SunTrust Banks Reiterates “$34.00” Price Target for Parsley Energy (PE)

SunTrust Banks set a $34.00 target price on Parsley Energy (NYSE:PE) in a research report report published on Thursday morning. The firm currently has a buy rating on the oil and natural gas company’s stock. SunTrust Banks also issued estimates for Parsley Energy’s Q1 2018 earnings at $0.20 EPS, Q2 2018 earnings at $0.26 EPS, Q3 2018 earnings at $0.35 EPS and Q4 2018 earnings at $0.41 EPS.

A number of other research analysts have also commented on the company. Bank of America cut their price target on Parsley Energy from $38.00 to $37.00 and set a buy rating for the company in a report on Tuesday, January 30th. Credit Suisse Group cut their price target on Parsley Energy from $38.00 to $36.00 and set a buy rating for the company in a report on Tuesday, January 30th. Stifel Nicolaus set a $49.00 price target on Parsley Energy and gave the stock a buy rating in a report on Monday, January 29th. Piper Jaffray reiterated a buy rating and set a $41.00 price target on shares of Parsley Energy in a report on Tuesday, January 9th. Finally, Northland Securities set a $36.00 price target on Parsley Energy and gave the stock a buy rating in a report on Monday, December 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-one have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $36.67.

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NYSE:PE opened at $28.99 on Thursday. Parsley Energy has a twelve month low of $21.12 and a twelve month high of $33.07. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.50 and a quick ratio of 1.50. The company has a market capitalization of $9,183.57, a P/E ratio of 42.01, a P/E/G ratio of 1.40 and a beta of -0.39.

Parsley Energy (NYSE:PE) last posted its earnings results on Wednesday, February 21st. The oil and natural gas company reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.13. Parsley Energy had a return on equity of 3.10% and a net margin of 11.04%. The firm had revenue of $311.49 million during the quarter, compared to analyst estimates of $298.04 million. During the same period in the previous year, the company earned $0.06 EPS. The company’s revenue for the quarter was up 99.8% on a year-over-year basis. equities analysts expect that Parsley Energy will post 1.15 earnings per share for the current year.

In related news, insider Bryan Sheffield purchased 189,500 shares of the stock in a transaction on Monday, February 26th. The shares were purchased at an average cost of $26.34 per share, for a total transaction of $4,991,430.00. Following the completion of the transaction, the insider now directly owns 11,533,063 shares of the company’s stock, valued at approximately $303,780,879.42. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ron Brokmeyer purchased 2,000 shares of the stock in a transaction on Wednesday, February 28th. The stock was bought at an average price of $25.66 per share, for a total transaction of $51,320.00. Following the completion of the transaction, the director now directly owns 112,128 shares of the company’s stock, valued at $2,877,204.48. The disclosure for this purchase can be found here. Corporate insiders own 15.51% of the company’s stock.

Large investors have recently made changes to their positions in the business. Viking Global Investors LP grew its holdings in shares of Parsley Energy by 129.7% during the fourth quarter. Viking Global Investors LP now owns 18,144,801 shares of the oil and natural gas company’s stock worth $534,183,000 after purchasing an additional 10,245,991 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Parsley Energy by 164.3% during the third quarter. Point72 Asset Management L.P. now owns 5,709,178 shares of the oil and natural gas company’s stock worth $150,380,000 after purchasing an additional 3,549,307 shares during the last quarter. Teachers Advisors LLC grew its holdings in shares of Parsley Energy by 34.9% during the fourth quarter. Teachers Advisors LLC now owns 6,101,167 shares of the oil and natural gas company’s stock worth $179,618,000 after purchasing an additional 1,578,132 shares during the last quarter. Tide Point Capital Management LP bought a new stake in shares of Parsley Energy during the fourth quarter worth $40,093,000. Finally, Schroder Investment Management Group bought a new stake in shares of Parsley Energy during the third quarter worth $33,808,000. Hedge funds and other institutional investors own 81.97% of the company’s stock.

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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.

Analyst Recommendations for Parsley Energy (NYSE:PE)

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