The Spirit of America Management Corp NY Acquires Shares of 291,700 Parsley Energy Inc. (PE)

The Spirit of America Management Corp NY Acquires Shares of 291,700 Parsley Energy Inc. (PE)

Spirit of America Management Corp NY purchased a new stake in Parsley Energy Inc. (NYSE:PE) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 291,700 shares of the company’s stock, valued at approximately $9,775,000. Parsley Energy comprises 1.3% of Spirit of America Management Corp NY’s holdings, making the stock its 24th largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of PE. Vanguard Group Inc. raised its position in Parsley Energy by 37.3% in the second quarter. Vanguard Group Inc. now owns 10,665,055 shares of the company’s stock valued at $288,596,000 after buying an additional 2,895,325 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in Parsley Energy by 50.6% in the second quarter. TIAA CREF Investment Management LLC now owns 5,485,699 shares of the company’s stock valued at $148,443,000 after buying an additional 1,843,378 shares in the last quarter. FMR LLC raised its position in Parsley Energy by 37.9% in the second quarter. FMR LLC now owns 5,149,001 shares of the company’s stock valued at $139,332,000 after buying an additional 1,414,784 shares in the last quarter. Teachers Advisors Inc. raised its position in Parsley Energy by 66.3% in the second quarter. Teachers Advisors Inc. now owns 3,519,389 shares of the company’s stock valued at $95,235,000 after buying an additional 1,402,998 shares in the last quarter. Finally, Glenmede Trust Co. NA bought a new position in Parsley Energy during the second quarter valued at approximately $33,118,000. Institutional investors and hedge funds own 84.49% of the company’s stock.

Parsley Energy Inc. (NYSE:PE) traded down 0.58% during midday trading on Friday, hitting $36.05. The stock had a trading volume of 1,853,180 shares. The stock has a 50-day moving average price of $33.80 and a 200 day moving average price of $28.37. The firm’s market cap is $6.17 billion. Parsley Energy Inc. has a one year low of $14.51 and a one year high of $37.04.

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

PE has been the topic of several analyst reports. Morgan Stanley lifted their price target on Parsley Energy to $48.00 and gave the stock an “overweight” rating in a report on Tuesday, August 30th. Goldman Sachs Group Inc. boosted their price objective on shares of Parsley Energy from $25.00 to $29.00 and gave the company a “neutral” rating in a report on Monday, August 8th. Zacks Investment Research upgraded shares of Parsley Energy from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Wednesday, August 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Parsley Energy from $34.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, August 15th. Finally, Macquarie lowered shares of Parsley Energy from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $36.00 to $38.00 in a report on Wednesday. Six research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $31.79.

In other Parsley Energy news, insider Mike Hinson sold 25,000 shares of Parsley Energy stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $27.42, for a total transaction of $685,500.00. Following the sale, the insider now directly owns 646,653 shares in the company, valued at approximately $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 Parsley Energy stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $32.15, for a total value of $35,365,000.00. Following the sale, the insider now owns 13,169,935 shares in the company, 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.

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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