The Parsley Energy Inc. (PE) Upgraded to “Buy” by Zacks Investment Research

The Parsley Energy Inc. (PE) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Parsley Energy Inc. (NYSE:PE) from a hold rating to a buy rating in a research note published on Wednesday. The firm currently has $41.00 price target on the stock.

According to Zacks, “Parsley Energy, Inc. is an independent oil and natural gas company. It is focused on the acquisition, development, and exploitation of unconventional oil and natural gas reserves in the Permian Basin. Parsley Energy, Inc. is headquartered in Midland, Texas. “

PE has been the topic of a number of other reports. Imperial Capital lifted their price target on Parsley Energy from $34.00 to $40.00 and gave the company an outperform rating in a report on Friday, August 5th. Deutsche Bank AG lifted their price target on Parsley Energy from $30.00 to $32.00 and gave the company a buy rating in a report on Tuesday, June 14th. Simmons assumed coverage on Parsley Energy in a report on Friday, July 8th. They issued an overweight rating and a $31.00 price target on the stock. Morgan Stanley assumed coverage on Parsley Energy in a report on Thursday, July 21st. They issued an overweight rating and a $39.00 price target on the stock. Finally, Wunderlich initiated coverage on Parsley Energy in a report on Friday, June 17th. They issued a buy rating and a $32.00 price target on the stock. Six investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $31.57.

Parsley Energy (NYSE:PE) traded down 1.49% during mid-day trading on Wednesday, reaching $35.76. The company had a trading volume of 234,841 shares. The stock’s 50-day moving average price is $33.72 and its 200 day moving average price is $28.31. The firm’s market capitalization is $6.12 billion. Parsley Energy has a 52 week low of $14.51 and a 52 week high of $37.04.

Parsley Energy (NYSE:PE) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.03) by $0.10. Parsley Energy had a negative net margin of 18.26% and a negative return on equity of 0.66%. The company earned $106.30 million during the quarter, compared to analysts’ expectations of $92.04 million. During the same quarter in the prior year, the business posted ($0.01) earnings per share. The company’s revenue was up 36.5% compared to the same quarter last year. On average, equities research analysts predict that Parsley Energy will post $0.10 EPS for the current year.

In other news, insider Mike Hinson sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $27.42, for a total value of $685,500.00. Following the completion of the sale, the insider now directly owns 646,653 shares in the company, valued at $17,731,225.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bryan Sheffield sold 1,100,000 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $32.15, for a total value of $35,365,000.00. Following the completion of the sale, the insider now owns 13,169,935 shares of the company’s stock, valued at $423,413,410.25. The disclosure for this sale can be found here. Company insiders own 24.17% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake in Parsley Energy by 4.9% in the first quarter. Geode Capital Management LLC now owns 676,265 shares of the company’s stock worth $15,283,000 after buying an additional 31,867 shares during the period. Loomis Sayles & Co. L P raised its stake in Parsley Energy by 0.7% in the first quarter. Loomis Sayles & Co. L P now owns 97,916 shares of the company’s stock worth $2,213,000 after buying an additional 663 shares during the period. UBS Asset Management Americas Inc. raised its stake in Parsley Energy by 22.5% in the first quarter. UBS Asset Management Americas Inc. now owns 68,973 shares of the company’s stock worth $1,559,000 after buying an additional 12,673 shares during the period. Meeder Asset Management Inc. raised its stake in Parsley Energy by 62.7% in the first quarter. Meeder Asset Management Inc. now owns 11,468 shares of the company’s stock worth $259,000 after buying an additional 4,419 shares during the period. Finally, 1832 Asset Management L.P. bought a new stake in Parsley Energy during the first quarter worth about $2,058,000. Institutional investors and hedge funds own 84.49% of the company’s stock.

Parsley Energy Company Profile

Parsley Energy, Inc is an independent oil and natural gas company. The Company is focused on the acquisition, development and exploitation of unconventional oil and natural gas reserves in the Permian Basin. The Permian Basin is located in West Texas and Southeastern New Mexico and comprises over three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.

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