Credit Suisse Group Analysts Give Parsley Energy (PE) a $38.00 Price Target

Parsley Energy (NYSE:PE) has been assigned a $38.00 price objective by analysts at Credit Suisse Group in a note issued to investors on Tuesday. The firm presently has a “buy” rating on the oil and natural gas company’s stock. Credit Suisse Group’s price target indicates a potential upside of 30.32% from the company’s previous close.

Several other research analysts have also issued reports on PE. JPMorgan Chase & Co. cut their price target on Parsley Energy from $50.00 to $44.00 and set an “overweight” rating on the stock in a report on Tuesday, September 26th. US Capital Advisors restated an “overweight” rating on shares of Parsley Energy in a report on Monday, October 2nd. Stifel Nicolaus set a $46.00 target price on Parsley Energy and gave the company a “buy” rating in a report on Thursday, October 5th. Jefferies Group assumed coverage on Parsley Energy in a report on Monday, October 9th. They issued a “buy” rating and a $34.00 target price on the stock. Finally, BMO Capital Markets set a $35.00 target price on Parsley Energy and gave the company a “buy” rating in a report on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and twenty-two have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $39.05.

Shares of Parsley Energy (NYSE:PE) traded down $0.04 during trading hours on Tuesday, reaching $29.16. The company’s stock had a trading volume of 4,092,300 shares, compared to its average volume of 4,922,193. The company has a market capitalization of $9,160.00, a price-to-earnings ratio of 416.57, a P/E/G ratio of 0.99 and a beta of -0.05. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Parsley Energy has a 1-year low of $22.98 and a 1-year high of $37.14.

Parsley Energy (NYSE:PE) last announced its quarterly earnings results on Tuesday, November 7th. The oil and natural gas company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. The business had revenue of $241.02 million for the quarter, compared to analyst estimates of $234.58 million. Parsley Energy had a return on equity of 1.87% and a net margin of 3.22%. The company’s quarterly revenue was up 81.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 earnings per share. equities research analysts expect that Parsley Energy will post 0.51 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd increased its position in shares of Parsley Energy by 6.7% during the second quarter. Dynamic Technology Lab Private Ltd now owns 9,056 shares of the oil and natural gas company’s stock valued at $251,000 after acquiring an additional 565 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Parsley Energy by 3.9% during the second quarter. ProShare Advisors LLC now owns 20,637 shares of the oil and natural gas company’s stock valued at $573,000 after acquiring an additional 768 shares during the last quarter. Advisor Group Inc. increased its position in shares of Parsley Energy by 23.9% during the second quarter. Advisor Group Inc. now owns 4,055 shares of the oil and natural gas company’s stock valued at $113,000 after acquiring an additional 781 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Parsley Energy by 13.0% during the second quarter. The Manufacturers Life Insurance Company now owns 8,206 shares of the oil and natural gas company’s stock valued at $228,000 after acquiring an additional 945 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in shares of Parsley Energy by 0.4% during the second quarter. California Public Employees Retirement System now owns 436,700 shares of the oil and natural gas company’s stock valued at $12,118,000 after acquiring an additional 1,700 shares during the last quarter. 80.18% of the stock is owned by institutional investors.

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About Parsley Energy

Parsley Energy, Inc is a holding company. The Company is an independent oil and natural gas company. The Company focuses 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 includes three primary sub-areas: the Midland Basin, the Central Basin Platform and the Delaware Basin.

Analyst Recommendations for Parsley Energy (NYSE:PE)

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