Parsley Energy Inc. (PE) Shares Gap Up to $34.29
Parsley Energy Inc. (NYSE:PE) shares gapped up before the market opened 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 a number of recent research reports. Credit Suisse Group AG reiterated a “buy” rating and set a $28.00 price objective on shares of Parsley Energy in a research note on Tuesday, May 10th. Howard Weil cut Parsley Energy from a “focus stock” rating to a “sector outperform” rating in a report on Monday, May 16th. Scotiabank reissued a “sector outperform” rating on shares of Parsley Energy in a report on Monday, May 16th. Stifel Nicolaus reissued a “buy” rating and issued a $30.00 price target (up from $25.00) on shares of Parsley Energy in a report on Tuesday, May 17th. Finally, Canaccord Genuity reissued a “buy” rating on shares of Parsley Energy in a report on Thursday, May 26th. Five analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $30.47.
The stock’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 released its 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 earned $106.30 million during the quarter, compared to analyst estimates of $92.04 million. Parsley Energy’s quarterly revenue was up 36.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.01) EPS. On average, analysts forecast that Parsley Energy Inc. will post $0.11 earnings per share for the current fiscal year.
In related news, insider Matthew Gallagher sold 30,300 shares of Parsley Energy stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $33.89, for a total transaction of $1,026,867.00. Following the transaction, the insider now owns 637,006 shares in the company, valued at $21,588,133.34. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David Henry Smith sold 6,250 shares of Parsley Energy stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $32.99, for a total value of $206,187.50. Following the transaction, the director now owns 30,861 shares in the company, 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.