Equities researchers at Ifs Securities assumed coverage on shares of Parsley Energy (NYSE:PE) in a research report issued on Monday, The Fly reports. The firm set a “strong-buy” rating on the oil and natural gas company’s stock.
A number of other brokerages have also recently issued reports on PE. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $49.00 target price on shares of Parsley Energy in a report on Friday, July 20th. Stifel Nicolaus set a $58.00 target price on shares of Parsley Energy and gave the company a “buy” rating in a report on Wednesday, August 8th. TD Securities initiated coverage on shares of Parsley Energy in a report on Thursday, July 5th. They issued a “buy” rating and a $37.00 target price for the company. Zacks Investment Research raised shares of Parsley Energy from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a report on Wednesday, July 4th. Finally, JPMorgan Chase & Co. set a $49.00 target price on shares of Parsley Energy and gave the company a “buy” rating in a report on Tuesday, July 3rd. Five analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $38.62.
Shares of NYSE:PE opened at $23.58 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $7.74 billion, a P/E ratio of 34.17, a PEG ratio of 0.50 and a beta of -0.56. Parsley Energy has a 52 week low of $21.12 and a 52 week high of $33.43.
In other Parsley Energy news, insider Bryan Sheffield sold 2,500,000 shares of Parsley Energy stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $28.15, for a total value of $70,375,000.00. Following the completion of the sale, the insider now directly owns 9,033,063 shares of the company’s stock, valued at approximately $254,280,723.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Hemang Desai bought 1,000 shares of the stock in a transaction on Tuesday, September 4th. The stock was purchased at an average cost of $27.32 per share, with a total value of $27,320.00. Following the completion of the purchase, the director now directly owns 31,886 shares in the company, valued at approximately $871,125.52. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 2,763,328 shares of company stock valued at $78,318,180. Corporate insiders own 13.17% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. grew its stake in Parsley Energy by 487.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 4,069 shares of the oil and natural gas company’s stock worth $124,000 after acquiring an additional 3,376 shares during the period. MHI Funds LLC purchased a new stake in Parsley Energy in the 2nd quarter worth approximately $163,000. Cerebellum GP LLC grew its stake in Parsley Energy by 129.3% in the 2nd quarter. Cerebellum GP LLC now owns 6,099 shares of the oil and natural gas company’s stock worth $185,000 after acquiring an additional 3,439 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in Parsley Energy in the 2nd quarter worth approximately $212,000. Finally, Fox Run Management L.L.C. purchased a new stake in Parsley Energy in the 2nd quarter worth approximately $224,000. 84.13% of the stock is owned by hedge funds and other institutional investors.
Parsley Energy Company Profile
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.
See Also: How Short Selling Works
Receive News & Ratings for Parsley Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parsley Energy and related companies with MarketBeat.com's FREE daily email newsletter.