Parsley Energy Inc (PE) Receives $38.96 Consensus Target Price from Brokerages

Shares of Parsley Energy Inc (NYSE:PE) have been assigned a consensus recommendation of “Buy” from the thirty-one research firms that are currently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold recommendation, twenty-four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $38.85.

Several analysts have issued reports on the company. Jefferies Financial Group restated a “buy” rating and issued a $37.00 target price on shares of Parsley Energy in a research note on Tuesday. Morgan Stanley lowered their target price on Parsley Energy from $35.00 to $34.00 and set a “hold” rating on the stock in a research note on Monday. Macquarie upgraded Parsley Energy from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $31.00 to $33.00 in a research note on Monday. Williams Capital set a $38.00 target price on Parsley Energy and gave the company a “hold” rating in a research note on Friday, November 2nd. Finally, Ifs Securities began coverage on Parsley Energy in a research note on Monday, October 29th. They issued a “strong-buy” rating on the stock.

In other Parsley Energy news, insider Mike Hinson sold 13,328 shares of the company’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $28.75, for a total value of $383,180.00. Following the transaction, the insider now directly owns 400,650 shares in the company, valued at approximately $11,518,687.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bryan Sheffield sold 2,500,000 shares of the company’s 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 owns 9,033,063 shares in the company, valued at $254,280,723.45. The disclosure for this sale can be found here. Insiders own 13.17% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Jupiter Asset Management Ltd. increased its stake in Parsley Energy by 2.2% in the 3rd quarter. Jupiter Asset Management Ltd. now owns 197,218 shares of the oil and natural gas company’s stock worth $5,769,000 after acquiring an additional 4,205 shares during the last quarter. Tortoise Capital Advisors L.L.C. increased its stake in Parsley Energy by 14.2% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 292,313 shares of the oil and natural gas company’s stock worth $8,550,000 after acquiring an additional 36,445 shares during the last quarter. Keybank National Association OH increased its stake in Parsley Energy by 28.7% in the 3rd quarter. Keybank National Association OH now owns 524,592 shares of the oil and natural gas company’s stock worth $15,344,000 after acquiring an additional 116,915 shares during the last quarter. Eagle Asset Management Inc. increased its stake in Parsley Energy by 2,702.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 2,153,221 shares of the oil and natural gas company’s stock worth $62,981,000 after acquiring an additional 2,076,385 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake 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 acquiring an additional 2,198 shares during the last quarter. Institutional investors and hedge funds own 83.90% of the company’s stock.

Shares of PE opened at $23.97 on Tuesday. The firm has a market capitalization of $7.94 billion, a price-to-earnings ratio of 34.74, a PEG ratio of 0.50 and a beta of -0.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.93 and a current ratio of 0.70. Parsley Energy has a 1 year low of $21.12 and a 1 year high of $33.43.

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

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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Analyst Recommendations for Parsley Energy (NYSE:PE)

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