Parsley Energy Inc. (PE) PT Raised to $44.00 at KeyCorp
Parsley Energy Inc. (NYSE:PE) had its price target increased by equities researchers at KeyCorp from $42.00 to $44.00 in a note issued to investors on Tuesday. The firm presently has an “overweight” rating on the stock. KeyCorp’s price objective would suggest a potential upside of 22.49% from the stock’s current price.
A number of other brokerages have also recently issued reports on PE. Barclays PLC lifted their price objective on Parsley Energy from $30.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, August 5th. Imperial Capital lifted their price objective on Parsley Energy from $34.00 to $40.00 and gave the company an “outperform” rating in a research note on Friday, August 5th. Zacks Investment Research upgraded Parsley Energy from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Wednesday, October 12th. Nomura lifted their price objective on Parsley Energy from $31.00 to $36.00 and gave the company a “buy” rating in a research note on Wednesday, August 17th. Finally, FBR & Co began coverage on Parsley Energy in a research note on Tuesday, September 13th. They set an “outperform” rating and a $41.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $32.25.
Shares of Parsley Energy (NYSE:PE) opened at 35.92 on Tuesday. The company’s market capitalization is $6.45 billion. The stock’s 50 day moving average price is $35.03 and its 200 day moving average price is $30.86. Parsley Energy has a 12-month low of $14.51 and a 12-month high of $37.20.
Parsley Energy (NYSE:PE) last released its earnings results on Wednesday, November 2nd. The company reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.01. The company earned $132.67 million during the quarter, compared to analysts’ expectations of $82.30 million. Parsley Energy had a positive return on equity of 0.24% and a negative net margin of 15.86%. The firm’s revenue for the quarter was up 106.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.08) EPS. On average, equities research analysts forecast that Parsley Energy will post $0.11 earnings per share for the current year.
In other Parsley Energy news, insider Mike Hinson sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 21st. The stock was sold at an average price of $36.18, for a total transaction of $904,500.00. Following the sale, the insider now directly owns 446,653 shares in the company, valued at $16,159,905.54. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Colin Roberts sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 18th. The shares were sold at an average price of $34.92, for a total value of $174,600.00. Following the sale, the vice president now owns 238,770 shares in the company, valued at $8,337,848.40. The disclosure for this sale can be found here. 24.17% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. 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 increased its stake in shares of 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 increased its stake in shares of 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. increased its stake in shares of 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, First Trust Advisors LP increased its stake in shares of 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 period. Institutional investors and hedge funds own 85.44% of the company’s stock.
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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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