Parsley Energy Inc (PE) Releases Earnings Results, Beats Expectations By $0.06 EPS

Parsley Energy Inc (PE) reported quarterly earnings results on Wednesday, Aug-3-2016. The company said it had a profit of $0.04 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.06. Analysts had a consensus of $-0.02. The company posted revenue of $106.30 million in the period, 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.

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 .

Parsley Energy Inc closed down -0.02 points or -0.07% at $27.77 with 29,00,407 shares getting traded on Tusday. Post opening the session at $28.14, the shares hit an intraday low of $27.325 and an intraday high of $28.25 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.

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.

Parsley Energy Inc

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