Parsley Energy (NYSE:PE) PT Set at $23.00 by SunTrust Banks

Parsley Energy (NYSE:PE) has been given a $23.00 price objective by analysts at SunTrust Banks in a research report issued to clients and investors on Tuesday, TipRanks reports. The firm presently has a “buy” rating on the oil and natural gas company’s stock. SunTrust Banks’ price target indicates a potential upside of 23.86% from the stock’s current price.

Several other research firms have also issued reports on PE. ValuEngine upgraded shares of Parsley Energy from a “strong sell” rating to a “sell” rating in a report on Monday, August 26th. Wells Fargo & Co upped their price target on shares of Parsley Energy from $28.00 to $33.00 and gave the company an “outperform” rating in a report on Monday, August 12th. Zacks Investment Research downgraded shares of Parsley Energy from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. Bank of America increased their price objective on shares of Parsley Energy from $23.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Cowen set a $24.00 price objective on shares of Parsley Energy and gave the stock a “buy” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $28.60.

NYSE:PE traded up $0.18 during midday trading on Tuesday, hitting $18.57. 5,266,100 shares of the company traded hands, compared to its average volume of 5,136,575. The firm’s fifty day moving average is $16.51 and its 200-day moving average is $18.19. Parsley Energy has a 12-month low of $13.72 and a 12-month high of $31.05. The firm has a market capitalization of $5.60 billion, a P/E ratio of 13.17, a P/E/G ratio of 0.36 and a beta of 0.49. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36.

Parsley Energy (NYSE:PE) last posted its quarterly earnings data on Tuesday, August 6th. The oil and natural gas company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.31 by $0.01. The company had revenue of $198.50 million during the quarter, compared to analyst estimates of $467.53 million. Parsley Energy had a net margin of 13.69% and a return on equity of 5.72%. Parsley Energy’s quarterly revenue was down 57.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.39 earnings per share. On average, research analysts expect that Parsley Energy will post 1.38 EPS for the current fiscal year.

Large investors have recently made changes to their positions in the stock. Enlightenment Research LLC bought a new stake in Parsley Energy during the 2nd quarter valued at $206,000. Parametric Portfolio Associates LLC raised its holdings in shares of Parsley Energy by 30.1% in the first quarter. Parametric Portfolio Associates LLC now owns 544,354 shares of the oil and natural gas company’s stock valued at $10,506,000 after acquiring an additional 125,987 shares in the last quarter. Carlson Capital L P bought a new stake in shares of Parsley Energy in the second quarter valued at about $8,994,000. Fisher Asset Management LLC raised its holdings in shares of Parsley Energy by 9.7% in the second quarter. Fisher Asset Management LLC now owns 935,051 shares of the oil and natural gas company’s stock valued at $17,775,000 after acquiring an additional 82,644 shares in the last quarter. Finally, Comerica Bank lifted its stake in Parsley Energy by 6.8% in the first quarter. Comerica Bank now owns 11,311 shares of the oil and natural gas company’s stock worth $210,000 after acquiring an additional 720 shares during the period. 82.72% of the stock is currently owned by institutional investors.

Parsley Energy Company 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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Analyst Recommendations for Parsley Energy (NYSE:PE)

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