Parsley Energy (PE) Raised to “Outperform” at Wolfe Research

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Wolfe Research upgraded shares of Parsley Energy (NYSE:PE) from a peer perform rating to an outperform rating in a research note issued to investors on Thursday morning, Briefing.com Automated Import reports.

A number of other equities research analysts also recently issued reports on the stock. KeyCorp started coverage on shares of Parsley Energy in a research report on Thursday, December 20th. They set an overweight rating and a $21.00 price objective for the company. BMO Capital Markets cut their price objective on shares of Parsley Energy to $35.00 and set an outperform rating for the company in a research report on Thursday, December 20th. Citigroup raised shares of Parsley Energy from a neutral rating to a buy rating in a research report on Friday, December 21st. Raymond James reissued a buy rating and set a $29.00 price objective on shares of Parsley Energy in a research report on Friday, December 21st. Finally, Morgan Stanley reissued a hold rating and set a $26.00 price objective on shares of Parsley Energy in a research report on Friday, December 21st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $31.68.

Shares of PE opened at $21.30 on Thursday. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of 14.69, a P/E/G ratio of 0.40 and a beta of 0.40. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.35. Parsley Energy has a 1-year low of $14.17 and a 1-year high of $33.43.

Parsley Energy (NYSE:PE) last announced its earnings results on Thursday, February 21st. The oil and natural gas company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.04). The company had revenue of $454.90 million for the quarter, compared to analysts’ expectations of $456.66 million. Parsley Energy had a net margin of 20.21% and a return on equity of 6.43%. Parsley Energy’s quarterly revenue was up 46.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.30 earnings per share. Sell-side analysts expect that Parsley Energy will post 1.47 earnings per share for the current year.

In other Parsley Energy news, insider Mike Hinson sold 41,727 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $18.43, for a total transaction of $769,028.61. Following the completion of the transaction, the insider now owns 398,275 shares of the company’s stock, valued at approximately $7,340,208.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Colin Roberts sold 3,000 shares of the stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $20.00, for a total transaction of $60,000.00. Following the transaction, the insider now directly owns 271,926 shares of the company’s stock, valued at approximately $5,438,520. The disclosure for this sale can be found here. Insiders sold a total of 48,227 shares of company stock valued at $894,584 in the last ninety days. 13.17% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. boosted its holdings in shares of Parsley Energy by 7.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 8,250 shares of the oil and natural gas company’s stock valued at $132,000 after purchasing an additional 600 shares during the last quarter. AGF Investments Inc. boosted its holdings in shares of Parsley Energy by 0.5% during the 4th quarter. AGF Investments Inc. now owns 112,160 shares of the oil and natural gas company’s stock valued at $1,792,000 after purchasing an additional 610 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in shares of Parsley Energy by 0.8% during the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 80,670 shares of the oil and natural gas company’s stock valued at $1,289,000 after purchasing an additional 654 shares during the last quarter. Advisor Group Inc. boosted its holdings in shares of Parsley Energy by 15.0% during the 4th quarter. Advisor Group Inc. now owns 5,526 shares of the oil and natural gas company’s stock valued at $88,000 after purchasing an additional 719 shares during the last quarter. Finally, AMG National Trust Bank boosted its holdings in shares of Parsley Energy by 3.2% during the 4th quarter. AMG National Trust Bank now owns 33,961 shares of the oil and natural gas company’s stock valued at $543,000 after purchasing an additional 1,049 shares during the last quarter. 85.20% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Parsley Energy (NYSE:PE)

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