Investment Analysts’ Weekly Ratings Changes for Parsley Energy (PE)

Parsley Energy (NYSE: PE) has recently received a number of price target changes and ratings updates:

  • 5/6/2019 – Parsley Energy was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating. They now have a $19.72 price target on the stock.
  • 5/3/2019 – Parsley Energy was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Parsley's strategic acreage position in the low-cost high-margin Permian Basin is responsible for its robust production growth since several years. Importantly, this year, the upstream player expects total output to grow more than 18% year over year despite capex cuts. As it is, low leverage provides the firm with enough financial flexibility. Parsley's impressive reserve replacement ratio of over 406% also bodes well. However, Parsley's geographic concentration risk and infrastructural bottlenecks in the Permian region still remain matters of concern. Further, there are investor concerns over high costs impacting profit levels. Finally, Parsley Energy's cash flow deficit is also a cause of worry. Hence, the stock warrants a cautious stance. “
  • 5/3/2019 – Parsley Energy had its price target lowered by analysts at TD Securities from $27.00 to $26.00. They now have a “buy” rating on the stock.
  • 5/2/2019 – Parsley Energy had its “hold” rating reaffirmed by analysts at Williams Capital. They now have a $26.00 price target on the stock. They wrote, “We believe the producon beat was driven by the reset of expectaons and the ability to get back on track with improving capital efficiencies from wider spacing, increased compleon intensity an d by targeng best rock and zones. 1Q19 capex was $406.0 million, above our esmate of $379.3 million and Co nsensus of $390.0 million. a detailed variance relave to our esmates.””
  • 5/1/2019 – Parsley Energy was downgraded by analysts at ValuEngine from a “sell” rating to a “strong sell” rating.
  • 4/24/2019 – Parsley Energy was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $24.00 price target on the stock. According to Zacks, “Parsley's strategic acreage position in the low-cost high-margin Permian Basin is responsible for its robust production growth since several years. Importantly, this year, the upstream player expects total output to grow more than 18% year over year despite capex cuts. The company intends to boost its capital efficiency and capital discipline in 2019. As it is, it’s lower than the industry's debt to capital ratio provides the firm with enough financial flexibility. Parsley's impressive reserve replacement ratio of over 406% also bodes well. As such, analysts are bullish on the stock.  “
  • 4/23/2019 – Parsley Energy was given a new $30.00 price target on by analysts at SunTrust Banks, Inc.. They now have a “buy” rating on the stock.
  • 4/22/2019 – Parsley Energy had its price target raised by analysts at KeyCorp from $21.00 to $23.00. They now have an “overweight” rating on the stock.
  • 4/18/2019 – Parsley Energy was upgraded by analysts at ValuEngine from a “strong sell” rating to a “sell” rating.
  • 4/18/2019 – Parsley Energy was upgraded by analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating.
  • 4/18/2019 – Parsley Energy was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Parsley's strategic acreage position in the low-cost high-margin Permian Basin is responsible for its robust production growth since several years. Importantly, this year, the upstream player expects total output to grow more than 18% year over year despite capex cuts. The company intends to boost its capital efficiency and capital discipline in 2019. As it is, it’s lower than the industry's debt to capital ratio provides the firm with enough financial flexibility. Parsley's impressive reserve replacement ratio of over 406% also bodes well. However, Parsley's geographic concentration risk and infrastructural bottlenecks in the Permian region still remain matters of concern. Futher, there are investor concerns over high costs impcting profit levels. Finally, Parsley Energy's cash flow deficit continues to wigh on the share price. These factors account for our cautious stance on the Permian energy explorer. “
  • 4/12/2019 – Parsley Energy was downgraded by analysts at Goldman Sachs Group Inc to a “buy” rating.
  • 4/8/2019 – Parsley Energy was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $21.00 price target on the stock. According to Zacks, “Parsley's strategic acreage position in the low-cost high-margin Permian Basin is responsible for its robust production growth since several years. Importantly, this year, the upstream player expects total output to grow more than 18% year over year despite capex cuts. The company intends to boost its capital efficiency and capital discipline in 2019. As it is, it’s lower than the industry's debt to capital ratio provides the firm with enough financial flexibility. Parsley's impressive reserve replacement ratio of over 406% also bodes well. As such, analysts are bullish on the stock.   “
  • 3/13/2019 – Parsley Energy had its “buy” rating reaffirmed by analysts at Barclays PLC. They now have a $34.00 price target on the stock.

NYSE PE traded up $0.36 on Monday, reaching $20.08. 5,717,244 shares of the company’s stock traded hands, compared to its average volume of 5,669,413. Parsley Energy Inc has a 12 month low of $14.17 and a 12 month high of $33.43. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $6.25 billion, a P/E ratio of 14.24, a PEG ratio of 0.36 and a beta of 0.41.

Parsley Energy (NYSE:PE) last issued its earnings results on Wednesday, May 1st. The oil and natural gas company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). Parsley Energy had a return on equity of 6.07% and a net margin of 14.09%. The firm had revenue of $427.67 million during the quarter, compared to the consensus estimate of $410.04 million. During the same quarter in the prior year, the business posted $0.31 EPS. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, equities analysts expect that Parsley Energy Inc will post 1.58 earnings per share for the current fiscal year.

In related news, insider Mike Hinson sold 41,727 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $18.43, for a total value of $769,028.61. Following the completion of the sale, the insider now owns 398,275 shares of the company’s stock, valued at $7,340,208.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Colin Roberts sold 3,000 shares of the firm’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $20.00, for a total value of $60,000.00. Following the completion of the sale, the insider now directly owns 271,926 shares of the company’s stock, valued at approximately $5,438,520. The disclosure for this sale can be found here. Insiders sold 48,227 shares of company stock worth $894,584 in the last 90 days. Company insiders own 12.14% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in shares of Parsley Energy by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,220,803 shares of the oil and natural gas company’s stock valued at $445,208,000 after purchasing an additional 865,292 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Parsley Energy by 93.4% during the 3rd quarter. Jane Street Group LLC now owns 18,952 shares of the oil and natural gas company’s stock valued at $554,000 after purchasing an additional 9,152 shares during the last quarter. TIAA CREF Investment Management LLC grew its holdings in shares of Parsley Energy by 1.4% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 10,852,724 shares of the oil and natural gas company’s stock valued at $317,442,000 after purchasing an additional 148,086 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Parsley Energy by 64.6% during the 3rd quarter. Nordea Investment Management AB now owns 9,540 shares of the oil and natural gas company’s stock valued at $279,000 after purchasing an additional 3,745 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Parsley Energy by 7.0% during the 3rd quarter. Legal & General Group Plc now owns 284,831 shares of the oil and natural gas company’s stock valued at $8,331,000 after purchasing an additional 18,532 shares during the last quarter. 85.09% of the stock is owned by institutional investors.

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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