Piper Jaffray Companies Brokers Decrease Earnings Estimates for Parsley Energy Inc (PE)

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Parsley Energy Inc (NYSE:PE) – Stock analysts at Piper Jaffray Companies lowered their Q1 2019 earnings per share estimates for shares of Parsley Energy in a report issued on Wednesday, January 9th. Piper Jaffray Companies analyst K. Harrison now expects that the oil and natural gas company will earn $0.14 per share for the quarter, down from their previous forecast of $0.33. Piper Jaffray Companies currently has a “Buy” rating and a $46.00 price target on the stock. Piper Jaffray Companies also issued estimates for Parsley Energy’s Q2 2019 earnings at $0.16 EPS, Q3 2019 earnings at $0.29 EPS, Q4 2019 earnings at $0.35 EPS, FY2019 earnings at $0.94 EPS, Q1 2020 earnings at $0.33 EPS, Q2 2020 earnings at $0.34 EPS, Q3 2020 earnings at $0.37 EPS, Q4 2020 earnings at $0.40 EPS and FY2020 earnings at $1.45 EPS.

Parsley Energy (NYSE:PE) last announced its earnings results on Thursday, November 1st. The oil and natural gas company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.01. Parsley Energy had a return on equity of 6.77% and a net margin of 21.70%. The firm had revenue of $511.00 million during the quarter, compared to analyst estimates of $493.44 million. During the same period last year, the firm posted $0.12 EPS. The business’s revenue was up 112.0% compared to the same quarter last year.

Other research analysts also recently issued research reports about the company. BMO Capital Markets cut their price target on Parsley Energy to $35.00 and set an “outperform” rating for the company in a research note on Thursday, December 20th. Robert W. Baird set a $19.00 price target on Parsley Energy and gave the stock a “buy” rating in a research report on Sunday, December 30th. Morgan Stanley reissued a “hold” rating and set a $26.00 price target on shares of Parsley Energy in a research note on Friday, December 21st. TD Securities decreased their price objective on Parsley Energy from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, December 21st. Finally, Northland Securities restated a “buy” rating and set a $36.00 price objective on shares of Parsley Energy in a research report on Tuesday, December 11th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company. Parsley Energy presently has a consensus rating of “Buy” and an average target price of $33.33.

Shares of Parsley Energy stock opened at $19.01 on Friday. Parsley Energy has a 1 year low of $14.17 and a 1 year high of $33.43. The firm has a market cap of $6.08 billion, a PE ratio of 27.55, a price-to-earnings-growth ratio of 0.42 and a beta of 0.23. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.35.

Several institutional investors and hedge funds have recently made changes to their positions in PE. Eagle Asset Management Inc. boosted its holdings in shares of Parsley Energy by 2,702.4% in the 3rd quarter. Eagle Asset Management Inc. now owns 2,153,221 shares of the oil and natural gas company’s stock valued at $62,981,000 after purchasing an additional 2,076,385 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Parsley Energy by 708.6% during the 2nd quarter. Morgan Stanley now owns 2,163,584 shares of the oil and natural gas company’s stock valued at $65,515,000 after acquiring an additional 1,896,011 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Parsley Energy by 37.7% during the 2nd quarter. Millennium Management LLC now owns 5,783,131 shares of the oil and natural gas company’s stock valued at $175,113,000 after acquiring an additional 1,583,137 shares in the last quarter. Carillon Tower Advisers Inc. lifted its holdings in shares of Parsley Energy by 335.6% during the 3rd quarter. Carillon Tower Advisers Inc. now owns 1,612,923 shares of the oil and natural gas company’s stock valued at $47,177,000 after acquiring an additional 1,242,648 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Parsley Energy by 20.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,895,147 shares of the oil and natural gas company’s stock valued at $208,786,000 after acquiring an additional 1,156,137 shares in the last quarter. Institutional investors own 82.96% of the company’s stock.

In other news, Director A R. Alameddine bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 27th. The shares were purchased at an average price of $21.10 per share, for a total transaction of $105,500.00. Following the completion of the transaction, the director now owns 122,643 shares in the company, valued at $2,587,767.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders acquired 7,000 shares of company stock valued at $145,490. 13.17% of the stock is currently owned by corporate insiders.

About Parsley Energy

Parsley Energy, Inc, an independent oil and natural gas company, engages in the acquisition, development, production, exploration, and sale of crude oil and natural gas properties in the Permian Basin in West Texas and Southeastern New Mexico. As of December 31, 2017, its acreage position consisted of 219,747 net acres, including 174,392 net acres in the Midland Basin and 45,355 net acres in the Delaware Basin; and 241.0 net producing horizontal wells and 731.5 net producing vertical wells, as well an estimated proved oil and natural gas reserves were 416.4 MMBoe.

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