UBS Group Increases Parsley Energy (NYSE:PE) Price Target to $22.00

Parsley Energy (NYSE:PE) had its price objective hoisted by UBS Group from $13.00 to $22.00 in a report released on Monday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the oil and natural gas company’s stock.

Several other research firms have also recently issued reports on PE. Piper Sandler cut Parsley Energy from an overweight rating to a neutral rating and set a $15.00 price objective for the company. in a research report on Monday, March 9th. SunTrust Banks cut their price objective on Parsley Energy from $11.00 to $9.00 and set a hold rating for the company in a research report on Monday, April 13th. Barclays increased their price objective on Parsley Energy from $10.00 to $12.00 and gave the stock an overweight rating in a research report on Wednesday, June 3rd. Imperial Capital increased their price objective on Parsley Energy from $10.00 to $12.00 and gave the stock an outperform rating in a research report on Wednesday, May 6th. Finally, TheStreet cut Parsley Energy from a c- rating to a d rating in a research report on Monday, May 4th. Four research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $16.70.

PE stock opened at $10.42 on Monday. Parsley Energy has a twelve month low of $3.92 and a twelve month high of $20.80. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.68. The business has a 50 day simple moving average of $10.38 and a 200-day simple moving average of $12.18. The company has a market capitalization of $4.35 billion, a P/E ratio of -1.23, a PEG ratio of 4.46 and a beta of 2.13.

Parsley Energy (NYSE:PE) last released its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.05. Parsley Energy had a positive return on equity of 5.98% and a negative net margin of 151.11%. The business had revenue of $564.80 million during the quarter, compared to analysts’ expectations of $597.35 million. During the same quarter in the prior year, the business earned $0.22 earnings per share. The company’s quarterly revenue was up 32.1% compared to the same quarter last year. Research analysts predict that Parsley Energy will post 0.07 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Tuesday, June 9th were issued a $0.05 dividend. The ex-dividend date was Monday, June 8th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.92%. Parsley Energy’s dividend payout ratio (DPR) is 17.86%.

Several large investors have recently made changes to their positions in the stock. Mutual of America Capital Management LLC increased its holdings in Parsley Energy by 122.9% during the 1st quarter. Mutual of America Capital Management LLC now owns 4,458 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 2,458 shares during the last quarter. Signaturefd LLC increased its holdings in Parsley Energy by 1,001.4% during the 1st quarter. Signaturefd LLC now owns 6,950 shares of the oil and natural gas company’s stock worth $40,000 after purchasing an additional 6,319 shares during the last quarter. Capital Wealth Alliance LLC purchased a new stake in Parsley Energy during the 4th quarter worth approximately $46,000. Fieldpoint Private Securities LLC acquired a new position in shares of Parsley Energy in the 4th quarter worth approximately $47,000. Finally, Oregon Public Employees Retirement Fund acquired a new position in shares of Parsley Energy in the 1st quarter worth approximately $61,000. Institutional investors and hedge funds own 68.39% of the company’s stock.

Parsley Energy Company Profile

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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