Seaport Global Securities upgraded shares of Parsley Energy (NYSE:PE) from a neutral rating to a buy rating in a research note published on Wednesday, May 23rd, MarketBeat Ratings reports. They currently have $39.00 price objective on the oil and natural gas company’s stock. Seaport Global Securities also issued estimates for Parsley Energy’s Q2 2018 earnings at $0.45 EPS, Q3 2018 earnings at $0.55 EPS, Q4 2018 earnings at $0.57 EPS, FY2018 earnings at $1.89 EPS, Q1 2019 earnings at $0.58 EPS, Q2 2019 earnings at $0.62 EPS, Q3 2019 earnings at $0.69 EPS, Q4 2019 earnings at $0.71 EPS and FY2019 earnings at $2.61 EPS.
PE has been the subject of several other reports. Morgan Stanley upped their target price on Parsley Energy from $27.00 to $28.00 and gave the stock an equal weight rating in a report on Wednesday, February 7th. National Alliance Securities assumed coverage on Parsley Energy in a report on Friday, February 16th. They issued a hold rating and a $25.00 target price for the company. BMO Capital Markets restated an outperform rating and set a $36.00 price objective (down from $41.00) on shares of Parsley Energy in a research note on Friday, March 2nd. Stifel Nicolaus set a $57.00 price objective on Parsley Energy and gave the stock a buy rating in a research note on Wednesday, March 28th. Finally, ValuEngine cut Parsley Energy from a hold rating to a sell rating in a research note on Saturday, May 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-one have issued a buy rating to the company. The stock has an average rating of Buy and an average target price of $37.96.
Shares of NYSE PE traded down $0.55 during trading hours on Wednesday, hitting $27.72. 3,823,000 shares of the company traded hands, compared to its average volume of 6,162,731. The company has a market cap of $8.84 billion, a P/E ratio of 40.17, a P/E/G ratio of 0.60 and a beta of -0.51. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.20 and a current ratio of 1.20. Parsley Energy has a 12 month low of $21.12 and a 12 month high of $33.43.
Parsley Energy (NYSE:PE) last released its earnings results on Thursday, May 3rd. The oil and natural gas company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.24 by $0.07. The firm had revenue of $392.70 million for the quarter, compared to the consensus estimate of $348.64 million. Parsley Energy had a return on equity of 3.71% and a net margin of 13.82%. The company’s revenue for the quarter was up 95.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 EPS. equities analysts predict that Parsley Energy will post 1.57 EPS for the current year.
In other news, insider Mike Hinson sold 41,681 shares of Parsley Energy stock in a transaction on Tuesday, May 8th. The stock was sold at an average price of $31.95, for a total value of $1,331,707.95. Following the completion of the sale, the insider now directly owns 422,626 shares of the company’s stock, valued at $13,502,900.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Colin Roberts sold 7,500 shares of Parsley Energy stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $28.29, for a total value of $212,175.00. Following the completion of the sale, the insider now directly owns 254,204 shares of the company’s stock, valued at $7,191,431.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,181 shares of company stock worth $1,859,783. Company insiders own 13.17% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of PE. LS Investment Advisors LLC grew its stake in Parsley Energy by 67.0% during the 1st quarter. LS Investment Advisors LLC now owns 4,085 shares of the oil and natural gas company’s stock worth $118,000 after purchasing an additional 1,639 shares in the last quarter. Xact Kapitalforvaltning AB grew its stake in Parsley Energy by 7.8% during the 1st quarter. Xact Kapitalforvaltning AB now owns 24,792 shares of the oil and natural gas company’s stock worth $719,000 after purchasing an additional 1,797 shares in the last quarter. Amalgamated Bank grew its stake in Parsley Energy by 4.2% during the 1st quarter. Amalgamated Bank now owns 48,173 shares of the oil and natural gas company’s stock worth $1,397,000 after purchasing an additional 1,950 shares in the last quarter. American International Group Inc. grew its stake in Parsley Energy by 38.1% during the 1st quarter. American International Group Inc. now owns 7,253 shares of the oil and natural gas company’s stock worth $210,000 after purchasing an additional 2,000 shares in the last quarter. Finally, BP Capital Fund Advisors LLC grew its stake in Parsley Energy by 1.1% during the 1st quarter. BP Capital Fund Advisors LLC now owns 190,030 shares of the oil and natural gas company’s stock worth $5,509,000 after purchasing an additional 2,101 shares in the last quarter. 85.13% of the stock is owned by institutional investors and hedge funds.
Parsley Energy Company Profile
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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