Parsley Energy Inc (PE) was Reiterated by Imperial Capital to “Outperform” according to the research note released today. The brokerage firm has raised the Price Target to $ 40 from a previous price target of $34 . Imperial Capital advised their investors in a research report released on Aug 5, 2016.
Many Wall Street Analysts have commented on Parsley Energy Inc. Imperial Capital Initiated Parsley Energy Inc on Jul 26, 2016 to “Outperform”, Price Target of the shares are set at $34.Morgan Stanley Initiated Parsley Energy Inc on Jul 21, 2016 to “Overweight”, Price Target of the shares are set at $39.Company shares were Reiterated by Stifel on Jul 18, 2016 to “Buy”, Firm has raised the Price Target to $ 34 from a previous price target of $30 .
On the company’s financial health, Parsley Energy Inc reported $0.04 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $-0.02. The company had revenue of $106.30 million for the quarter, compared to analysts expectations of $99.96 million. The company’s revenue was up 36.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.01 EPS.
Parsley Energy Inc opened for trading at $30.26 and hit $32.55 on the upside on Thursday, eventually ending the session at $31.89, with a gain of 12.01% or 3.42 points. The heightened volatility saw the trading volume jump to 1,03,57,119 shares. Company has a market cap of $6,051 M.
In a different news, on Jul 27, 2016, Mike Hinson (officer ) sold 25,000 shares at $27.42 per share price. According to the SEC, on Jun 17, 2016, Ryan Dalton (officer ) sold 60,000 shares at $26.52 per share price. On May 13, 2016, Brad C. Smith (officer ) sold 10,000 shares at $25.42 per share price, according to the Form-4 filing with the securities and exchange commission.
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 three primary sub-areas: the Midland Basin the Central Basin Platform and the Delaware Basin. The Company’s properties are primarily located in the Midland and Delaware Basins and its activities have been focused on the vertical development of the Spraberry Wolfberry and Wolftoka Trends of the Midland Basin. The Company’s vertical wells in the area are drilled into stacked pay zones that include the Spraberry Wolfcamp Upper Pennsylvanian (Cline) Strawn Atoka and Mississippian formations. The Company’s principal asset is a controlling equity interest in Parsley LLC and is its managing member. As of December 31 2014 the Company had interests in 724 gross (416.4 net) producing wells.