Parsley Energy Inc. (PE) Hits New 52-Week High at $32.55
Parsley Energy Inc. (NYSE:PE) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $32.55 and last traded at $32.16, with a volume of 6,285,037 shares trading hands. The stock had previously closed at $28.47.
A number of equities research analysts have recently issued reports on the company. Wells Fargo & Co. reiterated a “hold” rating on shares of Parsley Energy in a research note on Saturday, June 4th. Barclays PLC increased their target price on Parsley Energy from $30.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday. Imperial Capital increased their target price on Parsley Energy from $34.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday. Raymond James Financial Inc. upgraded Parsley Energy from an “outperform” rating to a “strong-buy” rating and increased their target price for the company from $31.00 to $33.00 in a research note on Thursday, May 5th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $29.00 target price on shares of Parsley Energy in a research note on Thursday, May 5th. Four equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $27.52.
The firm’s 50 day moving average is $27.62 and its 200 day moving average is $23.19. The firm’s market cap is $5.12 billion.
Parsley Energy (NYSE:PE) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by $0.10. The company earned $106.30 million during the quarter, compared to analysts’ expectations of $92.04 million. The firm’s revenue for the quarter was up 36.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.01) EPS. On average, analysts expect that Parsley Energy Inc. will post $0.01 earnings per share for the current fiscal year.
In other news, VP Mike Hinson sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 17th. The stock was sold at an average price of $25.83, for a total value of $645,750.00. Following the sale, the vice president now directly owns 771,653 shares in the company, valued at approximately $19,931,796.99. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brad C. Smith sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $25.42, for a total value of $254,200.00. Following the completion of the sale, the insider now owns 44,100 shares in the company, valued at $1,121,022. The disclosure for this sale can be found here.
Several large investors recently added to or reduced their stakes in PE. Ashburton Jersey Ltd bought a new stake in Parsley Energy during the fourth quarter valued at $1,213,000. Trexquant Investment LP bought a new stake in Parsley Energy during the fourth quarter valued at $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 in 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 in 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 in 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.