Q3 2018 EPS Estimates for Parsley Energy Inc Reduced by Analyst (NYSE:PE)

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Parsley Energy Inc (NYSE:PE) – Equities research analysts at Capital One Financial lowered their Q3 2018 earnings per share (EPS) estimates for Parsley Energy in a report released on Tuesday, September 18th, Zacks Investment Research reports. Capital One Financial analyst P. Johnston now expects that the oil and natural gas company will post earnings per share of $0.39 for the quarter, down from their previous forecast of $0.40. Capital One Financial also issued estimates for Parsley Energy’s FY2018 earnings at $1.53 EPS and FY2019 earnings at $2.44 EPS.

Parsley Energy (NYSE:PE) last announced its earnings results on Tuesday, August 7th. The oil and natural gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). Parsley Energy had a net margin of 16.89% and a return on equity of 5.25%. The business had revenue of $467.79 million for the quarter, compared to the consensus estimate of $431.02 million.

Other research analysts have also issued research reports about the company. ValuEngine upgraded Parsley Energy from a “sell” rating to a “hold” rating in a report on Monday, June 18th. National Alliance Securities upgraded Parsley Energy from a “hold” rating to a “buy” rating in a report on Monday, June 18th. Zacks Investment Research upgraded Parsley Energy from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Wednesday, July 4th. JPMorgan Chase & Co. set a $49.00 price target on Parsley Energy and gave the stock a “buy” rating in a report on Tuesday, July 3rd. Finally, Jefferies Financial Group increased their price target on Parsley Energy from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, August 14th. Five equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $38.60.

Shares of Parsley Energy stock traded up $0.46 on Thursday, hitting $29.00. 4,057,289 shares of the company’s stock traded hands, compared to its average volume of 5,353,040. Parsley Energy has a one year low of $21.12 and a one year 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 firm has a market cap of $9.27 billion, a price-to-earnings ratio of 42.03, a PEG ratio of 0.62 and a beta of -0.56.

Institutional investors and hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. increased its position in shares of Parsley Energy by 487.2% during the second quarter. Envestnet Asset Management Inc. now owns 4,069 shares of the oil and natural gas company’s stock valued at $124,000 after acquiring an additional 3,376 shares during the last quarter. MHI Funds LLC purchased a new stake in shares of Parsley Energy during the second quarter valued at approximately $163,000. Cerebellum GP LLC increased its position in shares of Parsley Energy by 129.3% during the second quarter. Cerebellum GP LLC now owns 6,099 shares of the oil and natural gas company’s stock valued at $185,000 after acquiring an additional 3,439 shares during the last quarter. American International Group Inc. increased its position in shares of Parsley Energy by 38.1% during the first quarter. American International Group Inc. now owns 7,253 shares of the oil and natural gas company’s stock valued at $210,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new stake in shares of Parsley Energy during the second quarter valued at approximately $212,000. 84.58% of the stock is owned by institutional investors.

In related news, insider Mike Hinson sold 250,000 shares of the 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 sale, the insider now directly owns 663,978 shares of the company’s stock, valued at $20,078,694.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hemang Desai purchased 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 4th. The shares were acquired at an average cost of $27.32 per share, with a total value of $27,320.00. Following the completion of the transaction, the director now directly owns 31,886 shares of the company’s stock, valued at approximately $871,125.52. The disclosure for this purchase can be found here. Over the last three months, insiders sold 2,763,328 shares of company stock valued at $78,318,180. Company insiders own 13.17% of the company’s stock.

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.

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