Parsley Energy (NYSE:PE) had its target price hoisted by Bank of America from $37.00 to $38.00 in a report issued on Thursday morning. Bank of America currently has a buy rating on the oil and natural gas company’s stock.
Several other equities research analysts have also recently issued reports on the company. UBS Group assumed coverage on Parsley Energy in a research note on Wednesday. They set a buy rating and a $35.00 target price for the company. BMO Capital Markets reissued an outperform rating and set a $36.00 target price (down previously from $41.00) on shares of Parsley Energy in a research note on Friday, March 2nd. Imperial Capital raised their target price on Parsley Energy from $40.00 to $42.00 and gave the stock an outperform rating in a research note on Friday, February 23rd. Williams Capital set a $34.00 target price on Parsley Energy and gave the stock a hold rating in a research note on Thursday, February 22nd. Finally, Deutsche Bank cut their target price on Parsley Energy from $38.00 to $36.00 and set a buy rating for the company in a research note on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have assigned a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $35.83.
Shares of Parsley Energy (PE) opened at $26.80 on Thursday. Parsley Energy has a fifty-two week low of $21.12 and a fifty-two week high of $33.07. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.50 and a quick ratio of 1.50. The company has a market capitalization of $8,425.60, a P/E ratio of 65.37, a P/E/G ratio of 1.21 and a beta of -0.39.
In related news, insider Bryan Sheffield bought 189,500 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average cost of $26.34 per share, for a total transaction of $4,991,430.00. Following the completion of the acquisition, the insider now owns 11,533,063 shares in the company, valued at approximately $303,780,879.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ron Brokmeyer bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was bought at an average price of $25.66 per share, with a total value of $51,320.00. Following the completion of the acquisition, the director now owns 112,128 shares of the company’s stock, valued at approximately $2,877,204.48. The disclosure for this purchase can be found here. Company insiders own 15.51% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Viking Global Investors LP boosted its holdings in Parsley Energy by 129.7% in the fourth quarter. Viking Global Investors LP now owns 18,144,801 shares of the oil and natural gas company’s stock valued at $534,183,000 after purchasing an additional 10,245,991 shares during the period. TIAA CREF Investment Management LLC boosted its holdings in Parsley Energy by 9.5% in the fourth quarter. TIAA CREF Investment Management LLC now owns 9,885,217 shares of the oil and natural gas company’s stock valued at $291,021,000 after purchasing an additional 855,841 shares during the period. Victory Capital Management Inc. boosted its holdings in Parsley Energy by 8.3% in the fourth quarter. Victory Capital Management Inc. now owns 8,457,237 shares of the oil and natural gas company’s stock valued at $248,980,000 after purchasing an additional 648,938 shares during the period. Teachers Advisors LLC boosted its holdings in Parsley Energy by 34.9% in the fourth quarter. Teachers Advisors LLC now owns 6,101,167 shares of the oil and natural gas company’s stock valued at $179,618,000 after purchasing an additional 1,578,132 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in Parsley Energy by 1.3% in the third quarter. Van ECK Associates Corp now owns 5,891,338 shares of the oil and natural gas company’s stock valued at $155,178,000 after purchasing an additional 75,905 shares during the period. Hedge funds and other institutional investors own 82.04% of the company’s stock.
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Parsley Energy Company Profile
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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