Northland Securities Reaffirms Buy Rating for Parsley Energy (NYSE:PE)

Northland Securities restated their buy rating on shares of Parsley Energy (NYSE:PE) in a report published on Wednesday morning, AnalystRatings.com reports. Northland Securities currently has a $23.00 price objective on the oil and natural gas company’s stock.

A number of other brokerages have also issued reports on PE. Bank of America boosted their price target on shares of Parsley Energy from $23.00 to $27.00 and gave the stock a buy rating in a research note on Tuesday, September 10th. Citigroup dropped their price target on shares of Parsley Energy from $27.00 to $25.00 and set a buy rating on the stock in a research note on Monday, September 23rd. MKM Partners initiated coverage on shares of Parsley Energy in a research note on Tuesday, August 27th. They set a buy rating and a $26.00 price target on the stock. Cowen set a $24.00 price target on shares of Parsley Energy and gave the stock a buy rating in a research note on Wednesday, August 21st. Finally, SunTrust Banks set a $23.00 price target on shares of Parsley Energy and gave the stock a buy rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $27.23.

NYSE PE traded down $0.15 during trading on Wednesday, reaching $17.10. The company’s stock had a trading volume of 7,090,686 shares, compared to its average volume of 5,396,525. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.50. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 0.37 and a beta of 0.51. Parsley Energy has a twelve month low of $13.72 and a twelve month high of $24.82. The business’s fifty day moving average price is $16.63 and its 200-day moving average price is $17.65.

Parsley Energy (NYSE:PE) last posted its quarterly earnings data on Tuesday, November 5th. The oil and natural gas company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.05). The business had revenue of $510.15 million during the quarter, compared to analyst estimates of $503.05 million. Parsley Energy had a net margin of 14.03% and a return on equity of 5.00%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. As a group, sell-side analysts forecast that Parsley Energy will post 1.28 EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Tuesday, December 10th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.70%. The ex-dividend date is Monday, December 9th. Parsley Energy’s dividend payout ratio (DPR) is presently 8.51%.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nuveen Asset Management LLC raised its position in shares of Parsley Energy by 1,349.5% in the second quarter. Nuveen Asset Management LLC now owns 19,366,848 shares of the oil and natural gas company’s stock valued at $368,163,000 after buying an additional 18,030,770 shares during the last quarter. York Capital Management Global Advisors LLC acquired a new position in Parsley Energy during the second quarter worth approximately $45,043,000. Invesco Ltd. increased its position in Parsley Energy by 28.8% during the second quarter. Invesco Ltd. now owns 7,101,220 shares of the oil and natural gas company’s stock worth $134,995,000 after purchasing an additional 1,587,326 shares during the last quarter. Nan Shan Life Insurance Co. Ltd. acquired a new position in Parsley Energy during the second quarter worth approximately $29,599,000. Finally, Victory Capital Management Inc. increased its position in Parsley Energy by 22.2% during the second quarter. Victory Capital Management Inc. now owns 8,321,521 shares of the oil and natural gas company’s stock worth $158,192,000 after purchasing an additional 1,511,168 shares during the last quarter. 83.06% of the stock is currently owned by institutional investors.

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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