Jefferies Financial Group Reiterates “Buy” Rating for Parsley Energy (PE)

Jefferies Financial Group restated their buy rating on shares of Parsley Energy (NYSE:PE) in a research report report published on Tuesday. Jefferies Financial Group currently has a $37.00 price target on the oil and natural gas company’s stock. Jefferies Financial Group also issued estimates for Parsley Energy’s Q4 2018 earnings at $0.59 EPS, FY2018 earnings at $1.75 EPS, Q1 2019 earnings at $0.49 EPS, Q2 2019 earnings at $0.46 EPS, Q3 2019 earnings at $0.48 EPS, Q4 2019 earnings at $0.60 EPS, FY2019 earnings at $2.03 EPS, Q1 2020 earnings at $0.67 EPS, Q2 2020 earnings at $0.68 EPS, Q3 2020 earnings at $0.71 EPS and FY2020 earnings at $2.80 EPS.

A number of other brokerages have also issued reports on PE. Zacks Investment Research lowered shares of Parsley Energy from a buy rating to a hold rating in a report on Tuesday, July 10th. Susquehanna Bancshares began coverage on shares of Parsley Energy in a report on Wednesday, July 11th. They set a positive rating and a $38.00 price objective for the company. Piper Jaffray Companies reaffirmed a buy rating and set a $49.00 price objective on shares of Parsley Energy in a report on Friday, July 20th. Williams Capital set a $38.00 price objective on shares of Parsley Energy and gave the company a hold rating in a report on Wednesday, August 8th. Finally, Stifel Nicolaus set a $58.00 target price on shares of Parsley Energy and gave the company a buy rating in a report on Wednesday, August 8th. Five equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $38.33.

NYSE PE traded up $0.50 on Tuesday, reaching $24.47. 4,474,752 shares of the stock were exchanged, compared to its average volume of 5,141,581. The company has a current ratio of 0.70, a quick ratio of 0.93 and a debt-to-equity ratio of 0.35. Parsley Energy has a one year low of $21.12 and a one year high of $33.43. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 35.46, a PEG ratio of 0.50 and a beta of -0.13.

Parsley Energy (NYSE:PE) last announced its quarterly earnings data on Thursday, November 1st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. Parsley Energy had a net margin of 21.70% and a return on equity of 6.77%. The business had revenue of $511.00 million during the quarter, compared to analyst estimates of $493.44 million. During the same period last year, the firm posted $0.12 EPS. The company’s revenue was up 112.0% on a year-over-year basis. Sell-side analysts forecast that Parsley Energy will post 1.65 EPS for the current year.

In other news, Director Hemang Desai acquired 1,000 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was bought at an average cost of $27.32 per share, with a total value of $27,320.00. Following the completion of the purchase, the director now directly owns 31,886 shares of the company’s stock, valued at $871,125.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bryan Sheffield sold 2,500,000 shares of Parsley Energy stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $28.15, for a total transaction of $70,375,000.00. Following the transaction, the insider now directly owns 9,033,063 shares of the company’s stock, valued at $254,280,723.45. The disclosure for this sale can be found here. 13.17% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in Parsley Energy by 6.0% during the third quarter. JPMorgan Chase & Co. now owns 15,220,803 shares of the oil and natural gas company’s stock worth $445,208,000 after buying an additional 865,292 shares during the period. BlackRock Inc. lifted its position in shares of Parsley Energy by 18.7% during the second quarter. BlackRock Inc. now owns 13,439,196 shares of the oil and natural gas company’s stock worth $406,938,000 after purchasing an additional 2,112,853 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Parsley Energy by 20.1% during the second quarter. Bank of New York Mellon Corp now owns 6,895,147 shares of the oil and natural gas company’s stock worth $208,786,000 after purchasing an additional 1,156,137 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of Parsley Energy by 2.0% during the second quarter. Van ECK Associates Corp now owns 6,036,579 shares of the oil and natural gas company’s stock worth $182,788,000 after purchasing an additional 116,093 shares during the last quarter. Finally, Millennium Management LLC lifted its position in shares of Parsley Energy by 37.7% during the second quarter. Millennium Management LLC now owns 5,783,131 shares of the oil and natural gas company’s stock worth $175,113,000 after purchasing an additional 1,583,137 shares during the last quarter. 83.90% of the stock is owned by institutional investors.

About Parsley Energy

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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Analyst Recommendations for Parsley Energy (NYSE:PE)

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