102,000.00. Following the completion of the transaction, the insider now owns 229,326 shares in the company, valued at approximately $6,879,780. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,720,900 shares of company stock worth $54,100,050. 15.51% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Parsley Energy by 6,471.4% in the first quarter. BlackRock Inc. now owns 11,215,157 shares of the oil and natural gas company’s stock valued at $364,606,000 after buying an additional 11,044,492 shares during the period. Vanguard Group Inc. boosted its position in Parsley Energy by 47.3% in the first quarter. Vanguard Group Inc. now owns 18,418,741 shares of the oil and natural gas company’s stock valued at $598,793,000 after buying an additional 5,913,072 shares during the period. Victory Capital Management Inc. boosted its position in Parsley Energy by 250.9% in the second quarter. Victory Capital Management Inc. now owns 7,264,371 shares of the oil and natural gas company’s stock valued at $201,586,000 after buying an additional 5,194,292 shares during the period. State Street Corp boosted its position in Parsley Energy by 45.0% in the first quarter. State Street Corp now owns 5,834,217 shares of the oil and natural gas company’s stock valued at $189,683,000 after buying an additional 1,809,520 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in Parsley Energy by 617.4% in the first quarter. UBS Asset Management Americas Inc. now owns 2,095,420 shares of the oil and natural gas company’s stock valued at $68,122,000 after buying an additional 1,803,342 shares during the period. Institutional investors and hedge funds own 91.14% 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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