Parsley Energy Inc (NYSE:PE) – Analysts at Piper Jaffray Companies boosted their Q3 2018 earnings per share estimates for shares of Parsley Energy in a research note issued to investors on Tuesday, June 12th. Piper Jaffray Companies analyst K. Harrison now forecasts that the oil and natural gas company will post earnings per share of $0.60 for the quarter, up from their prior estimate of $0.58. Piper Jaffray Companies has a “Buy” rating and a $46.00 price target on the stock. Piper Jaffray Companies also issued estimates for Parsley Energy’s Q4 2018 earnings at $0.64 EPS, FY2018 earnings at $2.01 EPS, Q1 2019 earnings at $0.60 EPS, Q2 2019 earnings at $0.64 EPS, Q3 2019 earnings at $0.75 EPS and FY2019 earnings at $2.87 EPS.
A number of other brokerages have also issued reports on PE. SunTrust Banks set a $45.00 target price on Parsley Energy and gave the company a “buy” rating in a research report on Monday, May 7th. BMO Capital Markets set a $40.00 target price on Parsley Energy and gave the company a “buy” rating in a research report on Friday, May 4th. Morgan Stanley upped their target price on Parsley Energy from $31.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday, May 4th. TheStreet raised Parsley Energy from a “c+” rating to a “b” rating in a research report on Thursday, May 3rd. Finally, Seaport Global Securities lowered Parsley Energy from a “buy” rating to a “neutral” rating in a research report on Friday, May 4th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Parsley Energy presently has a consensus rating of “Buy” and a consensus target price of $37.96.
Parsley Energy (NYSE:PE) last announced its earnings results on Thursday, May 3rd. The oil and natural gas company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.07. Parsley Energy had a return on equity of 3.71% and a net margin of 13.82%. The company had revenue of $392.70 million for the quarter, compared to analyst estimates of $348.64 million. During the same period in the prior year, the company posted $0.13 EPS. Parsley Energy’s quarterly revenue was up 95.5% on a year-over-year basis.
Hedge funds and other institutional investors have recently modified their holdings of the company. Assetmark Inc. increased its holdings in shares of Parsley Energy by 417.5% in the 4th quarter. Assetmark Inc. now owns 3,550 shares of the oil and natural gas company’s stock valued at $105,000 after acquiring an additional 2,864 shares during the last quarter. LS Investment Advisors LLC grew its stake in Parsley Energy by 67.0% during the 1st quarter. LS Investment Advisors LLC now owns 4,085 shares of the oil and natural gas company’s stock worth $118,000 after buying an additional 1,639 shares during the last quarter. American International Group Inc. bought a new position in Parsley Energy during the 4th quarter worth $155,000. M&T Bank Corp bought a new position in Parsley Energy during the 4th quarter worth $249,000. Finally, S&CO Inc. bought a new position in Parsley Energy during the 1st quarter worth $255,000. Institutional investors and hedge funds own 85.13% of the company’s stock.
In other news, insider Colin Roberts sold 7,500 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $7,191,431.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mike Hinson sold 41,681 shares of the business’s stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $31.95, for a total value of $1,331,707.95. Following the completion of the sale, the insider now owns 422,626 shares of the company’s stock, valued at $13,502,900.70. The disclosure for this sale can be found here. Insiders sold a total of 59,181 shares of company stock valued at $1,859,783 over the last quarter. Company insiders own 13.17% of the company’s stock.
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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