Parsley Energy Inc. (PE) Hits New 52-Week High at $33.24
Parsley Energy Inc. (NYSE:PE)’s share price hit a new 52-week high on Wednesday . The company traded as high as $33.24 and last traded at $32.86, with a volume of 1,541,220 shares. The stock had previously closed at $32.68.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research lowered Parsley Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 13th. Canaccord Genuity reiterated a “buy” rating and set a $29.00 target price on shares of Parsley Energy in a research note on Thursday, May 5th. Imperial Capital increased their target price on Parsley Energy from $34.00 to $40.00 and gave the stock an “outperform” rating in a research note on Friday, August 5th. Deutsche Bank AG increased their target price on Parsley Energy from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, June 14th. Finally, Simmons assumed coverage on Parsley Energy in a research note on Friday, July 8th. They set an “overweight” rating and a $31.00 target price on the stock. Four analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $27.76.
The firm’s market capitalization is $5.73 billion. The firm has a 50-day moving average of $28.35 and a 200-day moving average of $23.67.
Parsley Energy (NYSE:PE) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.03) by $0.10. The firm had revenue of $106.30 million for the quarter, compared to analysts’ expectations of $92.04 million. The business’s revenue for the quarter was up 36.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.01) earnings per share. On average, equities research analysts predict that Parsley Energy Inc. will post $0.05 earnings per share for the current year.
In related news, insider Ryan Dalton sold 60,000 shares of the company’s stock in a transaction on Wednesday, June 15th. The shares were sold at an average price of $26.52, for a total value of $1,591,200.00. Following the completion of the transaction, the insider now directly owns 253,961 shares in the company, valued at $6,735,045.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mike Hinson sold 25,000 shares of the company’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $25.83, for a total transaction of $645,750.00. Following the completion of the transaction, the vice president now owns 771,653 shares of the company’s stock, valued at $19,931,796.99. The disclosure for this sale can be found here.
A number of hedge funds have bought and sold shares of PE. Ashburton Jersey Ltd acquired a new stake in Parsley Energy during the fourth quarter valued at about $1,213,000. Trexquant Investment LP acquired a new stake in Parsley Energy during the fourth quarter valued at about $1,992,000. US Bancorp DE raised its stake in Parsley Energy by 50.7% in the fourth quarter. US Bancorp DE now owns 108,252 shares of the company’s stock valued at $1,997,000 after buying an additional 36,401 shares during the last quarter. Marshall Wace LLP raised its stake in Parsley Energy by 26.8% in the fourth quarter. Marshall Wace LLP now owns 233,199 shares of the company’s stock valued at $4,303,000 after buying an additional 49,297 shares during the last quarter. Finally, New York State Common Retirement Fund raised its stake in Parsley Energy by 16.9% in the fourth quarter. New York State Common Retirement Fund now owns 170,690 shares of the company’s stock valued at $3,149,000 after buying an additional 24,650 shares during the last quarter.
Parsley Energy, Inc is an independent oil and natural gas company. The Company is focused on the acquisition, development and exploitation of unconventional oil and natural gas reserves in the Permian Basin. The Permian Basin is located in West Texas and Southeastern New Mexico and comprises over three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.
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