Morgan Stanley Trims Parsley Energy (PE) Target Price to $34.00

Parsley Energy (NYSE:PE) had its price objective reduced by Morgan Stanley from $35.00 to $34.00 in a report issued on Monday. They currently have a hold rating on the oil and natural gas company’s stock.

PE has been the topic of several other research reports. Stifel Nicolaus reiterated a buy rating and issued a $57.00 price target on shares of Parsley Energy in a report on Wednesday, October 24th. Susquehanna Bancshares started coverage on shares of Parsley Energy in a report on Wednesday, July 11th. They set a positive rating and a $38.00 target price on the stock. Wolfe Research cut shares of Parsley Energy from an outperform rating to a market perform rating in a report on Wednesday, October 17th. Zacks Investment Research upgraded shares of Parsley Energy from a hold rating to a buy rating and set a $31.00 target price on the stock in a report on Monday, October 22nd. Finally, Wells Fargo & Co started coverage on shares of Parsley Energy in a report on Wednesday, October 24th. They set an outperform rating and a $47.00 target price on the stock. Five analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $38.33.

NYSE:PE opened at $23.36 on Monday. The firm has a market capitalization of $7.94 billion, a P/E ratio of 33.86, a P/E/G ratio of 0.50 and a beta of -0.13. Parsley Energy has a twelve month low of $21.12 and a twelve month high of $33.43. The company has a current ratio of 0.70, a quick ratio of 0.93 and a debt-to-equity ratio of 0.35.

Parsley Energy (NYSE:PE) last released its quarterly earnings results on Thursday, November 1st. The oil and natural gas company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01. The business had revenue of $511.00 million for the quarter, compared to analysts’ expectations of $493.44 million. Parsley Energy had a net margin of 21.70% and a return on equity of 6.77%. The firm’s revenue for the quarter was up 112.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 earnings per share. As a group, analysts predict that Parsley Energy will post 1.65 earnings per share for the current fiscal year.

In related news, Director Hemang Desai purchased 1,000 shares of the stock in a transaction dated Tuesday, September 4th. The stock was purchased at an average price of $27.32 per share, with a total value of $27,320.00. Following the transaction, the director now directly owns 31,886 shares in the company, valued at $871,125.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bryan Sheffield sold 2,500,000 shares of Parsley Energy stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $28.15, for a total value of $70,375,000.00. Following the completion of the transaction, the insider now directly owns 9,033,063 shares of the company’s stock, valued at approximately $254,280,723.45. The disclosure for this sale can be found here. 13.17% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the business. IFM Investors Pty Ltd raised its position in Parsley Energy by 15.8% in the 3rd quarter. IFM Investors Pty Ltd now owns 13,954 shares of the oil and natural gas company’s stock worth $408,000 after buying an additional 1,907 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Parsley Energy by 21.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 11,923 shares of the oil and natural gas company’s stock worth $345,000 after buying an additional 2,124 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Parsley Energy by 15.9% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,006 shares of the oil and natural gas company’s stock worth $468,000 after buying an additional 2,198 shares during the last quarter. DNB Asset Management AS raised its position in Parsley Energy by 8.6% in the 3rd quarter. DNB Asset Management AS now owns 27,791 shares of the oil and natural gas company’s stock worth $813,000 after buying an additional 2,200 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Parsley Energy by 5.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 43,667 shares of the oil and natural gas company’s stock worth $1,322,000 after buying an additional 2,265 shares during the last quarter. 83.90% of the stock is owned by institutional investors and hedge funds.

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.

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