Parsley Energy (PE) Rating Reiterated by Piper Jaffray Companies
Piper Jaffray Companies reissued their buy rating on shares of Parsley Energy (NYSE:PE) in a report issued on Thursday. They currently have a $47.00 price objective on the oil and natural gas company’s stock. Piper Jaffray Companies also issued estimates for Parsley Energy’s Q1 2020 earnings at $0.71 EPS and FY2020 earnings at $2.91 EPS.
Other equities research analysts have also issued reports about the company. Zacks Investment Research lowered Parsley Energy from a buy rating to a hold rating in a report on Tuesday, July 10th. National Alliance Securities upgraded Parsley Energy from a hold rating to a buy rating in a report on Monday, June 18th. Susquehanna Bancshares assumed coverage on Parsley Energy in a report on Wednesday, July 11th. They issued a positive rating and a $38.00 target price for the company. Williams Capital set a $38.00 target price on Parsley Energy and gave the stock a hold rating in a report on Wednesday, August 8th. Finally, Seaport Global Securities upgraded Parsley Energy from a neutral rating to a buy rating and set a $39.00 target price for the company in a report on Wednesday, May 23rd. Five analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $38.64.
PE opened at $28.37 on Thursday. Parsley Energy has a twelve month low of $21.12 and a twelve month high of $33.43. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market capitalization of $9.59 billion, a P/E ratio of 41.12 and a beta of -0.48.
In other news, insider Mike Hinson sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $30.24, for a total transaction of $7,560,000.00. Following the completion of the transaction, the insider now directly owns 663,978 shares in the company, valued at $20,078,694.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Colin Roberts sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 27th. The stock was sold at an average price of $30.21, for a total value of $302,100.00. Following the transaction, the insider now owns 224,600 shares of the company’s stock, valued at $6,785,166. The disclosure for this sale can be found here. 13.17% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Shaker Investments LLC OH raised its stake in shares of Parsley Energy by 218.4% in the first quarter. Shaker Investments LLC OH now owns 38,845 shares of the oil and natural gas company’s stock valued at $1,126,000 after purchasing an additional 26,645 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Parsley Energy by 7.1% in the first quarter. Rhumbline Advisers now owns 255,584 shares of the oil and natural gas company’s stock valued at $7,409,000 after purchasing an additional 16,837 shares in the last quarter. S&CO Inc. acquired a new position in shares of Parsley Energy in the first quarter valued at $255,000. Dupont Capital Management Corp acquired a new position in shares of Parsley Energy in the first quarter valued at $325,000. Finally, American Assets Investment Management LLC acquired a new position in shares of Parsley Energy in the first quarter valued at $638,000. Institutional investors own 83.90% 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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