Parsley Energy Inc. (PE) Downgraded by Zacks Investment Research to Hold

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Parsley Energy Inc. (NYSE:PE) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday.
According to Zacks, “Parsley Energy, Inc. is an independent oil and natural gas company. It is focused on the acquisition, development, and exploitation of unconventional oil and natural gas reserves in the Permian Basin. Parsley Energy, Inc. is headquartered in Midland, Texas. “
Parsley Energy (NYSE:PE) opened at 34.43 on Thursday. Parsley Energy has a 12-month low of $13.84 and a 12-month high of $35.00. The firm’s 50-day moving average is $31.86 and its 200 day moving average is $25.88. The stock’s market capitalization is $5.90 billion.

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Parsley Energy (NYSE:PE) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.10. The firm had revenue of $106.30 million for the quarter, compared to analyst estimates of $92.04 million. Parsley Energy’s revenue for the quarter was up 36.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.01) earnings per share. Equities analysts expect that Parsley Energy will post $0.11 EPS for the current year.
In other Parsley Energy news, VP Mike Hinson sold 25,000 shares of the stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $26.69, for a total value of $667,250.00. Following the completion of the sale, the vice president now owns 721,653 shares of the company’s stock, valued at $19,260,918.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Matthew Gallagher sold 5,400 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $33.74, for a total transaction of $182,196.00. Following the completion of the sale, the insider now directly owns 637,006 shares of the company’s stock, valued at approximately $21,492,582.44. The disclosure for this sale can be found here. 24.17% of the stock is currently owned by company insiders.
Other hedge funds have recently modified their holdings of the company. Public Employees Retirement Association of Colorado purchased a new stake in shares of Parsley Energy during the second quarter valued at about $131,000. BlackRock Inc. boosted its position in Parsley Energy by 134.5% in the first quarter. BlackRock Inc. now owns 6,650 shares of the company’s stock valued at $151,000 after buying an additional 3,814 shares during the period. Loeb Partners Corp acquired a new position in Parsley Energy during the second quarter valued at approximately $235,000. Gradient Investments LLC boosted its position in Parsley Energy by 1,071.4% in the first quarter. Gradient Investments LLC now owns 11,093 shares of the company’s stock valued at $251,000 after buying an additional 10,146 shares during the period. Finally, Capital Fund Management S.A. acquired a new position in Parsley Energy during the second quarter valued at approximately $310,000. 85.10% of the stock is owned by institutional investors.
Several other equities analysts have also recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Parsley Energy to $48.00 and gave the company an “overweight” rating in a research note on Tuesday, August 30th. Goldman Sachs Group boosted their price objective on shares of Parsley Energy from $25.00 to $29.00 and gave the company a “neutral” rating in a research note on Monday, August 8th. JPMorgan Chase & Co. boosted their price objective on shares of Parsley Energy from $34.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, August 15th. KeyCorp boosted their price objective on shares of Parsley Energy from $36.00 to $37.00 and gave the company an “overweight” rating in a research note on Monday, August 22nd. Finally, Barclays PLC started coverage on shares of Parsley Energy in a research note on Tuesday, June 21st. They issued an “overweight” rating and a $30.00 price objective on the stock. Six investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $30.47.
Parsley Energy, Inc is an independent oil and natural gas company. The Company is focused 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 comprises over three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.

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