Parsley Energy Inc (PE) Receives $37.96 Average Price Target from Analysts

Shares of Parsley Energy Inc (NYSE:PE) have earned a consensus rating of “Buy” from the thirty-two analysts that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, twenty-three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $37.69.

A number of analysts recently issued reports on PE shares. Stephens began coverage on shares of Parsley Energy in a report on Thursday. They set a “weight” rating and a $31.00 price objective for the company. Stifel Nicolaus restated a “buy” rating and issued a $57.00 price objective on shares of Parsley Energy in a report on Wednesday, October 24th. Williams Capital set a $38.00 target price on shares of Parsley Energy and gave the stock a “hold” rating in a research note on Wednesday, August 8th. Piper Jaffray Companies reissued a “buy” rating and set a $47.00 price objective on shares of Parsley Energy in a research report on Thursday, August 16th. Finally, Wells Fargo & Co assumed coverage on shares of Parsley Energy in a research report on Wednesday, October 24th. They issued an “outperform” rating and a $47.00 target price on the stock.

NYSE:PE traded down $0.72 on Friday, hitting $19.09. The company had a trading volume of 9,610,862 shares, compared to its average volume of 5,426,445. 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 company has a market cap of $6.28 billion, a price-to-earnings ratio of 27.67, a PEG ratio of 0.41 and a beta of -0.16.

Parsley Energy (NYSE:PE) last issued its earnings results on Thursday, November 1st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Parsley Energy had a net margin of 21.70% and a return on equity of 6.77%. The business had revenue of $511.00 million for the quarter, compared to analyst estimates of $493.44 million. During the same period in the prior year, the firm earned $0.12 earnings per share. Parsley Energy’s revenue was up 112.0% on a year-over-year basis. As a group, analysts expect that Parsley Energy will post 1.65 EPS for the current year.

In other Parsley Energy news, Director A R. Alameddine bought 5,000 shares of the stock in a transaction on Tuesday, November 27th. The shares were purchased at an average cost of $21.10 per share, with a total value of $105,500.00. Following the completion of the transaction, 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 filing with the SEC, which is accessible through the SEC website. Insiders bought 7,000 shares of company stock worth $145,490 over the last ninety days. 13.17% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of Parsley Energy by 20.1% in the second quarter. Bank of New York Mellon Corp now owns 6,895,147 shares of the oil and natural gas company’s stock valued at $208,786,000 after purchasing an additional 1,156,137 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake 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 valued at $877,000 after buying an additional 3,008 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Parsley Energy by 17.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 955,564 shares of the oil and natural gas company’s stock worth $28,935,000 after purchasing an additional 145,243 shares during the last quarter. Luminus Management LLC increased its stake in shares of Parsley Energy by 133.3% during the 2nd quarter. Luminus Management LLC now owns 1,633,291 shares of the oil and natural gas company’s stock worth $49,456,000 after purchasing an additional 933,291 shares during the last quarter. Finally, Korea Investment CORP acquired a new position in 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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Analyst Recommendations for Parsley Energy (NYSE:PE)

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