Parsley Energy, Inc. (PE) Upgraded to Buy at Seaport Global Securities
Parsley Energy, Inc. (NYSE:PE) was upgraded by equities researchers at Seaport Global Securities from a “neutral” rating to a “buy” rating in a research note issued on Friday, The Fly reports. Seaport Global Securities also issued estimates for Parsley Energy’s Q3 2017 earnings at $0.13 EPS, Q4 2017 earnings at $0.19 EPS, Q1 2018 earnings at $0.13 EPS, Q2 2018 earnings at $0.15 EPS, Q3 2018 earnings at $0.27 EPS, Q4 2018 earnings at $0.27 EPS and FY2018 earnings at $0.82 EPS.
Several other analysts have also commented on PE. Citigroup Inc. reaffirmed a “buy” rating and issued a $48.00 price objective (up previously from $40.00) on shares of Parsley Energy in a report on Saturday, April 22nd. Barclays PLC reaffirmed an “overweight” rating and issued a $37.00 price objective (down previously from $41.00) on shares of Parsley Energy in a report on Saturday, April 22nd. BMO Capital Markets set a $40.00 price objective on Parsley Energy and gave the stock a “buy” rating in a report on Thursday, May 4th. UBS AG reaffirmed a “buy” rating and issued a $44.00 price objective (up previously from $42.00) on shares of Parsley Energy in a report on Friday, May 5th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Parsley Energy in a report on Friday, May 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $40.62.
Parsley Energy (PE) opened at 25.48 on Friday. The firm has a 50-day moving average price of $27.62 and a 200-day moving average price of $30.23. Parsley Energy has a 52 week low of $24.68 and a 52 week high of $39.82. The company has a market cap of $6.31 billion, a P/E ratio of 142.35 and a beta of -0.09.
Parsley Energy (NYSE:PE) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and natural gas company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.06. Parsley Energy had a return on equity of 1.70% and a net margin of 5.23%. The firm had revenue of $213.68 million during the quarter, compared to the consensus estimate of $216.54 million. During the same period in the previous year, the firm earned $0.04 EPS. The business’s revenue was up 99.9% on a year-over-year basis. Equities research analysts anticipate that Parsley Energy will post $0.53 EPS for the current fiscal year.
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In other news, insider Colin Roberts sold 3,400 shares of the company’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $30.00, for a total value of $102,000.00. Following the completion of the transaction, the insider now owns 229,326 shares of the company’s stock, valued at $6,879,780. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director A R. Alameddine acquired 3,500 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was acquired at an average cost of $31.65 per share, with a total value of $110,775.00. Following the purchase, the director now owns 94,888 shares of the company’s stock, valued at $3,003,205.20. The disclosure for this purchase can be found here. Corporate insiders own 15.51% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Columbus Circle Investors raised its position in Parsley Energy by 521.6% in the first quarter. Columbus Circle Investors now owns 1,734,743 shares of the oil and natural gas company’s stock worth $56,396,000 after buying an additional 1,455,672 shares during the period. Prudential Financial Inc. raised its position in Parsley Energy by 5.5% in the first quarter. Prudential Financial Inc. now owns 10,970 shares of the oil and natural gas company’s stock worth $357,000 after buying an additional 570 shares during the period. Wellington Management Group LLP raised its position in Parsley Energy by 27.5% in the first quarter. Wellington Management Group LLP now owns 7,344,323 shares of the oil and natural gas company’s stock worth $238,765,000 after buying an additional 1,583,529 shares during the period. Addison Capital Co raised its position in Parsley Energy by 7.9% in the second quarter. Addison Capital Co now owns 15,278 shares of the oil and natural gas company’s stock worth $424,000 after buying an additional 1,114 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Parsley Energy by 21.8% in the first quarter. Bank of New York Mellon Corp now owns 1,142,698 shares of the oil and natural gas company’s stock worth $37,150,000 after buying an additional 204,345 shares during the period. 91.14% of the stock is owned by hedge funds and other institutional investors.
About Parsley Energy
Parsley Energy, Inc is a holding company. The Company is an independent oil and natural gas company. The Company focuses 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 includes three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.
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