Parsley Energy (NYSE:PE) Shares Gap Up After Analyst Upgrade

Parsley Energy Inc (NYSE:PE) shares gapped up before the market opened on Friday after UBS Group raised their price target on the stock from $20.00 to $21.00. The stock had previously closed at $16.40, but opened at $16.74. UBS Group currently has a buy rating on the stock. Parsley Energy shares last traded at $16.93, with a volume of 8,812,610 shares traded.

Several other research firms have also issued reports on PE. Morgan Stanley reduced their target price on Parsley Energy from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 26th. Northland Securities reissued a “buy” rating and set a $23.00 target price on shares of Parsley Energy in a report on Wednesday, November 6th. ValuEngine raised Parsley Energy from a “sell” rating to a “hold” rating in a report on Wednesday, January 8th. Cowen restated a “buy” rating and set a $29.00 price objective on shares of Parsley Energy in a research report on Monday, December 16th. Finally, KeyCorp upped their price objective on Parsley Energy from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $25.94.

In other news, insider Colin Roberts sold 10,000 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $16.36, for a total value of $163,600.00. Following the completion of the sale, the insider now owns 261,626 shares of the company’s stock, valued at $4,280,201.36. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ron Brokmeyer purchased 5,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was bought at an average cost of $14.95 per share, with a total value of $74,750.00. Following the purchase, the director now owns 13,897 shares of the company’s stock, valued at approximately $207,760.15. The disclosure for this purchase can be found here. Corporate insiders own 12.14% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. River & Mercantile Asset Management LLP acquired a new stake in Parsley Energy during the second quarter worth approximately $29,000. Quadrant Capital Group LLC grew its stake in Parsley Energy by 214.8% during the third quarter. Quadrant Capital Group LLC now owns 2,175 shares of the oil and natural gas company’s stock worth $31,000 after purchasing an additional 1,484 shares during the period. First Quadrant L P CA acquired a new stake in Parsley Energy during the third quarter worth approximately $42,000. Ladenburg Thalmann Financial Services Inc. grew its stake in Parsley Energy by 22.9% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,148 shares of the oil and natural gas company’s stock worth $98,000 after purchasing an additional 958 shares during the period. Finally, Stephens Inc. AR grew its stake in Parsley Energy by 20.5% during the third quarter. Stephens Inc. AR now owns 7,736 shares of the oil and natural gas company’s stock worth $130,000 after purchasing an additional 1,314 shares during the period. 79.04% of the stock is owned by institutional investors and hedge funds.

The firm has a 50 day moving average of $17.98 and a 200 day moving average of $16.98. The firm has a market cap of $5.29 billion, a price-to-earnings ratio of 18.01, a PEG ratio of 0.26 and a beta of 0.66. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.35.

Parsley Energy (NYSE:PE) last announced its quarterly earnings data on Tuesday, November 5th. The oil and natural gas company reported $0.29 EPS for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.05). Parsley Energy had a net margin of 14.03% and a return on equity of 4.96%. The firm had revenue of $510.15 million during the quarter, compared to analyst estimates of $503.05 million. During the same period last year, the business posted $0.41 EPS. The company’s revenue was down .2% on a year-over-year basis. Equities analysts expect that Parsley Energy Inc will post 1.19 EPS for the current year.

Parsley Energy Company Profile (NYSE:PE)

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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