Parsley Energy (NYSE:PE) announced its quarterly earnings results on Thursday. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.01, Briefing.com reports. Parsley Energy had a return on equity of 5.25% and a net margin of 16.89%. The company had revenue of $511.00 million during the quarter, compared to the consensus estimate of $493.44 million. During the same period in the prior year, the company earned $0.12 earnings per share. The company’s revenue for the quarter was up 112.0% compared to the same quarter last year.
NYSE PE traded up $0.48 during trading hours on Friday, hitting $24.73. 9,354,200 shares of the company traded hands, compared to its average volume of 5,332,617. Parsley Energy has a twelve month low of $21.12 and a twelve month high of $33.43. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market capitalization of $7.47 billion, a PE ratio of 35.84, a price-to-earnings-growth ratio of 0.48 and a beta of -0.55.
PE has been the subject of a number of research reports. Zacks Investment Research downgraded Parsley Energy from a “buy” rating to a “hold” rating in a report on Tuesday, July 10th. Williams Capital set a $38.00 price objective on Parsley Energy and gave the stock a “hold” rating in a report on Friday. Piper Jaffray Companies reiterated a “buy” rating and set a $49.00 price objective on shares of Parsley Energy in a report on Friday, July 20th. Susquehanna Bancshares initiated coverage on Parsley Energy in a report on Wednesday, July 11th. They set a “positive” rating and a $38.00 price objective for the company. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $57.00 price objective on shares of Parsley Energy in a report on Wednesday, October 24th. Five research 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 company’s stock. The stock has a consensus rating of “Buy” and an average target price of $38.69.
In related news, Director Hemang Desai purchased 1,000 shares of Parsley Energy stock in a transaction that occurred on Tuesday, September 4th. The stock was purchased at an average cost of $27.32 per share, with a total value of $27,320.00. Following the completion of the transaction, the director now owns 31,886 shares of the company’s stock, valued at approximately $871,125.52. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mike Hinson sold 250,000 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $30.24, for a total value of $7,560,000.00. Following the transaction, the insider now directly owns 663,978 shares of the company’s stock, valued at $20,078,694.72. The disclosure for this sale can be found here. Insiders have sold 2,763,328 shares of company stock valued at $78,318,180 over the last three months. Insiders own 13.17% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in Parsley Energy by 18.7% during the second quarter. BlackRock Inc. now owns 13,439,196 shares of the oil and natural gas company’s stock valued at $406,938,000 after purchasing an additional 2,112,853 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Parsley Energy by 20.1% during the second quarter. Bank of New York Mellon Corp now owns 6,895,147 shares of the oil and natural gas company’s stock valued at $208,786,000 after purchasing an additional 1,156,137 shares during the last quarter. Van ECK Associates Corp boosted its position in Parsley Energy by 2.0% during the second quarter. Van ECK Associates Corp now owns 6,036,579 shares of the oil and natural gas company’s stock valued at $182,788,000 after purchasing an additional 116,093 shares during the last quarter. Millennium Management LLC boosted its position in Parsley Energy by 37.7% during the second quarter. Millennium Management LLC now owns 5,783,131 shares of the oil and natural gas company’s stock valued at $175,113,000 after purchasing an additional 1,583,137 shares during the last quarter. Finally, Morgan Stanley boosted its position in Parsley Energy by 708.6% during the second quarter. Morgan Stanley now owns 2,163,584 shares of the oil and natural gas company’s stock valued at $65,515,000 after purchasing an additional 1,896,011 shares during the last quarter. 84.13% of the stock is owned by hedge funds and other institutional investors.
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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