Parsley Energy (NYSE:PE) Given a $22.00 Price Target at Robert W. Baird

Parsley Energy (NYSE:PE) has been assigned a $22.00 price objective by equities research analysts at Robert W. Baird in a report issued on Thursday, June 27th, TipRanks reports. The firm currently has a “buy” rating on the oil and natural gas company’s stock. Robert W. Baird’s price target would indicate a potential upside of 33.17% from the company’s previous close.

A number of other brokerages have also recently commented on PE. SunTrust Banks set a $75.00 price objective on Cimarex Energy and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Goldman Sachs Group cut Encana to a “buy” rating in a research note on Friday, April 12th. Williams Capital set a $30.00 price target on Mdu Resources Group and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Zacks Investment Research cut G1 Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. Finally, Morgan Stanley set a $23.00 price target on Cabot Oil & Gas and gave the stock a “hold” rating in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Parsley Energy presently has a consensus rating of “Buy” and an average price target of $30.31.

Shares of NYSE:PE traded up $0.11 during midday trading on Thursday, reaching $16.52. The company’s stock had a trading volume of 3,177,476 shares, compared to its average volume of 4,131,681. The company’s 50 day moving average is $17.90. Parsley Energy has a 1 year low of $14.17 and a 1 year high of $32.33. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of 11.72, a price-to-earnings-growth ratio of 0.31 and a beta of 0.53.

Parsley Energy (NYSE:PE) last posted its quarterly earnings results on Wednesday, May 1st. The oil and natural gas company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.01). Parsley Energy had a net margin of 14.09% and a return on equity of 6.05%. The firm had revenue of $427.67 million for the quarter, compared to analysts’ expectations of $410.04 million. During the same period last year, the firm posted $0.31 EPS. Parsley Energy’s revenue was up 8.9% on a year-over-year basis. Analysts expect that Parsley Energy will post 1.48 EPS for the current year.

In other news, insider Bryan Sheffield sold 100,000 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $20.24, for a total transaction of $2,024,000.00. Following the completion of the sale, the insider now owns 8,801,632 shares in the company, valued at approximately $178,145,031.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jerry Windlinger acquired 1,985 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were bought at an average price of $17.50 per share, with a total value of $34,737.50. Following the transaction, the director now directly owns 33,382 shares in the company, valued at approximately $584,185. The disclosure for this purchase can be found here. Corporate insiders own 12.14% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parametric Portfolio Associates LLC lifted its holdings in shares of Parsley Energy by 30.1% in the first quarter. Parametric Portfolio Associates LLC now owns 544,354 shares of the oil and natural gas company’s stock valued at $10,506,000 after purchasing an additional 125,987 shares in the last quarter. Bain Capital Credit LP purchased a new stake in shares of Parsley Energy in the fourth quarter valued at $2,016,000. Norges Bank purchased a new stake in shares of Parsley Energy in the fourth quarter valued at $34,928,000. Comerica Bank lifted its holdings in shares of Parsley Energy by 6.8% in the first quarter. Comerica Bank now owns 11,311 shares of the oil and natural gas company’s stock valued at $210,000 after purchasing an additional 720 shares in the last quarter. Finally, S&CO Inc. lifted its holdings in shares of Parsley Energy by 46.8% in the first quarter. S&CO Inc. now owns 346,620 shares of the oil and natural gas company’s stock valued at $6,690,000 after purchasing an additional 110,548 shares in the last quarter. Institutional investors own 82.30% of the company’s stock.

About Parsley Energy

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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