Parsley Energy, Inc. (PE) Price Target Cut to $44.00
Parsley Energy, Inc. (NYSE:PE) had its price objective cut by J P Morgan Chase & Co from $50.00 to $44.00 in a research note released on Tuesday morning. They currently have an overweight rating on the oil and natural gas company’s stock.
A number of other research analysts have also commented on the stock. Citigroup Inc. set a $50.00 price objective on shares of Parsley Energy and gave the company a buy rating in a research note on Friday, July 21st. Williams Capital upgraded shares of Parsley Energy from a hold rating to a buy rating and lowered their price objective for the company from $39.00 to $37.00 in a research note on Monday, June 12th. Stifel Nicolaus reiterated a buy rating and set a $46.00 price objective on shares of Parsley Energy in a research note on Sunday, September 3rd. Bank of America Corporation initiated coverage on shares of Parsley Energy in a research note on Wednesday, July 19th. They set a buy rating and a $37.00 price objective on the stock. Finally, Zacks Investment Research lowered shares of Parsley Energy from a hold rating to a sell rating in a research note on Saturday, July 15th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and twenty-one have given a buy rating to the company. Parsley Energy presently has a consensus rating of Buy and a consensus price target of $41.17.
Shares of Parsley Energy (NYSE:PE) traded up 0.27% during midday trading on Tuesday, hitting $26.34. The stock had a trading volume of 10,094,134 shares. Parsley Energy has a one year low of $22.98 and a one year high of $39.82. The firm has a 50 day moving average of $25.20 and a 200-day moving average of $28.60. The company has a market cap of $6.52 billion, a P/E ratio of 147.15 and a beta of -0.07.
Parsley Energy (NYSE:PE) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.06). Parsley Energy had a net margin of 5.23% and a return on equity of 1.70%. The firm had revenue of $213.68 million during the quarter, compared to analyst estimates of $216.54 million. During the same quarter in the previous year, the business posted $0.04 EPS. Parsley Energy’s revenue for the quarter was up 99.9% compared to the same quarter last year. On average, analysts forecast that Parsley Energy will post $0.49 earnings per share for the current fiscal year.
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A number of institutional investors have recently bought and sold shares of PE. Apollo Management Holdings L.P. acquired a new position in Parsley Energy in the 2nd quarter worth approximately $414,418,000. BlackRock Inc. boosted its stake in Parsley Energy by 6,471.4% in the 1st quarter. BlackRock Inc. now owns 11,215,157 shares of the oil and natural gas company’s stock worth $364,606,000 after purchasing an additional 11,044,492 shares during the period. Vanguard Group Inc. boosted its stake in Parsley Energy by 47.3% in the 1st quarter. Vanguard Group Inc. now owns 18,418,741 shares of the oil and natural gas company’s stock worth $598,793,000 after purchasing an additional 5,913,072 shares during the period. Victory Capital Management Inc. boosted its stake in Parsley Energy by 250.9% in the 2nd quarter. Victory Capital Management Inc. now owns 7,264,371 shares of the oil and natural gas company’s stock worth $201,586,000 after purchasing an additional 5,194,292 shares during the period. Finally, FMR LLC boosted its stake in Parsley Energy by 40.2% in the 2nd quarter. FMR LLC now owns 10,091,313 shares of the oil and natural gas company’s stock worth $280,034,000 after purchasing an additional 2,893,045 shares during the period. 77.74% of the stock is owned by hedge funds and other institutional investors.
Parsley Energy Company Profile
Parsley Energy, Inc is a holding company. The Company is an independent oil and natural gas company. The Company focuses 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 includes three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.
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