Parsley Energy, Inc. (PE) Earns Buy Rating from Analysts at Bank of America Corporation

Equities researchers at Bank of America Corporation began coverage on shares of Parsley Energy, Inc. (NYSE:PE) in a research note issued on Wednesday, July 19th. The firm set a “buy” rating and a $37.00 price target on the oil and natural gas company’s stock. Bank of America Corporation’s target price indicates a potential upside of 45.96% from the company’s current price.

PE has been the topic of several other research reports. Scotiabank set a $43.00 target price on shares of Parsley Energy and gave the company a “buy” rating in a research note on Monday, March 27th. Citigroup Inc. started coverage on shares of Parsley Energy in a research note on Wednesday, March 22nd. They issued a “buy” rating and a $40.00 target price on the stock. FBR & Co set a $42.00 target price on shares of Parsley Energy and gave the company a “buy” rating in a research note on Thursday, June 1st. Northland Securities set a $43.00 target price on shares of Parsley Energy and gave the company a “buy” rating in a research note on Monday, July 17th. Finally, Wolfe Research started coverage on shares of Parsley Energy in a research note on Thursday, June 15th. They issued an “outperform” rating and a $40.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $40.69.

Parsley Energy (NYSE:PE) traded down 0.51% during midday trading on Wednesday, reaching $25.35. 2,807,585 shares of the company were exchanged. The firm’s 50-day moving average is $27.59 and its 200-day moving average is $30.15. Parsley Energy has a one year low of $24.68 and a one year high of $39.82. The firm has a market cap of $6.28 billion, a P/E ratio of 141.62 and a beta of -0.09.

Parsley Energy (NYSE:PE) last issued its earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.06. Parsley Energy had a net margin of 5.23% and a return on equity of 1.70%. The firm had revenue of $213.68 million during the quarter, compared to analyst estimates of $216.54 million. During the same quarter in the prior year, the firm posted $0.04 EPS. The firm’s revenue for the quarter was up 99.9% on a year-over-year basis. On average, equities analysts expect that Parsley Energy will post $0.53 EPS for the current fiscal year.

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In other Parsley Energy news, insider Colin Roberts sold 3,400 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $30.00, for a total transaction of $102,000.00. Following the completion of the sale, the insider now directly owns 229,326 shares of the company’s stock, valued at approximately $6,879,780. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director A R. Alameddine acquired 3,500 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were purchased at an average cost of $31.65 per share, with a total value of $110,775.00. Following the completion of the acquisition, the director now directly owns 94,888 shares in the company, valued at approximately $3,003,205.20. The disclosure for this purchase can be found here. Insiders own 15.51% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Parsley Energy by 3.2% in the second quarter. Vanguard Group Inc. now owns 19,016,423 shares of the oil and natural gas company’s stock worth $527,706,000 after buying an additional 597,682 shares during the period. Apollo Management Holdings L.P. bought a new stake in shares of Parsley Energy during the second quarter worth approximately $414,418,000. BlackRock Inc. boosted its stake in shares of Parsley Energy by 2.0% in the second quarter. BlackRock Inc. now owns 11,438,545 shares of the oil and natural gas company’s stock worth $317,419,000 after buying an additional 223,388 shares during the period. FMR LLC boosted its stake in shares of Parsley Energy by 40.2% in the second quarter. FMR LLC now owns 10,091,313 shares of the oil and natural gas company’s stock worth $280,034,000 after buying an additional 2,893,045 shares during the period. Finally, TIAA CREF Investment Management LLC boosted its stake in shares of Parsley Energy by 1.6% in the second quarter. TIAA CREF Investment Management LLC now owns 8,113,863 shares of the oil and natural gas company’s stock worth $225,160,000 after buying an additional 124,462 shares during the period. 91.14% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Parsley Energy (NYSE:PE)

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