Pictet Asset Management Ltd. lowered its stake in Parsley Energy Inc (NYSE:PE) by 21.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,017 shares of the oil and natural gas company’s stock after selling 23,300 shares during the period. Pictet Asset Management Ltd.’s holdings in Parsley Energy were worth $1,622,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of PE. Bain Capital Credit LP purchased a new stake in Parsley Energy during the fourth quarter worth approximately $2,016,000. Norges Bank purchased a new stake in Parsley Energy during the fourth quarter worth approximately $34,928,000. S&CO Inc. lifted its stake in Parsley Energy by 46.8% during the first quarter. S&CO Inc. now owns 346,620 shares of the oil and natural gas company’s stock worth $6,690,000 after purchasing an additional 110,548 shares during the last quarter. Syntal Capital Partners LLC lifted its stake in Parsley Energy by 130.8% during the fourth quarter. Syntal Capital Partners LLC now owns 272,464 shares of the oil and natural gas company’s stock worth $4,353,000 after purchasing an additional 154,398 shares during the last quarter. Finally, QS Investors LLC lifted its stake in Parsley Energy by 326.7% during the fourth quarter. QS Investors LLC now owns 114,415 shares of the oil and natural gas company’s stock worth $1,829,000 after purchasing an additional 87,600 shares during the last quarter. Hedge funds and other institutional investors own 83.23% of the company’s stock.
PE stock traded down $0.39 on Wednesday, reaching $17.30. 68,526 shares of the company’s stock were exchanged, compared to its average volume of 5,404,523. Parsley Energy Inc has a twelve month low of $14.17 and a twelve month high of $33.25. The firm has a market capitalization of $5.50 billion, a PE ratio of 12.32, a P/E/G ratio of 0.31 and a beta of 0.50. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.43 and a quick ratio of 0.43.
A number of brokerages have weighed in on PE. Zacks Investment Research cut Parsley Energy from a “buy” rating to a “hold” rating in a research note on Friday, May 3rd. ValuEngine upgraded Parsley Energy from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 18th. TD Securities reduced their price objective on Parsley Energy from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Goldman Sachs Group cut Parsley Energy to a “buy” rating in a research note on Friday, April 12th. Finally, Jefferies Financial Group reduced their price objective on Parsley Energy from $28.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, March 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five 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 $30.87.
In other news, Director Jerry Windlinger bought 1,985 shares of the stock in a transaction on Wednesday, June 5th. The shares were bought at an average price of $17.50 per share, with a total value of $34,737.50. Following the completion of the acquisition, the director now owns 33,382 shares of the company’s stock, valued at $584,185. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bryan Sheffield sold 100,000 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $20.24, for a total value of $2,024,000.00. Following the completion of the sale, the insider now directly owns 8,801,632 shares in the company, valued at approximately $178,145,031.68. The disclosure for this sale can be found here. 12.14% of the stock is currently owned by corporate insiders.
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Parsley Energy Profile
Parsley Energy, Inc, an independent oil and natural gas company, engages in the acquisition, development, exploration, production, and sale of crude oil and natural gas properties in the Permian Basin in west Texas and Southeastern New Mexico. As of December 31, 2018, its acreage position consisted of 198,946 net acres, including 154,107 net acres in the Midland Basin and 44,839 net acres in the Delaware Basin; and operated 425.3 net acres of the horizontal wells and 735.7 net acres of the vertical wells, as well an estimated proved oil, natural gas, and natural gas liquid reserves of 521.7 MMBoe.
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