Parsley Energy to Post Q1 2018 Earnings of $0.22 Per Share, Imperial Capital Forecasts (PE)

Parsley Energy (NYSE:PE) – Imperial Capital raised their Q1 2018 earnings per share (EPS) estimates for Parsley Energy in a report issued on Tuesday, April 24th. Imperial Capital analyst I. Haas now expects that the oil and natural gas company will post earnings of $0.22 per share for the quarter, up from their previous estimate of $0.18. Imperial Capital currently has a “Outperform” rating and a $42.00 price target on the stock. Imperial Capital also issued estimates for Parsley Energy’s FY2018 earnings at $1.16 EPS.

Parsley Energy (NYSE:PE) last released its quarterly earnings results on Wednesday, February 21st. The oil and natural gas company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.13. The company had revenue of $311.49 million during the quarter, compared to the consensus estimate of $298.04 million. Parsley Energy had a return on equity of 3.10% and a net margin of 11.04%. Parsley Energy’s revenue was up 99.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.06 earnings per share.

A number of other research analysts have also recently commented on PE. SunTrust Banks set a $34.00 price objective on Parsley Energy and gave the stock a “buy” rating in a research note on Thursday, March 29th. Credit Suisse Group reduced their price objective on Parsley Energy from $38.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, January 30th. Williams Capital cut Parsley Energy from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $38.00 to $34.00 in a research note on Tuesday, January 30th. Piper Jaffray restated a “buy” rating and set a $38.00 price objective on shares of Parsley Energy in a research note on Friday, February 2nd. Finally, Morgan Stanley cut Parsley Energy from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $37.00.

Shares of Parsley Energy stock opened at $30.03 on Thursday. Parsley Energy has a twelve month low of $21.12 and a twelve month high of $32.90. The firm has a market capitalization of $9,417.99, a P/E ratio of 47.95, a PEG ratio of 1.38 and a beta of -0.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.50.

Institutional investors have recently made changes to their positions in the stock. M&T Bank Corp bought a new stake in Parsley Energy in the fourth quarter valued at about $249,000. Caisse DE Depot ET Placement DU Quebec increased its holdings in Parsley Energy by 48.9% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 19,800 shares of the oil and natural gas company’s stock valued at $583,000 after buying an additional 6,500 shares during the last quarter. California Public Employees Retirement System increased its holdings in Parsley Energy by 1.6% in the third quarter. California Public Employees Retirement System now owns 443,500 shares of the oil and natural gas company’s stock valued at $11,682,000 after buying an additional 6,800 shares during the last quarter. Swiss National Bank increased its holdings in Parsley Energy by 0.4% in the fourth quarter. Swiss National Bank now owns 818,500 shares of the oil and natural gas company’s stock valued at $24,097,000 after buying an additional 2,900 shares during the last quarter. Finally, Kingfisher Capital LLC bought a new stake in Parsley Energy in the fourth quarter valued at about $498,000. 81.94% of the stock is owned by hedge funds and other institutional investors.

In related news, insider Colin Roberts sold 7,500 shares of the business’s stock in a transaction dated Monday, April 2nd. The stock was sold at an average price of $28.29, for a total value of $212,175.00. Following the completion of the sale, the insider now directly owns 254,204 shares of the company’s stock, valued at $7,191,431.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Bryan Sheffield acquired 189,500 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was purchased at an average cost of $26.34 per share, with a total value of $4,991,430.00. Following the completion of the acquisition, the insider now owns 11,533,063 shares of the company’s stock, valued at $303,780,879.42. The disclosure for this purchase can be found here. Insiders own 13.17% of the company’s stock.

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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.

Earnings History and Estimates for Parsley Energy (NYSE:PE)

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