Parsley Energy Inc (NYSE:PE) – Investment analysts at SunTrust Banks lifted their Q4 2018 earnings per share (EPS) estimates for shares of Parsley Energy in a note issued to investors on Sunday, November 4th. SunTrust Banks analyst N. Dingmann now expects that the oil and natural gas company will post earnings of $0.51 per share for the quarter, up from their previous forecast of $0.48.
Parsley Energy (NYSE:PE) last released its quarterly earnings data on Thursday, November 1st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.01. The business had revenue of $511.00 million during the quarter, compared to analysts’ expectations of $493.44 million. Parsley Energy had a net margin of 21.70% and a return on equity of 6.84%. The firm’s quarterly revenue was up 112.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 EPS.
A number of other research firms have also recently issued reports on PE. Zacks Investment Research cut shares of Parsley Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. Susquehanna Bancshares started coverage on shares of Parsley Energy in a report on Wednesday, July 11th. They set a “positive” rating and a $38.00 target price on the stock. Piper Jaffray Companies reissued a “buy” rating and set a $49.00 target price on shares of Parsley Energy in a report on Friday, July 20th. Williams Capital set a $38.00 target price on shares of Parsley Energy and gave the stock a “hold” rating in a report on Wednesday, August 8th. Finally, Stifel Nicolaus set a $58.00 target price on shares of Parsley Energy and gave the stock a “buy” 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 issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $38.33.
PE stock opened at $25.05 on Tuesday. The company has a market cap of $7.83 billion, a P/E ratio of 36.30, a P/E/G ratio of 0.51 and a beta of -0.13. Parsley Energy has a 1 year low of $21.12 and a 1 year high of $33.43. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.36.
Large investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Parsley Energy by 62.9% in the 1st quarter. Principal Financial Group Inc. now owns 28,970 shares of the oil and natural gas company’s stock valued at $840,000 after purchasing an additional 11,187 shares in the last quarter. The Manufacturers Life Insurance Company increased its position 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 worth $345,000 after buying an additional 2,124 shares in the last quarter. WINTON GROUP Ltd purchased a new position in Parsley Energy during the first quarter worth $258,000. Allianz Asset Management GmbH increased its position in Parsley Energy by 93.5% during the first quarter. Allianz Asset Management GmbH now owns 516,550 shares of the oil and natural gas company’s stock worth $14,975,000 after buying an additional 249,557 shares in the last quarter. Finally, IFM Investors Pty Ltd increased its position in Parsley Energy by 40.6% during the second quarter. IFM Investors Pty Ltd now owns 12,047 shares of the oil and natural gas company’s stock worth $365,000 after buying an additional 3,478 shares in the last quarter. 83.90% of the stock is currently owned by institutional investors.
In other news, insider Bryan Sheffield sold 2,500,000 shares of the company’s stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $28.15, for a total value of $70,375,000.00. Following the sale, the insider now directly owns 9,033,063 shares of the company’s stock, valued at approximately $254,280,723.45. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Hemang Desai acquired 1,000 shares of Parsley Energy stock in a transaction dated Tuesday, September 4th. The stock was purchased at an average cost of $27.32 per share, for a total transaction of $27,320.00. Following the completion of the purchase, the director now owns 31,886 shares in the company, valued at approximately $871,125.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 2,763,328 shares of company stock worth $78,318,180. Insiders own 13.17% 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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