Parsley Energy (PE) Earns Outperform Rating from Analysts at Cowen

Cowen started coverage on shares of Parsley Energy (NYSE:PE) in a research note published on Thursday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $27.00 price target on the oil and natural gas company’s stock.

Several other research firms have also recently commented on PE. Stifel Nicolaus reiterated a buy rating and set a $57.00 target price on shares of Parsley Energy in a research note on Wednesday, October 24th. Williams Capital set a $38.00 target price on Parsley Energy and gave the company a hold rating in a research note on Wednesday, August 8th. Piper Jaffray Companies reiterated a buy rating and set a $47.00 target price on shares of Parsley Energy in a research note on Thursday, August 16th. Wells Fargo & Co began coverage on Parsley Energy in a research note on Wednesday, October 24th. They set an outperform rating and a $47.00 target price for the company. Finally, Zacks Investment Research cut Parsley Energy from a buy rating to a hold rating in a research note on Tuesday, November 20th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $37.22.

Shares of NYSE:PE opened at $20.13 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.70 and a quick ratio of 0.70. Parsley Energy has a 52-week low of $19.98 and a 52-week high of $33.43. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of 13.88, a PEG ratio of 0.42 and a beta of -0.13.

Parsley Energy (NYSE:PE) last issued its quarterly earnings data on Thursday, November 1st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.01. Parsley Energy had a net margin of 21.70% and a return on equity of 6.77%. The company had revenue of $511.00 million during the quarter, compared to the consensus estimate of $493.44 million. During the same quarter last year, the company earned $0.12 earnings per share. Parsley Energy’s revenue for the quarter was up 112.0% on a year-over-year basis. On average, analysts anticipate that Parsley Energy will post 1.65 EPS for the current fiscal year.

In other news, Director A R. Alameddine acquired 5,000 shares of Parsley Energy stock in a transaction that occurred on Tuesday, November 27th. The shares were purchased at an average cost of $21.10 per share, for a total transaction of $105,500.00. Following the completion of the purchase, the director now directly owns 122,643 shares of the company’s stock, valued at approximately $2,587,767.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hemang Desai acquired 1,000 shares of Parsley Energy 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 completion of the purchase, the director now directly owns 31,886 shares of the company’s stock, valued at $871,125.52. The disclosure for this purchase can be found here. Company insiders own 13.17% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp increased its position in Parsley Energy by 20.1% in the second quarter. Bank of New York Mellon Corp now owns 6,895,147 shares of the oil and natural gas company’s stock worth $208,786,000 after buying an additional 1,156,137 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Parsley Energy by 11.6% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 28,950 shares of the oil and natural gas company’s stock worth $877,000 after buying an additional 3,008 shares during the period. Schwab Charles Investment Management Inc. increased its position in Parsley Energy by 17.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 955,564 shares of the oil and natural gas company’s stock worth $28,935,000 after buying an additional 145,243 shares during the period. Luminus Management LLC increased its position in Parsley Energy by 133.3% in the second quarter. Luminus Management LLC now owns 1,633,291 shares of the oil and natural gas company’s stock worth $49,456,000 after buying an additional 933,291 shares during the period. Finally, Korea Investment CORP acquired a new stake in Parsley Energy in the second quarter worth $654,000. 87.91% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Parsley Energy (NYSE:PE)

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