Zacks Investment Research upgraded shares of Parsley Energy, Inc. (NYSE:PE) from a sell rating to a hold rating in a research report released on Thursday.

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. “

A number of other equities analysts also recently issued reports on PE. Scotiabank set a $43.00 price objective on Parsley Energy and gave the stock a buy rating in a research report on Saturday, May 6th. UBS AG restated a buy rating and set a $44.00 price objective (up from $42.00) on shares of Parsley Energy in a research report on Friday, May 5th. Stifel Nicolaus restated a buy rating and set a $39.00 price objective on shares of Parsley Energy in a research report on Friday, July 14th. Northland Securities set a $43.00 price objective on Parsley Energy and gave the stock a buy rating in a research report on Monday, July 17th. Finally, Citigroup Inc. set a $50.00 price objective on Parsley Energy and gave the stock a buy rating in a research report on Friday, July 21st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $40.37.

Parsley Energy (NYSE:PE) last issued its quarterly earnings data on Thursday, May 4th. The oil and natural gas company reported $0.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.06. Parsley Energy had a positive return on equity of 2.04% and a negative net margin of 4.26%. The company had revenue of $200.90 million during the quarter, compared to the consensus estimate of $181.23 million. During the same period last year, the company earned ($0.02) earnings per share. The firm’s revenue was up 222.5% compared to the same quarter last year.

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In related news, insider Ryan Dalton sold 30,000 shares of Parsley Energy stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $32.56, for a total transaction of $976,800.00. Following the transaction, the insider now owns 329,957 shares of the company’s stock, valued at $10,743,399.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Bryan Sheffield sold 1,687,500 shares of Parsley Energy stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $31.42, for a total value of $53,021,250.00. Following the transaction, the insider now directly owns 12,059,224 shares in the company, valued at approximately $378,900,818.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,720,900 shares of company stock valued at $54,100,050. Corporate insiders own 15.51% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Parsley Energy by 9.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,043 shares of the oil and natural gas company’s stock valued at $107,000 after buying an additional 251 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt bought a new position in shares of Parsley Energy during the first quarter valued at about $133,000. Creative Planning boosted its position in shares of Parsley Energy by 4,425.0% in the first quarter. Creative Planning now owns 4,525 shares of the oil and natural gas company’s stock valued at $147,000 after buying an additional 4,425 shares during the last quarter. Fortaleza Asset Management Inc. boosted its position in shares of Parsley Energy by 50.3% in the first quarter. Fortaleza Asset Management Inc. now owns 4,540 shares of the oil and natural gas company’s stock valued at $148,000 after buying an additional 1,520 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Parsley Energy by 6.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,716 shares of the oil and natural gas company’s stock valued at $153,000 after buying an additional 300 shares during the last quarter. 91.64% of the stock is currently owned by institutional investors.

Parsley Energy Company Profile

Parsley Energy, Inc is a holding company. The Company is an independent oil and natural gas company. The Company focuses 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 includes three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.

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Analyst Recommendations for Parsley Energy (NYSE:PE)

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