Parsley Energy Inc (NYSE:PE) received a $43.00 target price from stock analysts at Scotiabank in a research report issued on Monday. The brokerage presently has a “buy” rating on the stock. Scotiabank’s target price indicates a potential upside of 40.25% from the stock’s current price.
A number of other research firms also recently issued reports on PE. Barclays PLC restated an “overweight” rating and issued a $41.00 price target (down from $48.00) on shares of Parsley Energy in a research note on Thursday, February 16th. Royal Bank of Canada raised their price target on Parsley Energy from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 17th. FBR & Co dropped their price target on Parsley Energy from $46.00 to $39.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 28th. Canaccord Genuity restated a “buy” rating and issued a $50.00 price target (up from $40.00) on shares of Parsley Energy in a research note on Saturday, January 14th. Finally, KLR Group restated a “buy” rating and issued a $57.00 price target (up from $56.00) on shares of Parsley Energy in a research note on Thursday, February 16th. Seven investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $37.65.
Parsley Energy (NYSE:PE) traded up 1.908% during trading on Monday, reaching $31.245. The company had a trading volume of 3,091,757 shares. Parsley Energy has a one year low of $21.23 and a one year high of $39.82. The firm’s 50-day moving average price is $31.25 and its 200 day moving average price is $34.13. The firm’s market capitalization is $7.70 billion.
Parsley Energy (NYSE:PE) last released its quarterly earnings results on Thursday, February 23rd. The company reported $0.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.07 by $0.01. The firm earned $155.99 million during the quarter, compared to analysts’ expectations of $158.21 million. Parsley Energy had a positive return on equity of 0.24% and a negative net margin of 15.86%. The business’s quarterly revenue was up 126.9% on a year-over-year basis. During the same quarter last year, the business earned $0.03 earnings per share. Equities analysts forecast that Parsley Energy will post $0.60 earnings per share for the current fiscal year.
In other news, insider Matthew Gallagher bought 32,985 shares of Parsley Energy stock in a transaction dated Tuesday, February 28th. The shares were purchased at an average cost of $30.20 per share, with a total value of $996,147.00. Following the completion of the acquisition, the insider now owns 660,508 shares of the company’s stock, valued at approximately $19,947,341.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director A R. Alameddine bought 3,500 shares of Parsley Energy stock in a transaction dated Wednesday, March 1st. The stock was purchased at an average cost of $30.94 per share, for a total transaction of $108,290.00. Following the completion of the acquisition, the director now directly owns 92,988 shares of the company’s stock, valued at approximately $2,877,048.72. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 39,485 shares of company stock worth $1,195,487. Insiders own 24.17% of the company’s stock.
Large investors have recently modified their holdings of the company. Macquarie Group Ltd. boosted its stake in shares of Parsley Energy by 58.0% in the second quarter. Macquarie Group Ltd. now owns 523,178 shares of the company’s stock valued at $14,157,000 after buying an additional 192,035 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Parsley Energy by 18.0% in the third quarter. BlackRock Fund Advisors now owns 1,897,331 shares of the company’s stock valued at $63,580,000 after buying an additional 289,900 shares during the period. Encompass Capital Advisors LLC purchased a new stake in shares of Parsley Energy during the third quarter valued at about $32,935,000. Emerald Acquisition Ltd. boosted its stake in shares of Parsley Energy by 53.4% in the third quarter. Emerald Acquisition Ltd. now owns 486,571 shares of the company’s stock valued at $16,304,000 after buying an additional 169,469 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Parsley Energy by 825.2% in the third quarter. JPMorgan Chase & Co. now owns 273,650 shares of the company’s stock valued at $9,171,000 after buying an additional 244,074 shares during the period. 77.92% of the stock is currently owned by hedge funds and other institutional investors.
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.