Parsley Energy Inc. (PE) Shares Gap Up on Insider Buying Activity
Parsley Energy Inc. (NYSE:PE)’s share price gapped up prior to trading on Monday following insider buying activity. The stock had previously closed at $33.74, but opened at $34.75. Parsley Energy shares last traded at $36.41, with a volume of 3,409,425 shares.
Specifically, insider Ryan Dalton sold 20,000 shares of the stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $34.98, for a total transaction of $699,600.00. Following the completion of the transaction, the insider now directly owns 246,661 shares in the company, valued at approximately $8,628,201.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director A R. Alameddine bought 8,000 shares of the stock in a transaction dated Thursday, November 17th. The shares were purchased at an average price of $34.75 per share, with a total value of $278,000.00. Following the completion of the transaction, the director now directly owns 89,488 shares in the company, valued at approximately $3,109,708. The disclosure for this purchase can be found here. 24.17% of the stock is owned by company insiders.
A number of brokerages recently issued reports on PE. Morgan Stanley raised their price target on Parsley Energy to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 30th. Goldman Sachs Group Inc. raised their price target on Parsley Energy from $25.00 to $29.00 and gave the stock a “neutral” rating in a research report on Monday, August 8th. Zacks Investment Research upgraded Parsley Energy from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Wednesday, August 3rd. Macquarie downgraded Parsley Energy from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $36.00 to $38.00 in a research report on Wednesday, October 12th. Finally, JPMorgan Chase & Co. raised their price target on Parsley Energy from $34.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, August 15th. Seven research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $32.00.
The company’s market capitalization is $6.54 billion. The firm’s 50-day moving average is $34.85 and its 200 day moving average is $30.50.
Parsley Energy (NYSE:PE) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.01. Parsley Energy had a positive return on equity of 0.24% and a negative net margin of 15.86%. The company had revenue of $132.67 million for the quarter, compared to the consensus estimate of $82.30 million. During the same quarter in the prior year, the business earned ($0.08) EPS. Parsley Energy’s revenue was up 106.6% on a year-over-year basis. On average, equities analysts predict that Parsley Energy Inc. will post $0.10 EPS for the current year.
A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in 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 last quarter. TIAA CREF Investment Management LLC increased its position 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 last quarter. FMR LLC increased its position 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 last quarter. Teachers Advisors Inc. increased its position 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 last quarter. Finally, First Trust Advisors LP increased its position in Parsley Energy by 706.8% in the third quarter. First Trust Advisors LP now owns 1,524,747 shares of the company’s stock worth $51,094,000 after buying an additional 1,335,760 shares during the last quarter. Institutional investors own 85.44% of the company’s stock.
About Parsley Energy
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.
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