Parsley Energy Inc (NYSE:PE) Expected to Post Quarterly Sales of $327.18 Million

Wall Street analysts expect Parsley Energy Inc (NYSE:PE) to post $327.18 million in sales for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have made estimates for Parsley Energy’s earnings. The highest sales estimate is $389.11 million and the lowest is $268.00 million. Parsley Energy reported sales of $498.54 million during the same quarter last year, which indicates a negative year over year growth rate of 34.4%. The company is scheduled to announce its next quarterly earnings results after the market closes on Wednesday, August 5th.

On average, analysts expect that Parsley Energy will report full year sales of $1.85 billion for the current financial year, with estimates ranging from $1.68 billion to $2.33 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.93 billion, with estimates ranging from $1.76 billion to $2.23 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Parsley Energy.

Parsley Energy (NYSE:PE) last posted its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.05. Parsley Energy had a negative net margin of 151.11% and a positive return on equity of 5.98%. The business had revenue of $564.80 million for the quarter, compared to analysts’ expectations of $597.35 million. During the same quarter in the previous year, the business posted $0.22 earnings per share. The business’s revenue was up 32.1% compared to the same quarter last year.

Several research analysts have issued reports on PE shares. SunTrust Banks cut their price objective on Parsley Energy from $11.00 to $9.00 and set a “hold” rating for the company in a research report on Monday, April 13th. Royal Bank of Canada restated a “buy” rating and issued a $12.00 price target on shares of Parsley Energy in a research report on Wednesday, May 6th. Wells Fargo & Co increased their price objective on Parsley Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Thursday, June 25th. Piper Sandler raised Parsley Energy from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $8.00 to $17.00 in a research note on Tuesday, July 21st. Finally, TD Securities lifted their price objective on Parsley Energy from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. Parsley Energy currently has a consensus rating of “Buy” and an average price target of $16.58.

NYSE:PE traded down $0.06 during trading hours on Tuesday, hitting $10.98. The company’s stock had a trading volume of 5,878,181 shares, compared to its average volume of 6,878,979. The business’s 50-day moving average is $10.86 and its two-hundred day moving average is $11.06. The company has a market capitalization of $4.53 billion, a PE ratio of -1.29, a PEG ratio of 1.87 and a beta of 2.13. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.84 and a current ratio of 0.84. Parsley Energy has a 52-week low of $3.92 and a 52-week high of $20.80.

Several institutional investors and hedge funds have recently modified their holdings of PE. Comerica Bank grew its position in Parsley Energy by 24.5% during the 2nd quarter. Comerica Bank now owns 371,712 shares of the oil and natural gas company’s stock worth $4,323,000 after acquiring an additional 73,123 shares during the last quarter. Monarch Partners Asset Management LLC bought a new stake in Parsley Energy during the 2nd quarter worth approximately $1,843,000. Sigma Planning Corp bought a new stake in Parsley Energy during the 2nd quarter worth approximately $121,000. UBS Group AG grew its position in Parsley Energy by 166.5% during the 2nd quarter. UBS Group AG now owns 1,309,341 shares of the oil and natural gas company’s stock worth $13,984,000 after acquiring an additional 817,996 shares during the last quarter. Finally, Park Avenue Securities LLC bought a new stake in Parsley Energy during the 2nd quarter worth approximately $117,000. 68.35% of the stock is owned by institutional investors and hedge funds.

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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Earnings History and Estimates for Parsley Energy (NYSE:PE)

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