Parsley Energy (PE) Price Target Lowered to $30.00 at Morgan Stanley

Parsley Energy (NYSE:PE) had its price objective trimmed by Morgan Stanley from $34.00 to $30.00 in a research report report published on Tuesday. They currently have a hold rating on the oil and natural gas company’s stock.

PE has been the topic of a number of other research reports. Stifel Nicolaus reissued a buy rating and issued a $57.00 target price on shares of Parsley Energy in a research note on Wednesday, October 24th. Jefferies Financial Group reaffirmed a buy rating and set a $37.00 price objective on shares of Parsley Energy in a research note on Tuesday, November 6th. Wolfe Research cut shares of Parsley Energy from an outperform rating to a market perform rating in a research note on Wednesday, October 17th. Zacks Investment Research cut shares of Parsley Energy from a buy rating to a hold rating in a research note on Tuesday. Finally, Wells Fargo & Co initiated coverage on shares of Parsley Energy in a research note on Wednesday, October 24th. They set an outperform rating and a $47.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $38.32.

NYSE PE opened at $21.74 on Tuesday. The stock has a market capitalization of $6.89 billion, a P/E ratio of 31.51, a price-to-earnings-growth ratio of 0.46 and a beta of -0.13. Parsley Energy has a twelve month low of $20.45 and a twelve 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.

Parsley Energy (NYSE:PE) last posted its earnings results on Thursday, November 1st. The oil and natural gas company reported $0.45 earnings per share for the quarter, beating the Zacks’ 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. As a group, research analysts anticipate that Parsley Energy will post 1.61 earnings per share for the current fiscal year.

In other Parsley Energy news, Director Hemang Desai acquired 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 4th. The shares were acquired at an average cost of $27.32 per share, for a total transaction of $27,320.00. Following the completion of the acquisition, the director now directly owns 31,886 shares of the company’s stock, valued at approximately $871,125.52. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Bryan Sheffield sold 2,500,000 shares of the stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $28.15, for a total transaction 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. Corporate insiders own 13.17% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. increased its position in shares of Parsley Energy by 487.2% during the second quarter. Envestnet Asset Management Inc. now owns 4,069 shares of the oil and natural gas company’s stock worth $124,000 after acquiring an additional 3,376 shares in the last quarter. Brasada Capital Management LP bought a new position in Parsley Energy in the third quarter valued at $219,000. Fox Run Management L.L.C. bought a new position in Parsley Energy in the second quarter valued at $224,000. Nordea Investment Management AB grew its position in shares of Parsley Energy by 64.6% in the 3rd quarter. Nordea Investment Management AB now owns 9,540 shares of the oil and natural gas company’s stock valued at $279,000 after acquiring an additional 3,745 shares during the period. Finally, Piedmont Investment Advisors LLC bought a new position in shares of Parsley Energy in the 2nd quarter valued at about $286,000. Institutional investors own 87.91% of the company’s stock.

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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