Parsley Energy Inc. (PE) Lifted to Buy at Zacks Investment Research
Parsley Energy Inc. (NYSE:PE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $41.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.21% from the stock’s previous close.
According to Zacks, “Parsley Energy, Inc. is an independent oil and natural gas company. It is focused on the acquisition, development, and exploitation of unconventional oil and natural gas reserves in the Permian Basin. Parsley Energy, Inc. is headquartered in Midland, Texas. “
Several other research firms have also recently issued reports on PE. Nomura raised their target price on Parsley Energy from $31.00 to $36.00 and gave the stock a “buy” rating in a research note on Wednesday, August 17th. Goldman Sachs Group Inc. raised their target price on Parsley Energy from $25.00 to $29.00 and gave the stock a “neutral” rating in a research note on Monday, August 8th. Stifel Nicolaus raised their target price on Parsley Energy from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, August 16th. FBR & Co initiated coverage on Parsley Energy in a research note on Tuesday, September 13th. They set an “outperform” rating and a $41.00 target price for the company. Finally, KeyCorp raised their target price on Parsley Energy from $36.00 to $37.00 and gave the stock an “overweight” rating in a research note on Monday, August 22nd. Five equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company. Parsley Energy has a consensus rating of “Buy” and a consensus price target of $31.28.
Parsley Energy (NYSE:PE) opened at 36.54 on Wednesday. The stock’s 50 day moving average price is $33.65 and its 200-day moving average price is $28.26. Parsley Energy has a 52-week low of $14.51 and a 52-week high of $37.04. The stock’s market capitalization is $6.26 billion.
Parsley Energy (NYSE:PE) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by $0.10. The business had revenue of $106.30 million for the quarter, compared to analyst estimates of $92.04 million. Parsley Energy had a negative return on equity of 0.66% and a negative net margin of 18.26%. Parsley Energy’s revenue was up 36.5% compared to the same quarter last year. During the same period last year, the business earned ($0.01) EPS. On average, equities analysts expect that Parsley Energy will post $0.10 EPS for the current fiscal year.
In other Parsley Energy news, insider Bryan Sheffield sold 1,100,000 shares of Parsley Energy stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $32.15, for a total transaction of $35,365,000.00. Following the completion of the sale, the insider now directly owns 13,169,935 shares of the company’s stock, valued at approximately $423,413,410.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mike Hinson sold 25,000 shares of Parsley Energy stock in a transaction dated Wednesday, October 5th. The stock was sold at an average price of $35.13, for a total value of $878,250.00. Following the sale, the insider now directly owns 536,153 shares of the company’s stock, valued at $18,835,054.89. The disclosure for this sale can be found here. Company insiders own 24.17% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Parsley Energy by 37.3% in the second quarter. Vanguard Group Inc. now owns 10,665,055 shares of the company’s stock worth $288,596,000 after buying an additional 2,895,325 shares during the period. TIAA CREF Investment Management LLC boosted its stake in Parsley Energy by 50.6% in the second quarter. TIAA CREF Investment Management LLC now owns 5,485,699 shares of the company’s stock worth $148,443,000 after buying an additional 1,843,378 shares during the period. FMR LLC boosted its stake in Parsley Energy by 37.9% in the second quarter. FMR LLC now owns 5,149,001 shares of the company’s stock worth $139,332,000 after buying an additional 1,414,784 shares during the period. Teachers Advisors Inc. boosted its stake in Parsley Energy by 66.3% in the second quarter. Teachers Advisors Inc. now owns 3,519,389 shares of the company’s stock worth $95,235,000 after buying an additional 1,402,998 shares during the period. Finally, Glenmede Trust Co. NA purchased a new stake in Parsley Energy during the second quarter worth approximately $33,118,000. 84.49% of the stock is owned by institutional investors.
Parsley Energy Company Profile
Parsley Energy, Inc is an independent oil and natural gas company. The Company is focused on the acquisition, development and exploitation of unconventional oil and natural gas reserves in the Permian Basin. The Permian Basin is located in West Texas and Southeastern New Mexico and comprises over three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.
Receive News & Stock Ratings for Parsley Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parsley Energy Inc. and related stocks with our FREE daily email newsletter.