Wall Street analysts forecast that Parsley Energy Inc (NYSE:PE) will post sales of $491.24 million for the current fiscal quarter, according to Zacks. Eleven analysts have issued estimates for Parsley Energy’s earnings. The lowest sales estimate is $451.00 million and the highest is $514.67 million. Parsley Energy posted sales of $241.02 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 103.8%. The company is scheduled to report its next quarterly earnings report after the market closes on Thursday, November 1st.
On average, analysts expect that Parsley Energy will report full-year sales of $1.88 billion for the current financial year, with estimates ranging from $1.72 billion to $1.96 billion. For the next fiscal year, analysts anticipate that the business will report sales of $2.55 billion, with estimates ranging from $2.39 billion to $3.07 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Parsley Energy.
Parsley Energy (NYSE:PE) last issued its quarterly earnings results on Tuesday, August 7th. The oil and natural gas company reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.02). Parsley Energy had a net margin of 16.89% and a return on equity of 5.25%. The company had revenue of $467.79 million for the quarter, compared to analyst estimates of $431.02 million.
A number of brokerages have issued reports on PE. Zacks Investment Research lowered shares of Parsley Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, July 10th. Piper Jaffray Companies restated a “buy” rating and set a $49.00 price target on shares of Parsley Energy in a research note on Friday, July 20th. Susquehanna Bancshares began coverage on shares of Parsley Energy in a research note on Wednesday, July 11th. They set a “positive” rating and a $38.00 price target on the stock. Williams Capital set a $38.00 price target on shares of Parsley Energy and gave the company a “hold” rating in a research note on Wednesday, August 8th. Finally, Stifel Nicolaus restated a “buy” rating and set a $57.00 price target on shares of Parsley Energy in a research note on Wednesday, October 24th. Five investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $38.62.
Parsley Energy stock traded up $0.83 during mid-day trading on Thursday, reaching $24.25. 8,079,800 shares of the company traded hands, compared to its average volume of 5,313,657. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.36. Parsley Energy has a fifty-two week low of $21.12 and a fifty-two week high of $33.43. The firm has a market capitalization of $7.47 billion, a price-to-earnings ratio of 35.14, a PEG ratio of 0.48 and a beta of -0.55.
In related news, insider Mike Hinson sold 13,328 shares of the firm’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $28.75, for a total transaction of $383,180.00. Following the sale, the insider now owns 400,650 shares in the company, valued at $11,518,687.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Hemang Desai purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The shares were purchased at an average price of $27.32 per share, for a total transaction of $27,320.00. Following the transaction, the director now owns 31,886 shares of the company’s stock, valued at approximately $871,125.52. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 2,763,328 shares of company stock worth $78,318,180. 13.17% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB lifted its holdings in Parsley Energy by 7.8% during the first quarter. Xact Kapitalforvaltning AB now owns 24,792 shares of the oil and natural gas company’s stock valued at $719,000 after purchasing an additional 1,797 shares in the last quarter. IFM Investors Pty Ltd lifted its holdings in Parsley Energy by 15.8% during the third quarter. IFM Investors Pty Ltd now owns 13,954 shares of the oil and natural gas company’s stock valued at $408,000 after purchasing an additional 1,907 shares in the last quarter. Amalgamated Bank lifted its holdings in Parsley Energy by 4.2% during the first quarter. Amalgamated Bank now owns 48,173 shares of the oil and natural gas company’s stock valued at $1,397,000 after purchasing an additional 1,950 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Parsley Energy by 21.7% during the first quarter. The Manufacturers Life Insurance Company now owns 11,923 shares of the oil and natural gas company’s stock valued at $345,000 after purchasing an additional 2,124 shares in the last quarter. Finally, DNB Asset Management AS lifted its holdings in Parsley Energy by 8.6% during the third quarter. DNB Asset Management AS now owns 27,791 shares of the oil and natural gas company’s stock valued at $813,000 after purchasing an additional 2,200 shares in the last quarter. Institutional investors own 84.13% of the company’s stock.
About Parsley Energy
Parsley Energy, Inc, an independent oil and natural gas company, engages in the acquisition, development, production, exploration, and sale of crude oil and natural gas properties in the Permian Basin in West Texas and Southeastern New Mexico. As of December 31, 2017, its acreage position consisted of 219,747 net acres, including 174,392 net acres in the Midland Basin and 45,355 net acres in the Delaware Basin; and 241.0 net producing horizontal wells and 731.5 net producing vertical wells, as well an estimated proved oil and natural gas reserves were 416.4 MMBoe.
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