Parsley Energy’s (PE) Buy Rating Reaffirmed at Northland Securities
Northland Securities restated their buy rating on shares of Parsley Energy, Inc. (NYSE:PE) in a research report released on Friday morning. They currently have a $40.00 target price on the oil and natural gas company’s stock.
Several other analysts also recently issued reports on the company. Citigroup Inc. set a $50.00 price objective on Parsley Energy and gave the stock a buy rating in a report on Friday, July 21st. Zacks Investment Research downgraded Parsley Energy from a hold rating to a sell rating in a report on Wednesday, October 11th. Stifel Nicolaus restated a buy rating and set a $46.00 price objective on shares of Parsley Energy in a report on Sunday, September 3rd. Bank of America Corporation initiated coverage on Parsley Energy in a report on Wednesday, July 19th. They set a buy rating and a $37.00 price objective on the stock. Finally, BidaskClub upgraded Parsley Energy from a strong sell rating to a sell rating in a report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-three have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $40.36.
Parsley Energy (NYSE:PE) traded down $0.01 during midday trading on Friday, reaching $27.18. The company’s stock had a trading volume of 4,536,800 shares, compared to its average volume of 5,695,913. The company has a current ratio of 0.92, a quick ratio of 1.43 and a debt-to-equity ratio of 0.25. The firm has a market cap of $8,545.34, a P/E ratio of 71.53, a PEG ratio of 3.16 and a beta of -0.05. Parsley Energy has a 12-month low of $22.98 and a 12-month high of $39.82.
Parsley Energy (NYSE:PE) last posted its quarterly earnings data on Tuesday, November 7th. The oil and natural gas company reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.02. The firm had revenue of $241.02 million for the quarter, compared to the consensus estimate of $234.58 million. Parsley Energy had a return on equity of 1.87% and a net margin of 3.22%. The business’s revenue for the quarter was up 81.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.05 EPS. research analysts forecast that Parsley Energy will post 0.47 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently made changes to their positions in PE. Apollo Management Holdings L.P. bought a new stake in shares of Parsley Energy in the 2nd quarter valued at approximately $414,418,000. Victory Capital Management Inc. grew its stake in shares of Parsley Energy by 250.9% in the 2nd quarter. Victory Capital Management Inc. now owns 7,264,371 shares of the oil and natural gas company’s stock valued at $201,586,000 after buying an additional 5,194,292 shares in the last quarter. FMR LLC grew its stake in shares of Parsley Energy by 40.2% in the 2nd quarter. FMR LLC now owns 10,091,313 shares of the oil and natural gas company’s stock valued at $280,034,000 after buying an additional 2,893,045 shares in the last quarter. Boston Partners grew its stake in shares of Parsley Energy by 19.3% in the 3rd quarter. Boston Partners now owns 15,267,555 shares of the oil and natural gas company’s stock valued at $402,148,000 after buying an additional 2,466,399 shares in the last quarter. Finally, Third Point LLC grew its stake in shares of Parsley Energy by 80.0% in the 2nd quarter. Third Point LLC now owns 4,500,000 shares of the oil and natural gas company’s stock valued at $124,875,000 after buying an additional 2,000,000 shares in the last quarter. 77.65% of the stock is owned by institutional investors and hedge funds.
About Parsley Energy
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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