Citigroup Inc. Lowers Parsley Energy, Inc. (PE) Price Target to $49.00
Parsley Energy, Inc. (NYSE:PE) had its target price cut by equities research analysts at Citigroup Inc. from $51.00 to $49.00 in a research note issued to investors on Friday. The brokerage currently has a “buy” rating on the oil and natural gas company’s stock. Citigroup Inc.’s price target points to a potential upside of 85.40% from the stock’s current price.
Several other brokerages also recently commented on PE. BidaskClub downgraded shares of Parsley Energy from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Zacks Investment Research raised shares of Parsley Energy from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Seaport Global Securities downgraded shares of Parsley Energy from a “buy” rating to a “neutral” rating and set a $30.00 target price on the stock. in a research note on Monday, July 17th. Northland Securities set a $43.00 target price on shares of Parsley Energy and gave the stock a “buy” rating in a research note on Monday, July 17th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $39.00 target price on shares of Parsley Energy in a research note on Friday, July 14th. Three analysts have rated the stock with a sell rating and twenty-three have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $41.00.
Parsley Energy (NYSE PE) traded down 0.34% during midday trading on Friday, hitting $26.43. 4,757,293 shares of the stock were exchanged. The stock has a market cap of $6.55 billion, a PE ratio of 147.65 and a beta of -0.05. The company’s 50 day moving average is $25.82 and its 200-day moving average is $28.06. Parsley Energy has a 1-year low of $22.98 and a 1-year high of $39.82.
Parsley Energy (NYSE:PE) last issued its 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 return on equity of 1.70% and a net margin of 5.23%. The firm had revenue of $213.68 million during the quarter, compared to analysts’ expectations of $216.54 million. During the same period in the previous year, the firm earned $0.04 earnings per share. The firm’s quarterly revenue was up 99.9% compared to the same quarter last year. On average, analysts expect that Parsley Energy will post $0.48 earnings per share for the current year.
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Several hedge funds have recently made changes to their positions in PE. Spot Trading L.L.C. bought a new stake in shares of Parsley Energy during the 1st quarter valued at $565,000. Public Employees Retirement Association of Colorado boosted its holdings in shares of Parsley Energy by 12.6% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 5,873 shares of the oil and natural gas company’s stock valued at $191,000 after buying an additional 659 shares in the last quarter. Comerica Bank boosted its holdings in shares of Parsley Energy by 29.7% during the 1st quarter. Comerica Bank now owns 21,689 shares of the oil and natural gas company’s stock valued at $640,000 after buying an additional 4,972 shares in the last quarter. Karp Capital Management Corp bought a new stake in shares of Parsley Energy during the 1st quarter valued at $725,000. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Parsley Energy by 6.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 4,716 shares of the oil and natural gas company’s stock valued at $153,000 after buying an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 77.94% of the company’s stock.
About Parsley Energy
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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