Parsley Energy (PE) Earns Strong-Buy Rating from Analysts at Ifs Securities

Ifs Securities assumed coverage on shares of Parsley Energy (NYSE:PE) in a research note released on Monday, The Fly reports. The firm issued a strong-buy rating on the oil and natural gas company’s stock.

A number of other brokerages have also recently weighed in on PE. Wolfe Research cut shares of Parsley Energy from an outperform rating to a market perform rating in a research report on Wednesday, October 17th. Stifel Nicolaus set a $58.00 price target on shares of Parsley Energy and gave the stock a buy rating in a research report on Wednesday, August 8th. Piper Jaffray Companies reaffirmed a buy rating and set a $47.00 price target on shares of Parsley Energy in a research report on Thursday, August 16th. KLR Group reaffirmed a buy rating and set a $43.00 price target on shares of Parsley Energy in a research report on Monday, August 20th. Finally, Morgan Stanley upped their price target on shares of Parsley Energy from $32.00 to $35.00 and gave the stock a hold rating in a research report on Wednesday, September 26th. Five investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $38.69.

Shares of PE stock traded up $0.44 on Monday, reaching $24.69. 452,438 shares of the stock were exchanged, compared to its average volume of 4,151,638. The company has a market cap of $7.47 billion, a price-to-earnings ratio of 35.91, a PEG ratio of 0.48 and a beta of -0.55. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.36. Parsley Energy has a 1-year low of $21.12 and a 1-year high of $33.43.

Parsley Energy (NYSE:PE) last released its quarterly earnings data on Thursday, November 1st. The oil and natural gas company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. The business had revenue of $511.00 million during the quarter, compared to the consensus estimate of $493.44 million. Parsley Energy had a return on equity of 5.25% and a net margin of 16.89%. The business’s revenue for the quarter was up 112.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 EPS. As a group, analysts expect that Parsley Energy will post 1.62 earnings per share for the current fiscal year.

In other news, insider Bryan Sheffield sold 2,500,000 shares of the stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $28.15, for a total transaction of $70,375,000.00. Following the transaction, the insider now owns 9,033,063 shares of the company’s stock, valued at $254,280,723.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mike Hinson sold 250,000 shares of the stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $30.24, for a total transaction of $7,560,000.00. Following the transaction, the insider now directly owns 663,978 shares in the company, valued at approximately $20,078,694.72. The disclosure for this sale can be found here. Insiders have sold 2,763,328 shares of company stock worth $78,318,180 in the last ninety days. Corporate insiders own 13.17% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Monarch Partners Asset Management LLC lifted its position in shares of Parsley Energy by 48.2% during the third quarter. Monarch Partners Asset Management LLC now owns 440,331 shares of the oil and natural gas company’s stock worth $12,880,000 after purchasing an additional 143,225 shares during the last quarter. Majedie Asset Management Ltd lifted its position in shares of Parsley Energy by 23.1% during the third quarter. Majedie Asset Management Ltd now owns 365,660 shares of the oil and natural gas company’s stock worth $10,696,000 after purchasing an additional 68,593 shares during the last quarter. US Bancorp DE raised its stake in Parsley Energy by 15.4% during the third quarter. US Bancorp DE now owns 1,338,393 shares of the oil and natural gas company’s stock worth $39,149,000 after acquiring an additional 178,947 shares during the period. Perella Weinberg Partners Capital Management LP raised its stake in Parsley Energy by 12.2% during the third quarter. Perella Weinberg Partners Capital Management LP now owns 33,380 shares of the oil and natural gas company’s stock worth $976,000 after acquiring an additional 3,622 shares during the period. Finally, State Board of Administration of Florida Retirement System raised its stake in Parsley Energy by 0.8% during the third quarter. State Board of Administration of Florida Retirement System now owns 339,048 shares of the oil and natural gas company’s stock worth $9,917,000 after acquiring an additional 2,600 shares during the period. 84.13% of the stock is currently owned by institutional investors and hedge funds.

Parsley Energy Company Profile

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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Analyst Recommendations for Parsley Energy (NYSE:PE)

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