Brokerages Expect Parsley Energy Inc (PE) Will Post Quarterly Sales of $510.40 Million

Wall Street analysts expect Parsley Energy Inc (NYSE:PE) to post $510.40 million in sales for the current fiscal quarter, according to Zacks. Eleven analysts have provided estimates for Parsley Energy’s earnings, with the highest sales estimate coming in at $558.00 million and the lowest estimate coming in at $458.00 million. Parsley Energy posted sales of $311.49 million in the same quarter last year, which suggests a positive year-over-year growth rate of 63.9%. The firm is expected to announce its next earnings report on Wednesday, February 20th.

On average, analysts expect that Parsley Energy will report full year sales of $1.86 billion for the current year, with estimates ranging from $1.72 billion to $1.93 billion. For the next financial year, analysts expect that the company will report sales of $2.26 billion, with estimates ranging from $1.84 billion to $2.94 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Parsley Energy.

Parsley Energy (NYSE:PE) last posted 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 Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $493.44 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The business’s revenue was up 112.0% compared to the same quarter last year.

PE has been the topic of several research analyst reports. Morgan Stanley reduced their target price on Parsley Energy from $35.00 to $34.00 and set a “hold” rating on the stock in a research note on Monday, November 5th. Goldman Sachs Group raised Parsley Energy from a “neutral” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Tuesday, November 27th. JPMorgan Chase & Co. set a $28.00 target price on Parsley Energy and gave the company a “buy” rating in a research note on Friday, December 7th. Northland Securities reissued a “buy” rating and set a $36.00 target price on shares of Parsley Energy in a research note on Tuesday, December 11th. Finally, Williams Capital set a $38.00 target price on Parsley Energy and gave the company a “hold” rating in a research note on Friday, November 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $35.61.

Shares of PE traded down $0.12 during mid-day trading on Wednesday, hitting $15.85. 5,230,825 shares of the company’s stock traded hands, compared to its average volume of 6,318,505. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.70 and a current ratio of 0.70. Parsley Energy has a 1 year low of $15.71 and a 1 year high of $33.43. The stock has a market capitalization of $5.11 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 0.34 and a beta of -0.16.

In other Parsley Energy news, Director A R. Alameddine purchased 5,000 shares of the stock in a transaction dated Tuesday, November 27th. The shares were purchased at an average cost of $21.10 per share, with a total value of $105,500.00. Following the completion of the acquisition, the director now directly owns 122,643 shares in the company, valued at approximately $2,587,767.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders acquired 7,000 shares of company stock worth $145,490 over the last three months. Corporate insiders own 13.17% of the company’s stock.

Several large investors have recently made changes to their positions in PE. Envestnet Asset Management Inc. increased its position in Parsley Energy by 487.2% during the second quarter. Envestnet Asset Management Inc. now owns 4,069 shares of the oil and natural gas company’s stock valued at $124,000 after acquiring an additional 3,376 shares during the last quarter. Brasada Capital Management LP purchased a new stake in Parsley Energy during the third quarter valued at $219,000. Nordea Investment Management AB increased its position in Parsley Energy by 64.6% during the third quarter. Nordea Investment Management AB now owns 9,540 shares of the oil and natural gas company’s stock valued at $279,000 after acquiring an additional 3,745 shares during the last quarter. People s United Financial Inc. purchased a new stake in Parsley Energy during the second quarter valued at $315,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in Parsley Energy by 42.1% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 10,800 shares of the oil and natural gas company’s stock valued at $316,000 after acquiring an additional 3,200 shares during the last quarter. 82.99% of the stock is currently owned by hedge funds and other institutional investors.

Parsley Energy Company Profile

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.

See Also: Growth Stocks

Get a free copy of the Zacks research report on Parsley Energy (PE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Parsley Energy (NYSE:PE)

Receive News & Ratings for Parsley Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parsley Energy and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply