SunTrust Banks Reiterates $23.00 Price Target for Parsley Energy (NYSE:PE)

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SunTrust Banks set a $23.00 price objective on Parsley Energy (NYSE:PE) in a research report sent to investors on Tuesday, TipRanks reports. The firm currently has a buy rating on the oil and natural gas company’s stock.

A number of other brokerages have also weighed in on PE. Zacks Investment Research lowered shares of Parsley Energy from a buy rating to a hold rating in a report on Thursday, May 16th. ValuEngine raised shares of Parsley Energy from a strong sell rating to a sell rating in a research note on Monday, August 26th. Robert W. Baird set a $22.00 price objective on shares of Parsley Energy and gave the company a buy rating in a research note on Thursday, June 27th. MKM Partners began coverage on shares of Parsley Energy in a research note on Tuesday, August 27th. They issued a buy rating and a $26.00 price objective on the stock. Finally, Morgan Stanley set a $21.00 price objective on shares of Parsley Energy and gave the company a hold rating in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $28.60.

Shares of NYSE PE traded down $0.08 during mid-day trading on Tuesday, hitting $18.23. 20,934 shares of the stock were exchanged, compared to its average volume of 3,756,195. The company has a market cap of $5.82 billion, a P/E ratio of 13.24, a PEG ratio of 0.37 and a beta of 0.49. The stock’s fifty day simple moving average is $16.51 and its two-hundred day simple moving average is $18.19. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.50. Parsley Energy has a twelve month low of $13.72 and a twelve month high of $31.05.

Parsley Energy (NYSE:PE) last posted its quarterly earnings data on Tuesday, August 6th. The oil and natural gas company reported $0.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.01. The company had revenue of $198.50 million during the quarter, compared to analyst estimates of $467.53 million. Parsley Energy had a net margin of 13.69% and a return on equity of 5.72%. The company’s revenue was down 57.6% on a year-over-year basis. During the same quarter last year, the business posted $0.39 earnings per share. As a group, equities research analysts predict that Parsley Energy will post 1.38 earnings per share for the current fiscal year.

The company also recently declared a — dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 20th will be given a dividend of $0.03 per share. The ex-dividend date is Thursday, September 19th.

Several hedge funds and other institutional investors have recently made changes to their positions in PE. River & Mercantile Asset Management LLP acquired a new stake in shares of Parsley Energy during the second quarter worth $29,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Parsley Energy by 116.9% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 101,012 shares of the oil and natural gas company’s stock valued at $1,920,000 after buying an additional 54,445 shares during the last quarter. Boston Partners increased its stake in Parsley Energy by 21.7% in the 2nd quarter. Boston Partners now owns 3,535,990 shares of the oil and natural gas company’s stock valued at $67,219,000 after buying an additional 631,328 shares during the last quarter. Toronto Dominion Bank increased its stake in Parsley Energy by 49.4% in the 2nd quarter. Toronto Dominion Bank now owns 67,845 shares of the oil and natural gas company’s stock valued at $1,561,000 after buying an additional 22,433 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in Parsley Energy by 1.1% in the 2nd quarter. Treasurer of the State of North Carolina now owns 118,398 shares of the oil and natural gas company’s stock valued at $2,251,000 after buying an additional 1,251 shares during the last quarter. 82.72% of the stock is currently owned by institutional investors.

Parsley Energy Company Profile

Parsley Energy, Inc, an independent oil and natural gas company, engages in the acquisition, development, exploration, production, and sale of crude oil and natural gas properties in the Permian Basin in west Texas and Southeastern New Mexico. As of December 31, 2018, its acreage position consisted of 198,946 net acres, including 154,107 net acres in the Midland Basin and 44,839 net acres in the Delaware Basin; and operated 425.3 net acres of the horizontal wells and 735.7 net acres of the vertical wells, as well an estimated proved oil, natural gas, and natural gas liquid reserves of 521.7 MMBoe.

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Analyst Recommendations for Parsley Energy (NYSE:PE)

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