Stephens initiated coverage on shares of Parsley Energy (NYSE:PE) in a research note published on Thursday morning, MarketBeat Ratings reports. The brokerage issued an equal weight rating and a $31.00 price objective on the oil and natural gas company’s stock.
Other analysts have also recently issued reports about the stock. ValuEngine cut shares of Parsley Energy from a sell rating to a strong sell rating in a research note on Saturday, December 1st. Cowen initiated coverage on shares of Parsley Energy in a research note on Thursday, November 29th. They set an outperform rating and a $27.00 price objective for the company. SunTrust Banks set a $35.00 price objective on shares of Parsley Energy and gave the company a buy rating in a research note on Tuesday, November 27th. Goldman Sachs Group raised shares of Parsley Energy from a neutral rating to a buy rating and set a $30.00 price objective for the company in a research note on Tuesday, November 27th. Finally, Morgan Stanley lowered their price objective on shares of Parsley Energy from $34.00 to $30.00 and set a hold rating for the company in a research note on Tuesday, November 20th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $36.25.
Shares of PE traded up $0.11 during mid-day trading on Thursday, reaching $19.20. 2,182,547 shares of the company’s stock were exchanged, compared to its average volume of 5,559,745. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.70 and a quick ratio of 0.70. Parsley Energy has a 52-week low of $18.31 and a 52-week high of $33.43. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 27.83, a price-to-earnings-growth ratio of 0.41 and a beta of -0.16.
Parsley Energy (NYSE:PE) last released its earnings results on Thursday, November 1st. The oil and natural gas company reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The firm had revenue of $511.00 million during the quarter, compared to analysts’ expectations of $493.44 million. Parsley Energy had a net margin of 21.70% and a return on equity of 6.77%. Parsley Energy’s revenue for the quarter was up 112.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. On average, equities analysts expect that Parsley Energy will post 1.65 earnings per share for the current fiscal year.
In other news, Director A R. Alameddine acquired 5,000 shares of the business’s stock in a transaction on Tuesday, November 27th. The shares were purchased at an average price of $21.10 per share, for a total transaction of $105,500.00. Following the acquisition, the director now directly owns 122,643 shares of the company’s stock, valued at approximately $2,587,767.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased a total of 7,000 shares of company stock worth $145,490 in the last 90 days. Company insiders own 13.17% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in Parsley Energy by 20.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 6,895,147 shares of the oil and natural gas company’s stock worth $208,786,000 after buying an additional 1,156,137 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Parsley Energy by 11.6% in the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 28,950 shares of the oil and natural gas company’s stock worth $877,000 after buying an additional 3,008 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Parsley Energy by 17.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 955,564 shares of the oil and natural gas company’s stock valued at $28,935,000 after purchasing an additional 145,243 shares in the last quarter. Luminus Management LLC raised its stake in shares of Parsley Energy by 133.3% in the 2nd quarter. Luminus Management LLC now owns 1,633,291 shares of the oil and natural gas company’s stock valued at $49,456,000 after purchasing an additional 933,291 shares in the last quarter. Finally, Korea Investment CORP acquired a new stake in shares of Parsley Energy in the 2nd quarter valued at about $654,000. Hedge funds and other institutional investors own 83.02% of the company’s stock.
About Parsley Energy
Parsley Energy, Inc, an independent oil and natural gas company, engages in the acquisition, development, production, exploration, and sale of crude oil and natural gas properties in the Permian Basin in West Texas and Southeastern New Mexico. As of December 31, 2017, its acreage position consisted of 219,747 net acres, including 174,392 net acres in the Midland Basin and 45,355 net acres in the Delaware Basin; and 241.0 net producing horizontal wells and 731.5 net producing vertical wells, as well an estimated proved oil and natural gas reserves were 416.4 MMBoe.
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