Parsley Energy, Inc. (PE) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Parsley Energy, Inc. (NYSE:PE) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

According to Zacks, “Parsley Energy, Inc. is an independent oil and natural gas company. It is focused on the acquisition, development, and exploitation of unconventional oil and natural gas reserves in the Permian Basin. Parsley Energy, Inc. is headquartered in Midland, Texas. “

Several other equities analysts have also commented on the company. BMO Capital Markets set a $35.00 price target on Parsley Energy and gave the company a buy rating in a research note on Tuesday. Jefferies Group LLC began coverage on Parsley Energy in a research note on Monday. They set a buy rating and a $34.00 price target on the stock. Stifel Nicolaus set a $46.00 price target on Parsley Energy and gave the company a buy rating in a research note on Thursday, October 5th. US Capital Advisors reaffirmed an overweight rating on shares of Parsley Energy in a research report on Monday, October 2nd. Finally, J P Morgan Chase & Co dropped their price objective on Parsley Energy from $50.00 to $44.00 and set an overweight rating on the stock in a research report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-three have issued a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $40.96.

Shares of Parsley Energy (NYSE:PE) traded down 1.63% during mid-day trading on Wednesday, hitting $26.52. 3,814,464 shares of the stock were exchanged. Parsley Energy has a 12 month low of $22.98 and a 12 month high of $39.82. The firm has a market cap of $6.57 billion, a P/E ratio of 148.16 and a beta of -0.05. The stock’s 50 day moving average is $25.72 and its 200 day moving average is $28.13.

Parsley Energy (NYSE:PE) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and natural gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.06). The firm had revenue of $213.68 million for the quarter, compared to analysts’ expectations of $216.54 million. Parsley Energy had a net margin of 5.23% and a return on equity of 1.70%. The business’s quarterly revenue was up 99.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.04 EPS. Analysts expect that Parsley Energy will post $0.48 EPS for the current fiscal year.

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Several institutional investors have recently added to or reduced their stakes in PE. BlueCrest Capital Management Ltd raised its position in Parsley Energy by 1.5% during the first quarter. BlueCrest Capital Management Ltd now owns 10,000 shares of the oil and natural gas company’s stock valued at $325,000 after acquiring an additional 143 shares in the last quarter. American International Group Inc. raised its position in Parsley Energy by 3.8% during the first quarter. American International Group Inc. now owns 4,858 shares of the oil and natural gas company’s stock valued at $158,000 after acquiring an additional 180 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Parsley Energy by 6.8% during the first quarter. Envestnet Asset Management Inc. now owns 4,716 shares of the oil and natural gas company’s stock valued at $153,000 after acquiring an additional 300 shares in the last quarter. Atria Investments LLC raised its position in Parsley Energy by 3.2% during the second quarter. Atria Investments LLC now owns 10,138 shares of the oil and natural gas company’s stock valued at $281,000 after acquiring an additional 315 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd raised its position in Parsley Energy by 6.7% during the second quarter. Dynamic Technology Lab Private Ltd now owns 9,056 shares of the oil and natural gas company’s stock valued at $251,000 after acquiring an additional 565 shares in the last quarter. 77.94% of the stock is owned by hedge funds and other 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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