Highbridge Capital Management LLC Invests $1.66 Million in Parsley Energy Inc (PE) Stock
Highbridge Capital Management LLC acquired a new stake in Parsley Energy Inc (NYSE:PE) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 56,828 shares of the oil and natural gas company’s stock, valued at approximately $1,662,000.
Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its position in shares of Parsley Energy by 20.1% during the second quarter. Bank of New York Mellon Corp now owns 6,895,147 shares of the oil and natural gas company’s stock worth $208,786,000 after purchasing an additional 1,156,137 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in shares of Parsley Energy by 11.6% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 28,950 shares of the oil and natural gas company’s stock worth $877,000 after purchasing an additional 3,008 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Parsley Energy by 17.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 955,564 shares of the oil and natural gas company’s stock worth $28,935,000 after purchasing an additional 145,243 shares in the last quarter. Luminus Management LLC boosted its position in shares of Parsley Energy by 133.3% during the second quarter. Luminus Management LLC now owns 1,633,291 shares of the oil and natural gas company’s stock worth $49,456,000 after purchasing an additional 933,291 shares in the last quarter. Finally, Korea Investment CORP bought a new position in shares of Parsley Energy during the second quarter worth $654,000. 83.02% of the stock is currently owned by hedge funds and other institutional investors.
PE opened at $18.74 on Friday. The firm has a market capitalization of $6.05 billion, a P/E ratio of 27.16, a P/E/G ratio of 0.40 and a beta of -0.16. Parsley Energy Inc has a 12 month low of $18.31 and a 12 month high of $33.43. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.35.
In related news, Director A R. Alameddine acquired 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 27th. The shares were acquired at an average cost of $21.10 per share, with a total value of $105,500.00. Following the transaction, the director now owns 122,643 shares of the company’s stock, valued at approximately $2,587,767.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased a total of 7,000 shares of company stock worth $145,490 over the last ninety days. 13.17% of the stock is currently owned by insiders.
A number of brokerages have recently weighed in on PE. Zacks Investment Research raised shares of Parsley Energy from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Monday, October 22nd. Jefferies Financial Group lifted their price target on shares of Parsley Energy from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, August 14th. SunTrust Banks set a $35.00 price target on shares of Parsley Energy and gave the stock a “buy” rating in a research report on Tuesday, November 27th. ValuEngine cut shares of Parsley Energy from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 1st. Finally, Stephens began coverage on shares of Parsley Energy in a research report on Thursday. They set an “equal weight” rating and a $31.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $36.25.
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Parsley Energy Company Profile
Parsley Energy, Inc, an independent oil and natural gas company, engages in the acquisition, development, production, exploration, and sale of crude oil and natural gas properties in the Permian Basin in West Texas and Southeastern New Mexico. As of December 31, 2017, its acreage position consisted of 219,747 net acres, including 174,392 net acres in the Midland Basin and 45,355 net acres in the Delaware Basin; and 241.0 net producing horizontal wells and 731.5 net producing vertical wells, as well an estimated proved oil and natural gas reserves were 416.4 MMBoe.
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