Parsley Energy Inc (NYSE:PE) – Equities research analysts at Seaport Global Securities cut their Q2 2020 earnings per share (EPS) estimates for Parsley Energy in a research note issued on Monday, May 6th, according to Zacks Investment Research. Seaport Global Securities analyst M. Kelly now expects that the oil and natural gas company will earn $0.54 per share for the quarter, down from their previous estimate of $0.55. Seaport Global Securities also issued estimates for Parsley Energy’s Q3 2020 earnings at $0.58 EPS.
Parsley Energy (NYSE:PE) last posted its earnings results on Wednesday, May 1st. The oil and natural gas company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). Parsley Energy had a return on equity of 6.05% and a net margin of 14.09%. The business had revenue of $427.67 million during the quarter, compared to the consensus estimate of $410.04 million. During the same quarter last year, the firm earned $0.31 earnings per share. The business’s quarterly revenue was up 8.9% on a year-over-year basis.
PE has been the topic of a number of other reports. Williams Capital restated a “hold” rating and issued a $22.00 target price on shares of Parsley Energy in a report on Monday, February 11th. Northland Securities reaffirmed a “buy” rating and set a $29.00 price target on shares of Parsley Energy in a research note on Friday, February 22nd. Zacks Investment Research raised shares of Parsley Energy from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Tuesday, May 14th. Robert W. Baird set a $24.00 price target on shares of Parsley Energy and gave the stock a “buy” rating in a research note on Friday, February 22nd. Finally, TD Securities dropped their price target on shares of Parsley Energy from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $30.87.
Shares of Parsley Energy stock traded down $0.36 during trading hours on Wednesday, reaching $17.83. The company’s stock had a trading volume of 5,264,400 shares, compared to its average volume of 5,495,016. Parsley Energy has a one year low of $14.17 and a one year high of $33.25. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.36. The company has a market cap of $5.62 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 0.32 and a beta of 0.41.
Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc raised its stake in shares of Parsley Energy by 4.0% during the 3rd quarter. Vanguard Group Inc now owns 23,467,865 shares of the oil and natural gas company’s stock worth $686,436,000 after acquiring an additional 901,815 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Parsley Energy by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,220,803 shares of the oil and natural gas company’s stock worth $445,208,000 after acquiring an additional 865,292 shares in the last quarter. BlackRock Inc. raised its stake in shares of Parsley Energy by 2.0% during the 4th quarter. BlackRock Inc. now owns 13,523,102 shares of the oil and natural gas company’s stock worth $216,100,000 after acquiring an additional 261,593 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Parsley Energy by 1.4% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 10,852,724 shares of the oil and natural gas company’s stock worth $317,442,000 after acquiring an additional 148,086 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Parsley Energy by 7.2% during the 1st quarter. FMR LLC now owns 8,483,510 shares of the oil and natural gas company’s stock worth $163,731,000 after acquiring an additional 571,136 shares in the last quarter. 83.23% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Colin Roberts sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $18.73, for a total value of $65,555.00. Following the completion of the sale, the insider now owns 274,926 shares of the company’s stock, valued at approximately $5,149,363.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Bryan Sheffield sold 100,000 shares of the company’s stock in a transaction that occurred 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 directly owns 8,801,632 shares of the company’s stock, valued at approximately $178,145,031.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 106,500 shares of company stock valued at $2,149,555. 12.14% of the stock is owned by corporate insiders.
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.