Parsley Energy (PE) Cut to “Sell” at ValuEngine

ValuEngine downgraded shares of Parsley Energy (NYSE:PE) from a hold rating to a sell rating in a research note published on Sunday.

Other equities research analysts have also recently issued research reports about the company. Northland Securities restated a buy rating and issued a $40.00 price target on shares of Parsley Energy in a report on Friday, November 10th. Stifel Nicolaus set a $46.00 price target on Parsley Energy and gave the stock a buy rating in a report on Thursday, October 5th. KeyCorp restated a buy rating and issued a $39.00 price target on shares of Parsley Energy in a report on Tuesday, September 19th. JPMorgan Chase & Co. lowered their price target on Parsley Energy from $50.00 to $44.00 and set an overweight rating on the stock in a report on Tuesday, September 26th. Finally, Piper Jaffray Companies lowered their price target on Parsley Energy from $42.00 to $31.00 and set an overweight rating on the stock in a report on Monday, September 18th. Two analysts have rated the stock with a sell rating, one has given a hold rating and twenty-three have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $38.95.

Shares of Parsley Energy (NYSE PE) traded up $0.21 during mid-day trading on Friday, hitting $31.00. The stock had a trading volume of 3,661,750 shares, compared to its average volume of 3,781,083. The stock has a market cap of $9,710.00, a P/E ratio of 442.86 and a beta of -0.05. Parsley Energy has a fifty-two week low of $22.98 and a fifty-two week high of $37.72. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.

Parsley Energy (NYSE:PE) last issued its earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. The business had revenue of $241.02 million during the quarter, compared to the consensus estimate of $234.58 million. Parsley Energy had a return on equity of 1.87% and a net margin of 3.22%. The company’s revenue for the quarter was up 81.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 EPS. analysts expect that Parsley Energy will post 0.5 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Sumitomo Mitsui Asset Management Company LTD raised its position in shares of Parsley Energy by 15.0% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 65,985 shares of the oil and natural gas company’s stock worth $1,738,000 after buying an additional 8,593 shares during the period. King Luther Capital Management Corp raised its position in shares of Parsley Energy by 53.7% in the 3rd quarter. King Luther Capital Management Corp now owns 100,036 shares of the oil and natural gas company’s stock worth $2,635,000 after buying an additional 34,930 shares during the period. Commerzbank Aktiengesellschaft FI raised its position in shares of Parsley Energy by 46.6% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 88,989 shares of the oil and natural gas company’s stock worth $2,469,000 after buying an additional 28,299 shares during the period. JPMorgan Chase & Co. raised its position in shares of Parsley Energy by 263.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,335,311 shares of the oil and natural gas company’s stock worth $64,805,000 after buying an additional 1,692,425 shares during the period. Finally, Swiss National Bank raised its position in shares of Parsley Energy by 0.8% in the 3rd quarter. Swiss National Bank now owns 815,600 shares of the oil and natural gas company’s stock worth $21,483,000 after buying an additional 6,600 shares during the period. 80.16% of the stock is currently owned by institutional investors and hedge funds.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Parsley Energy (NYSE:PE)

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