Parsley Energy Inc. (PE) Forecasted to Post Q4 2016 Earnings of $0.08 Per Share
Parsley Energy Inc. (NYSE:PE) – Analysts at KeyCorp boosted their Q4 2016 EPS estimates for Parsley Energy in a note issued to investors on Tuesday. KeyCorp analyst C. Stevens now anticipates that the firm will earn $0.08 per share for the quarter, up from their prior estimate of $0.07. KeyCorp currently has a “Overweight” rating and a $44.00 target price on the stock. KeyCorp also issued estimates for Parsley Energy’s Q3 2018 earnings at $0.53 EPS.
Several other equities analysts have also issued reports on the company. Zacks Investment Research lowered Parsley Energy from a “buy” rating to a “hold” rating in a research note on Friday, November 4th. Macquarie lowered Parsley Energy from an “outperform” rating to a “neutral” rating and upped their price target for the company from $36.00 to $38.00 in a research note on Wednesday, October 12th. Nomura reaffirmed a “buy” rating and set a $17.00 price target on shares of Parsley Energy in a research note on Monday, September 26th. FBR & Co assumed coverage on Parsley Energy in a research note on Tuesday, September 13th. They set an “outperform” rating and a $41.00 price target on the stock. Finally, Morgan Stanley upped their price target on Parsley Energy to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, August 30th. Seven investment 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 stock. Parsley Energy currently has an average rating of “Buy” and an average target price of $32.25.
Shares of Parsley Energy (NYSE:PE) opened at 35.92 on Thursday. The firm’s market capitalization is $6.45 billion. The firm’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 announced its quarterly earnings data on Wednesday, November 2nd. The company reported $0.03 EPS for the quarter, topping the Zacks’ 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 firm earned $132.67 million during the quarter, compared to analyst estimates of $82.30 million. During the same period last year, the company posted ($0.08) EPS. The business’s quarterly revenue was up 106.6% compared to the same quarter last year.
A number of hedge funds have recently added to or reduced their stakes in the company. Redwood Investments LLC purchased a new stake in Parsley Energy during the second quarter valued at $17,455,000. Geode Capital Management LLC boosted its stake in Parsley Energy by 4.9% in the first quarter. Geode Capital Management LLC now owns 676,265 shares of the company’s stock valued at $15,283,000 after buying an additional 31,867 shares during the last quarter. Rothschild Capital Partners LLC purchased a new stake in Parsley Energy during the second quarter valued at $2,427,000. Essex Investment Management Co. LLC boosted its stake in Parsley Energy by 20.3% in the second quarter. Essex Investment Management Co. LLC now owns 19,413 shares of the company’s stock valued at $525,000 after buying an additional 3,280 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in Parsley Energy by 118.0% in the second quarter. Meeder Asset Management Inc. now owns 24,999 shares of the company’s stock valued at $676,000 after buying an additional 13,531 shares during the last quarter. 85.44% of the stock is owned by institutional investors and hedge funds.
In related news, insider Mike Hinson sold 25,000 shares of Parsley Energy stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $33.65, for a total transaction of $841,250.00. Following the completion of the sale, the insider now directly owns 546,653 shares of the company’s stock, valued at approximately $18,394,873.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Bryan Sheffield sold 312,500 shares of Parsley Energy stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $34.89, for a total value of $10,903,125.00. Following the sale, the insider now directly owns 13,033,741 shares of the company’s stock, valued at $454,747,223.49. The disclosure for this sale can be found here. Insiders own 24.17% 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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