Parsley Energy (PE) Rating Increased to Outperform at Macquarie

Parsley Energy (NYSE:PE) was upgraded by research analysts at Macquarie from a “neutral” rating to an “outperform” rating in a research report issued on Monday, The Fly reports. The brokerage currently has a $33.00 target price on the oil and natural gas company’s stock, up from their previous target price of $31.00. Macquarie’s target price would indicate a potential upside of 33.44% from the company’s current price.

Several other analysts also recently weighed in on PE. Zacks Investment Research downgraded Parsley Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, July 10th. Susquehanna Bancshares started coverage on Parsley Energy in a research note on Wednesday, July 11th. They set a “positive” rating and a $38.00 target price for the company. Piper Jaffray Companies restated a “buy” rating and set a $49.00 target price on shares of Parsley Energy in a research note on Friday, July 20th. Stifel Nicolaus set a $58.00 target price on Parsley Energy and gave the company a “buy” rating in a research note on Wednesday, August 8th. Finally, Williams Capital set a $38.00 price target on Parsley Energy and gave the company a “hold” rating in a report on Wednesday, August 8th. Five investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Parsley Energy presently has an average rating of “Buy” and a consensus target price of $38.48.

Shares of NYSE:PE opened at $24.73 on Monday. Parsley Energy has a twelve month low of $21.12 and a twelve month high of $33.43. The company has a market cap of $7.83 billion, a P/E ratio of 35.84, a price-to-earnings-growth ratio of 0.51 and a beta of -0.13. 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 (NYSE:PE) last announced its earnings results on Thursday, November 1st. The oil and natural gas company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.01. Parsley Energy had a return on equity of 6.84% and a net margin of 21.70%. The firm had revenue of $511.00 million during the quarter, compared to the consensus estimate of $493.44 million. During the same quarter in the prior year, the company earned $0.12 EPS. The firm’s revenue for the quarter was up 112.0% compared to the same quarter last year. On average, equities research analysts forecast that Parsley Energy will post 1.62 earnings per share for the current fiscal year.

In related news, Director Hemang Desai bought 1,000 shares of the company’s stock in a transaction dated Tuesday, September 4th. The stock was acquired at an average cost of $27.32 per share, with a total value of $27,320.00. Following the acquisition, the director now owns 31,886 shares in the company, valued at approximately $871,125.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mike Hinson sold 13,328 shares of the stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $28.75, for a total value of $383,180.00. Following the completion of the transaction, the insider now directly owns 400,650 shares of the company’s stock, valued at $11,518,687.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,763,328 shares of company stock valued at $78,318,180. 13.17% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its holdings in Parsley Energy by 18.7% during the 2nd 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 in the last quarter. Morgan Stanley increased its holdings in Parsley Energy by 708.6% during the 2nd 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 in the last quarter. Millennium Management LLC increased its holdings in Parsley Energy by 37.7% during the 2nd 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 in the last quarter. Bank of New York Mellon Corp increased its holdings in Parsley Energy by 20.1% during the 2nd 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 in the last quarter. Finally, Luminus Management LLC increased its holdings in Parsley Energy by 133.3% during the 2nd quarter. Luminus Management LLC now owns 1,633,291 shares of the oil and natural gas company’s stock valued at $49,456,000 after purchasing an additional 933,291 shares in the last quarter. 83.90% of the stock is owned by institutional investors and hedge funds.

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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