Parsley Energy Inc. (NYSE:PE) gapped up prior to trading on Friday . The stock had previously closed at $33.98, but opened at $34.29. Parsley Energy shares last traded at $34.78, with a volume of 1,419,131 shares trading hands.

PE has been the subject of several research analyst reports. Zacks Investment Research raised Parsley Energy from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Thursday, June 30th. Credit Suisse Group AG reissued a “buy” rating and issued a $28.00 price objective on shares of Parsley Energy in a report on Tuesday, May 10th. Canaccord Genuity reissued a “buy” rating and issued a $29.00 price objective on shares of Parsley Energy in a report on Thursday, May 5th. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 price objective (up from $25.00) on shares of Parsley Energy in a report on Tuesday, May 17th. Finally, Wunderlich initiated coverage on Parsley Energy in a report on Friday, June 17th. They issued a “buy” rating and a $32.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $30.47.

The firm’s market cap is $5.97 billion. The stock has a 50 day moving average price of $31.41 and a 200 day moving average price of $25.49.

Parsley Energy (NYSE:PE) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.10. During the same period last year, the business posted ($0.01) EPS. The firm earned $106.30 million during the quarter, compared to analyst estimates of $92.04 million. The firm’s revenue for the quarter was up 36.5% on a year-over-year basis. On average, equities research analysts predict that Parsley Energy Inc. will post $0.11 earnings per share for the current year.

In other news, insider Matthew Gallagher sold 5,400 shares of the company’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $33.74, for a total value of $182,196.00. Following the completion of the sale, the insider now owns 637,006 shares in the company, valued at $21,492,582.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David Henry Smith sold 6,250 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $32.99, for a total value of $206,187.50. Following the completion of the sale, the director now owns 30,861 shares of the company’s stock, valued at approximately $1,018,104.39. The disclosure for this sale can be found here.

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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