Parsley Energy (PE) Given New $38.00 Price Target at Bank of America

Parsley Energy (NYSE:PE) had its price target boosted by Bank of America from $37.00 to $38.00 in a research report sent to investors on Thursday, March 8th. They currently have a buy rating on the oil and natural gas company’s stock.

Other equities research analysts also recently issued research reports about the company. Credit Suisse Group dropped their price objective on Parsley Energy from $38.00 to $36.00 and set a buy rating for the company in a report on Tuesday, January 30th. Scotiabank reiterated a buy rating and issued a $38.00 price objective on shares of Parsley Energy in a report on Wednesday, November 22nd. Williams Capital downgraded Parsley Energy from a buy rating to a hold rating and dropped their price objective for the company from $38.00 to $34.00 in a report on Tuesday, January 30th. Northland Securities set a $36.00 price objective on Parsley Energy and gave the company a buy rating in a report on Monday, December 11th. Finally, Morgan Stanley downgraded Parsley Energy from an overweight rating to an equal weight rating in a report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have issued a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $36.67.

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Shares of PE stock traded down $0.99 on Thursday, reaching $28.00. 7,327,094 shares of the stock were exchanged, compared to its average volume of 6,028,013. The company has a market cap of $9,183.57, a P/E ratio of 40.58, a PEG ratio of 1.40 and a beta of -0.50. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.37. Parsley Energy has a one year low of $21.12 and a one year high of $33.07.

Parsley Energy (NYSE:PE) last released its quarterly earnings data on Wednesday, February 21st. The oil and natural gas company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.13. The business had revenue of $311.49 million during the quarter, compared to the consensus estimate of $298.04 million. Parsley Energy had a return on equity of 3.10% and a net margin of 11.04%. The firm’s revenue was up 99.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.06 earnings per share. equities research analysts anticipate that Parsley Energy will post 1.15 earnings per share for the current fiscal year.

In other news, Director Ron Brokmeyer acquired 2,000 shares of Parsley Energy stock in a transaction dated Wednesday, February 28th. The stock was bought at an average cost of $25.66 per share, with a total value of $51,320.00. Following the completion of the transaction, the director now directly owns 112,128 shares of the company’s stock, valued at $2,877,204.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bryan Sheffield acquired 189,500 shares of Parsley Energy stock in a transaction dated Monday, February 26th. The shares were purchased at an average cost of $26.34 per share, with a total value of $4,991,430.00. Following the completion of the transaction, the insider now directly owns 11,533,063 shares of the company’s stock, valued at $303,780,879.42. The disclosure for this purchase can be found here. 15.51% of the stock is owned by corporate insiders.

Hedge funds have recently bought and sold shares of the company. Assetmark Inc. boosted its position in shares of Parsley Energy by 417.5% during the fourth quarter. Assetmark Inc. now owns 3,550 shares of the oil and natural gas company’s stock worth $105,000 after buying an additional 2,864 shares during the period. Cerebellum GP LLC acquired a new position in shares of Parsley Energy during the fourth quarter worth about $128,000. American International Group Inc. acquired a new position in shares of Parsley Energy during the fourth quarter worth about $155,000. Trexquant Investment LP acquired a new position in shares of Parsley Energy during the third quarter worth about $206,000. Finally, IFM Investors Pty Ltd acquired a new position in shares of Parsley Energy during the third quarter worth about $209,000. 81.97% of the stock is owned by institutional investors.

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Parsley Energy Company Profile

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.

Analyst Recommendations for Parsley Energy (NYSE:PE)

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