Goldman Sachs Group Lowers Parsley Energy (PE) to Buy

Goldman Sachs Group cut shares of Parsley Energy (NYSE:PE) to a buy rating in a report issued on Friday morning, TipRanks reports.

A number of other research analysts also recently issued reports on the company. Zacks Investment Research upgraded Parsley Energy from a hold rating to a buy rating and set a $21.00 price objective for the company in a research note on Monday, April 8th. Barclays reiterated a buy rating and set a $34.00 price objective on shares of Parsley Energy in a research note on Wednesday, March 13th. Jefferies Financial Group cut their price objective on Parsley Energy from $28.00 to $26.00 and set a buy rating for the company in a research note on Tuesday, March 5th. Robert W. Baird set a $24.00 price objective on Parsley Energy and gave the company a buy rating in a research note on Friday, February 22nd. Finally, Stifel Nicolaus set a $55.00 price target on Parsley Energy and gave the stock a buy rating in a report on Friday, February 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. Parsley Energy currently has a consensus rating of Buy and a consensus price target of $31.68.

Shares of NYSE:PE opened at $20.30 on Friday. The company has a market cap of $5.75 billion, a P/E ratio of 14.40, a P/E/G ratio of 0.38 and a beta of 0.40. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.35. Parsley Energy has a 12-month low of $14.17 and a 12-month high of $33.43.



Parsley Energy (NYSE:PE) last announced its quarterly earnings data on Thursday, February 21st. The oil and natural gas company reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.04). The company had revenue of $454.90 million for the quarter, compared to the consensus estimate of $456.66 million. Parsley Energy had a net margin of 20.21% and a return on equity of 6.43%. The company’s revenue was up 46.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 earnings per share. On average, sell-side analysts expect that Parsley Energy will post 1.37 earnings per share for the current year.

In other news, insider Colin Roberts sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, April 12th. The stock was sold at an average price of $20.00, for a total transaction of $60,000.00. Following the sale, the insider now directly owns 271,926 shares of the company’s stock, valued at approximately $5,438,520. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mike Hinson sold 41,727 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $18.43, for a total value of $769,028.61. Following the sale, the insider now directly owns 398,275 shares in the company, valued at $7,340,208.25. The disclosure for this sale can be found here. Insiders have sold a total of 48,227 shares of company stock worth $894,584 over the last ninety days. Insiders own 13.17% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Nippon Life Global Investors Americas Inc. raised its holdings in Parsley Energy by 24.5% during the 4th quarter. Nippon Life Global Investors Americas Inc. now owns 302,050 shares of the oil and natural gas company’s stock valued at $4,827,000 after buying an additional 59,360 shares during the period. Bain Capital Credit LP purchased a new stake in Parsley Energy during the 4th quarter valued at $2,016,000. Nordea Investment Management AB raised 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 valued at $279,000 after buying an additional 3,745 shares during the period. Dimensional Fund Advisors LP raised its holdings in Parsley Energy by 57.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,039,718 shares of the oil and natural gas company’s stock valued at $59,661,000 after buying an additional 747,541 shares during the period. Finally, Ninepoint Partners LP raised its holdings in Parsley Energy by 108.3% during the 4th quarter. Ninepoint Partners LP now owns 500,000 shares of the oil and natural gas company’s stock valued at $7,990,000 after buying an additional 260,000 shares during the period. 85.20% of the stock is currently owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Parsley Energy (NYSE:PE)

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