Brokerages Anticipate Parsley Energy Inc (PE) Will Post Quarterly Sales of $497.70 Million

Brokerages forecast that Parsley Energy Inc (NYSE:PE) will report $497.70 million in sales for the current quarter, Zacks Investment Research reports. Twelve analysts have issued estimates for Parsley Energy’s earnings. The lowest sales estimate is $450.00 million and the highest is $558.00 million. Parsley Energy posted sales of $311.49 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 59.8%. The business is expected to issue its next earnings results on Wednesday, February 20th.

According to Zacks, analysts expect that Parsley Energy will report full year sales of $1.86 billion for the current fiscal year, with estimates ranging from $1.78 billion to $1.93 billion. For the next financial year, analysts anticipate that the company will report sales of $2.05 billion, with estimates ranging from $1.72 billion to $2.94 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Parsley Energy.

Parsley Energy (NYSE:PE) last announced its quarterly earnings data on Thursday, November 1st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.01. Parsley Energy had a net margin of 21.70% and a return on equity of 6.77%. The company had revenue of $511.00 million during the quarter, compared to analysts’ expectations of $493.44 million. During the same quarter in the prior year, the company earned $0.12 EPS. Parsley Energy’s revenue was up 112.0% compared to the same quarter last year.



Several brokerages recently issued reports on PE. Stifel Nicolaus reaffirmed a “buy” rating and set a $57.00 price objective on shares of Parsley Energy in a research note on Wednesday, October 24th. Wells Fargo & Co began coverage on shares of Parsley Energy in a research note on Wednesday, October 24th. They set an “outperform” rating and a $47.00 price objective for the company. Zacks Investment Research cut shares of Parsley Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, November 20th. ValuEngine cut shares of Parsley Energy from a “sell” rating to a “strong sell” rating in a research note on Saturday, December 1st. Finally, Williams Capital reaffirmed a “hold” rating and set a $25.00 price objective on shares of Parsley Energy in a research note on Wednesday, December 12th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. Parsley Energy currently has an average rating of “Buy” and an average target price of $33.33.

NYSE PE traded down $0.29 during trading hours on Friday, hitting $18.72. 4,880,300 shares of the company’s stock traded hands, compared to its average volume of 7,616,150. Parsley Energy has a 52-week low of $14.17 and a 52-week high of $33.43. The stock has a market cap of $6.08 billion, a PE ratio of 27.13, a P/E/G ratio of 0.42 and a beta of 0.23. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.35.

In related news, Director A R. Alameddine acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, November 27th. The stock was purchased at an average price of $21.10 per share, with a total value of $105,500.00. Following the transaction, the director now owns 122,643 shares of the company’s stock, valued at approximately $2,587,767.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased a total of 7,000 shares of company stock valued at $145,490 in the last ninety days. 13.17% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in PE. Envestnet Asset Management Inc. lifted its holdings in Parsley Energy by 487.2% during 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 buying an additional 3,376 shares in the last quarter. Brasada Capital Management LP acquired a new stake in Parsley Energy during the 3rd quarter worth approximately $219,000. Cerebellum GP LLC lifted its holdings in Parsley Energy by 154.6% during the 4th quarter. Cerebellum GP LLC now owns 15,980 shares of the oil and natural gas company’s stock worth $255,000 after buying an additional 9,704 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Parsley Energy by 64.6% during the 3rd quarter. Nordea Investment Management AB now owns 9,540 shares of the oil and natural gas company’s stock worth $279,000 after buying an additional 3,745 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in Parsley Energy by 42.1% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 10,800 shares of the oil and natural gas company’s stock worth $316,000 after buying an additional 3,200 shares in the last quarter. Institutional investors own 82.96% 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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