Parsley Energy (PE) Given a $46.00 Price Target by Piper Jaffray Companies Analysts

Parsley Energy (NYSE:PE) has been assigned a $46.00 price target by stock analysts at Piper Jaffray Companies in a research note issued on Wednesday. The firm presently has a “buy” rating on the oil and natural gas company’s stock. Piper Jaffray Companies’ target price points to a potential upside of 60.67% from the stock’s previous close.

Several other analysts have also recently commented on PE. ValuEngine cut shares of Parsley Energy from a “hold” rating to a “sell” rating in a research note on Saturday, May 12th. BMO Capital Markets set a $40.00 target price on shares of Parsley Energy and gave the stock a “buy” rating in a research note on Friday, May 4th. Seaport Global Securities cut shares of Parsley Energy from a “buy” rating to a “neutral” rating in a research note on Friday, May 4th. Morgan Stanley lifted their target price on shares of Parsley Energy from $31.00 to $32.00 and gave the stock an “equal weight” rating in a research note on Friday, May 4th. Finally, Zacks Investment Research raised shares of Parsley Energy from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research note on Thursday, May 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and twenty-one have given a buy rating to the company’s stock. Parsley Energy presently has a consensus rating of “Buy” and a consensus target price of $37.96.

PE stock opened at $28.63 on Wednesday. The company has a market capitalization of $8.84 billion, a price-to-earnings ratio of 41.49, a PEG ratio of 0.60 and a beta of -0.51. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.20 and a quick ratio of 1.20. Parsley Energy has a one year low of $21.12 and a one year high of $33.43.

Parsley Energy (NYSE:PE) last released its earnings results on Thursday, May 3rd. The oil and natural gas company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.07. The firm had revenue of $392.70 million during the quarter, compared to analysts’ expectations of $348.64 million. Parsley Energy had a net margin of 13.82% and a return on equity of 3.71%. Parsley Energy’s revenue for the quarter was up 95.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.13 EPS. sell-side analysts expect that Parsley Energy will post 1.57 EPS for the current year.

In related news, insider Colin Roberts sold 7,500 shares of Parsley Energy stock in a transaction on Monday, April 2nd. The shares were sold at an average price of $28.29, for a total transaction of $212,175.00. Following the transaction, the insider now owns 254,204 shares in the company, valued at approximately $7,191,431.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mike Hinson sold 41,681 shares of Parsley Energy stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $31.95, for a total transaction of $1,331,707.95. Following the transaction, the insider now owns 422,626 shares in the company, valued at approximately $13,502,900.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,181 shares of company stock worth $1,859,783. 13.17% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of the stock. Viking Global Investors LP lifted its holdings in shares of Parsley Energy by 129.7% during the 4th quarter. Viking Global Investors LP now owns 18,144,801 shares of the oil and natural gas company’s stock valued at $534,183,000 after acquiring an additional 10,245,991 shares in the last quarter. TIAA CREF Investment Management LLC lifted its holdings in shares of Parsley Energy by 9.5% during the 4th quarter. TIAA CREF Investment Management LLC now owns 9,885,217 shares of the oil and natural gas company’s stock valued at $291,021,000 after acquiring an additional 855,841 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Parsley Energy by 96.8% during the 1st quarter. JPMorgan Chase & Co. now owns 9,608,948 shares of the oil and natural gas company’s stock valued at $278,563,000 after acquiring an additional 4,726,116 shares in the last quarter. Teachers Advisors LLC lifted its holdings in shares of Parsley Energy by 34.9% during the 4th quarter. Teachers Advisors LLC now owns 6,101,167 shares of the oil and natural gas company’s stock valued at $179,618,000 after acquiring an additional 1,578,132 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Parsley Energy by 5.8% during the 1st quarter. Van ECK Associates Corp now owns 5,920,486 shares of the oil and natural gas company’s stock valued at $171,635,000 after acquiring an additional 323,159 shares in the last quarter. Institutional investors and hedge funds own 85.13% of the company’s stock.

About Parsley Energy

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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