Jefferies Group Comments on Parsley Energy Inc’s Q1 2018 Earnings (PE)
Parsley Energy Inc (NYSE:PE) – Jefferies Group boosted their Q1 2018 earnings per share estimates for Parsley Energy in a report released on Wednesday. Jefferies Group analyst M. Lear now forecasts that the oil and natural gas company will post earnings per share of $0.20 for the quarter, up from their previous estimate of $0.11. Jefferies Group has a “Buy” rating and a $34.00 price objective on the stock. Jefferies Group also issued estimates for Parsley Energy’s Q2 2018 earnings at $0.24 EPS, Q3 2018 earnings at $0.29 EPS, Q4 2018 earnings at $0.29 EPS, FY2018 earnings at $1.01 EPS, Q1 2019 earnings at $0.34 EPS, Q2 2019 earnings at $0.37 EPS, Q3 2019 earnings at $0.42 EPS and FY2019 earnings at $1.58 EPS.
Several other brokerages have also issued reports on PE. Northland Securities restated a “buy” rating and issued a $40.00 target price on shares of Parsley Energy in a research note on Friday, November 10th. Royal Bank of Canada restated an “outperform” rating and issued a $36.00 target price (down from $37.00) on shares of Parsley Energy in a research note on Sunday, November 12th. JPMorgan Chase & Co. lowered their target price on Parsley Energy from $50.00 to $44.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 26th. Zacks Investment Research upgraded Parsley Energy from a “sell” rating to a “hold” rating in a research note on Thursday, November 9th. Finally, Imperial Capital lifted their price target on Parsley Energy from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Thursday, November 9th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and twenty-three have given a buy rating to the stock. Parsley Energy presently has a consensus rating of “Buy” and an average price target of $38.95.
Parsley Energy (NYSE:PE) last issued its quarterly earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.02. The business had revenue of $241.02 million for the quarter, compared to analyst estimates of $234.58 million. Parsley Energy had a return on equity of 1.87% and a net margin of 3.22%. Parsley Energy’s quarterly revenue was up 81.8% compared to the same quarter last year. During the same period last year, the company posted $0.05 earnings per share.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisor Group Inc. grew its holdings in shares of Parsley Energy by 23.9% during the 2nd quarter. Advisor Group Inc. now owns 4,055 shares of the oil and natural gas company’s stock worth $113,000 after acquiring an additional 781 shares during the period. Metropolitan Life Insurance Co. NY grew its holdings in shares of Parsley Energy by 14.1% during the 1st quarter. Metropolitan Life Insurance Co. NY now owns 5,949 shares of the oil and natural gas company’s stock worth $193,000 after acquiring an additional 735 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Parsley Energy during the 3rd quarter worth approximately $196,000. Trexquant Investment LP purchased a new position in shares of Parsley Energy during the 3rd quarter worth approximately $206,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Parsley Energy during the 3rd quarter worth approximately $209,000. 80.16% of the stock is owned by institutional investors.
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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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