Parsley Energy, Inc. (NYSE:PE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

According to Zacks, “Parsley Energy, Inc. is an independent oil and natural gas company. It is focused on the acquisition, development, and exploitation of unconventional oil and natural gas reserves in the Permian Basin. Parsley Energy, Inc. is headquartered in Midland, Texas. “

A number of other equities research analysts have also weighed in on the stock. Williams Capital cut their target price on shares of Parsley Energy from $36.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday. Citigroup Inc. cut their target price on shares of Parsley Energy from $51.00 to $49.00 and set a “buy” rating on the stock in a research note on Friday, October 13th. Barclays PLC set a $32.00 target price on shares of Parsley Energy and gave the company a “buy” rating in a research note on Wednesday, October 11th. BMO Capital Markets set a $35.00 target price on shares of Parsley Energy and gave the company a “buy” rating in a research note on Tuesday, October 10th. Finally, Jefferies Group LLC began coverage on shares of Parsley Energy in a research note on Monday, October 9th. They set a “buy” rating and a $34.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating and twenty-three have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $40.73.

Parsley Energy (NYSE:PE) opened at 26.11 on Friday. The firm has a market cap of $6.47 billion, a price-to-earnings ratio of 145.87 and a beta of -0.05. The company has a 50-day moving average of $26.02 and a 200 day moving average of $27.93. Parsley Energy has a 12-month low of $22.98 and a 12-month high of $39.82.

Parsley Energy (NYSE:PE) last announced its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.06). The company had revenue of $213.68 million for the quarter, compared to the consensus estimate of $216.54 million. Parsley Energy had a net margin of 5.23% and a return on equity of 1.70%. The company’s revenue for the quarter was up 99.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.04 EPS. Equities analysts expect that Parsley Energy will post $0.48 EPS for the current fiscal year.

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Institutional investors have recently modified their holdings of the business. Advisor Group Inc. raised its holdings in Parsley Energy by 23.9% in the second quarter. Advisor Group Inc. now owns 4,055 shares of the oil and natural gas company’s stock worth $113,000 after buying an additional 781 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Parsley Energy by 6.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,716 shares of the oil and natural gas company’s stock worth $153,000 after buying an additional 300 shares during the last quarter. American International Group Inc. raised its holdings in Parsley Energy by 3.8% in the first quarter. American International Group Inc. now owns 4,858 shares of the oil and natural gas company’s stock worth $158,000 after buying an additional 180 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its holdings in Parsley Energy by 14.1% in the first quarter. Metropolitan Life Insurance Co. NY now owns 5,949 shares of the oil and natural gas company’s stock worth $193,000 after buying an additional 735 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Parsley Energy by 15.8% in the second quarter. Daiwa Securities Group Inc. now owns 6,600 shares of the oil and natural gas company’s stock worth $183,000 after buying an additional 900 shares during the last quarter. 77.94% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Parsley Energy (NYSE:PE)

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