Parsley Energy (PE) Trading Down 7.7% Following Insider Selling

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Parsley Energy Inc (NYSE:PE) shares were down 7.7% on Thursday after an insider sold shares in the company. The stock traded as low as $18.00 and last traded at $18.25. Approximately 9,481,711 shares were traded during mid-day trading, an increase of 92% from the average daily volume of 4,930,225 shares. The stock had previously closed at $19.78.

Specifically, insider Mike Hinson sold 41,727 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $18.43, for a total transaction of $769,028.61. Following the completion of the sale, the insider now directly owns 398,275 shares of the company’s stock, valued at approximately $7,340,208.25. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Bryan Sheffield sold 100,000 shares of the firm’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $20.24, for a total value of $2,024,000.00. Following the sale, the insider now directly owns 8,801,632 shares of the company’s stock, valued at $178,145,031.68. The disclosure for this sale can be found here. Insiders sold a total of 148,227 shares of company stock valued at $2,918,584 over the last three months. 12.14% of the stock is currently owned by insiders.

Several equities research analysts have recently issued reports on PE shares. Raymond James set a $30.00 target price on Parsley Energy and gave the company a “buy” rating in a research report on Wednesday, January 23rd. Goldman Sachs Group lowered Parsley Energy to a “buy” rating in a research report on Friday, April 12th. Zacks Investment Research raised Parsley Energy from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Monday, April 8th. Barclays reaffirmed a “buy” rating and set a $34.00 target price on shares of Parsley Energy in a research report on Wednesday, March 13th. Finally, Jefferies Financial Group decreased their target price on Parsley Energy from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $30.87.

The company has a market cap of $6.58 billion, a P/E ratio of 12.94, a PEG ratio of 0.36 and a beta of 0.41. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.43 and a quick ratio of 0.43.

Parsley Energy (NYSE:PE) last posted its quarterly earnings results on Wednesday, May 1st. The oil and natural gas company reported $0.22 EPS for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.01). The company had revenue of $427.67 million during the quarter, compared to analyst estimates of $410.04 million. Parsley Energy had a net margin of 14.09% and a return on equity of 6.05%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period last year, the firm earned $0.31 EPS. Equities research analysts predict that Parsley Energy Inc will post 1.62 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the stock. Utah Retirement Systems increased its stake in shares of Parsley Energy by 1.1% in the first quarter. Utah Retirement Systems now owns 49,841 shares of the oil and natural gas company’s stock valued at $962,000 after buying an additional 541 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Parsley Energy by 7.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 8,250 shares of the oil and natural gas company’s stock valued at $132,000 after acquiring an additional 600 shares during the last quarter. AGF Investments Inc. boosted its holdings in Parsley Energy by 0.5% in the fourth quarter. AGF Investments Inc. now owns 112,160 shares of the oil and natural gas company’s stock valued at $1,792,000 after acquiring an additional 610 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Parsley Energy by 0.8% in the fourth 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 acquiring an additional 654 shares during the last quarter. Finally, Sapience Investments LLC boosted its holdings in Parsley Energy by 0.3% in the first quarter. Sapience Investments LLC now owns 209,050 shares of the oil and natural gas company’s stock valued at $4,035,000 after acquiring an additional 670 shares during the last quarter. 86.17% of the stock is owned by institutional investors and hedge funds.

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Parsley Energy Company Profile (NYSE:PE)

Parsley Energy, Inc, an independent oil and natural gas company, engages in the acquisition, development, exploration, production, and sale of crude oil and natural gas properties in the Permian Basin in west Texas and Southeastern New Mexico. As of December 31, 2018, its acreage position consisted of 198,946 net acres, including 154,107 net acres in the Midland Basin and 44,839 net acres in the Delaware Basin; and operated 425.3 net acres of the horizontal wells and 735.7 net acres of the vertical wells, as well an estimated proved oil, natural gas, and natural gas liquid reserves of 521.7 MMBoe.

See Also: Asset Allocation, Balancing Your Investments

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