Parsley Energy, Inc. (PE) Coverage Initiated at Bank of America Corporation

Stock analysts at Bank of America Corporation began coverage on shares of Parsley Energy, Inc. (NYSE:PE) in a research note issued on Wednesday, July 19th. The firm set a “buy” rating and a $37.00 price target on the oil and natural gas company’s stock. Bank of America Corporation’s price target suggests a potential upside of 25.55% from the stock’s previous close.

Several other equities analysts have also issued reports on PE. UBS AG began coverage on Parsley Energy in a research note on Thursday, March 23rd. They set a “buy” rating and a $42.00 price target on the stock. Scotiabank set a $43.00 price target on Parsley Energy and gave the company a “buy” rating in a research note on Saturday, May 6th. Stifel Nicolaus restated a “buy” rating and set a $39.00 price target on shares of Parsley Energy in a research note on Friday, July 14th. Northland Securities set a $43.00 price target on Parsley Energy and gave the company a “buy” rating in a research note on Monday, July 17th. Finally, Seaport Global Securities lowered Parsley Energy from a “buy” rating to a “neutral” rating and set a $30.00 price target on the stock. in a research note on Monday, July 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-three have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $40.37.

Parsley Energy (NYSE PE) traded down 0.37% on Wednesday, reaching $29.36. The company’s stock had a trading volume of 3,156,302 shares. The firm’s market capitalization is $7.24 billion. The stock’s 50 day moving average is $27.74 and its 200-day moving average is $30.83. Parsley Energy has a 52 week low of $25.17 and a 52 week high of $39.82.

Parsley Energy (NYSE:PE) last issued its quarterly earnings results on Thursday, May 4th. The oil and natural gas company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.06. Parsley Energy had a positive return on equity of 2.04% and a negative net margin of 4.26%. The firm had revenue of $200.90 million for the quarter, compared to analyst estimates of $181.23 million. During the same period in the previous year, the company posted ($0.02) earnings per share. The company’s quarterly revenue was up 222.5% compared to the same quarter last year. Analysts predict that Parsley Energy will post $0.58 EPS for the current year.

In other news, insider Bryan Sheffield sold 1,687,500 shares of the stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $31.42, for a total transaction of $53,021,250.00. Following the completion of the transaction, the insider now directly owns 12,059,224 shares in the company, valued at approximately $378,900,818.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Colin Roberts sold 3,400 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $30.00, for a total transaction of $102,000.00. Following the completion of the sale, the insider now owns 229,326 shares of the company’s stock, valued at $6,879,780. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,720,900 shares of company stock valued at $54,100,050. 15.51% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Parsley Energy by 9.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,043 shares of the oil and natural gas company’s stock worth $107,000 after buying an additional 251 shares during the period. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in Parsley Energy during the first quarter valued at about $133,000. Creative Planning increased its stake in Parsley Energy by 4,425.0% in the first quarter. Creative Planning now owns 4,525 shares of the oil and natural gas company’s stock valued at $147,000 after buying an additional 4,425 shares during the period. Fortaleza Asset Management Inc. increased its stake in Parsley Energy by 50.3% in the first quarter. Fortaleza Asset Management Inc. now owns 4,540 shares of the oil and natural gas company’s stock valued at $148,000 after buying an additional 1,520 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Parsley Energy by 6.8% in the first quarter. Envestnet Asset Management Inc. now owns 4,716 shares of the oil and natural gas company’s stock valued at $153,000 after buying an additional 300 shares during the period. Institutional investors own 91.64% of the company’s stock.

About Parsley Energy

Parsley Energy, Inc is a holding company. The Company is an independent oil and natural gas company. The Company focuses on the acquisition, development and exploitation of unconventional oil and natural gas reserves in the Permian Basin. The Permian Basin is located in West Texas and Southeastern New Mexico and includes three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.