Parsley Energy (PE) Given New $35.00 Price Target at Morgan Stanley

Parsley Energy (NYSE:PE) had its target price lifted by equities researchers at Morgan Stanley from $30.00 to $35.00 in a note issued to investors on Wednesday. The brokerage currently has an “overweight” rating on the oil and natural gas company’s stock. Morgan Stanley’s price target would indicate a potential upside of 21.82% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Credit Suisse Group set a $38.00 price objective on Parsley Energy and gave the company a “buy” rating in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Piper Jaffray Companies reiterated a “buy” rating and set a $41.00 price objective on shares of Parsley Energy in a report on Tuesday, January 9th. ValuEngine cut Parsley Energy from a “hold” rating to a “sell” rating in a report on Sunday, December 31st. Robert W. Baird assumed coverage on Parsley Energy in a report on Tuesday, December 19th. They set an “outperform” rating and a $33.00 price objective on the stock. Finally, Northland Securities set a $36.00 price objective on Parsley Energy and gave the company a “buy” rating in a report on Monday, December 11th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-three have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $38.86.

Parsley Energy (PE) traded down $0.17 during trading hours on Wednesday, hitting $28.73. The stock had a trading volume of 4,034,364 shares, compared to its average volume of 4,679,216. Parsley Energy has a fifty-two week low of $22.98 and a fifty-two week high of $37.14. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market cap of $9,085.78, a PE ratio of 359.17, a PEG ratio of 0.94 and a beta of -0.05.

Parsley Energy (NYSE:PE) last released its quarterly earnings data on Tuesday, November 7th. The oil and natural gas company reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.02. Parsley Energy had a return on equity of 1.87% and a net margin of 3.22%. The business had revenue of $241.02 million for the quarter, compared to analysts’ expectations of $234.58 million. During the same quarter in the previous year, the business posted $0.05 EPS. Parsley Energy’s revenue for the quarter was up 81.8% on a year-over-year basis. equities analysts anticipate that Parsley Energy will post 0.5 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in PE. Prudential Financial Inc. increased its position in shares of Parsley Energy by 20.1% during the 2nd quarter. Prudential Financial Inc. now owns 13,170 shares of the oil and natural gas company’s stock worth $365,000 after purchasing an additional 2,200 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Parsley Energy by 195.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 336,149 shares of the oil and natural gas company’s stock worth $9,328,000 after purchasing an additional 222,246 shares during the last quarter. Nationwide Fund Advisors increased its position in shares of Parsley Energy by 11.9% during the 2nd quarter. Nationwide Fund Advisors now owns 69,836 shares of the oil and natural gas company’s stock worth $1,938,000 after purchasing an additional 7,441 shares during the last quarter. BlackRock Inc. increased its position in shares of Parsley Energy by 2.0% during the 2nd quarter. BlackRock Inc. now owns 11,438,545 shares of the oil and natural gas company’s stock worth $317,419,000 after purchasing an additional 223,388 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Parsley Energy by 3.9% during the 2nd quarter. ProShare Advisors LLC now owns 20,637 shares of the oil and natural gas company’s stock worth $573,000 after purchasing an additional 768 shares during the last quarter. 80.18% of the stock is currently owned by institutional investors and hedge funds.

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Parsley Energy Company Profile

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.

Analyst Recommendations for Parsley Energy (NYSE:PE)

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