Parsley Energy Inc Expected to Earn Q3 2019 Earnings of $0.37 Per Share (NYSE:PE)

Parsley Energy Inc (NYSE:PE) – Piper Jaffray Companies cut their Q3 2019 earnings per share (EPS) estimates for shares of Parsley Energy in a report issued on Wednesday, March 27th, according to Zacks Investment Research. Piper Jaffray Companies analyst K. Harrison now forecasts that the oil and natural gas company will post earnings of $0.37 per share for the quarter, down from their prior estimate of $0.40. Piper Jaffray Companies also issued estimates for Parsley Energy’s Q4 2019 earnings at $0.44 EPS, FY2019 earnings at $1.28 EPS, Q1 2020 earnings at $0.47 EPS, Q4 2020 earnings at $0.50 EPS and FY2020 earnings at $1.93 EPS.

Parsley Energy (NYSE:PE) last announced its quarterly earnings data on Thursday, February 21st. The oil and natural gas company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.04). Parsley Energy had a return on equity of 6.43% and a net margin of 20.21%. The firm had revenue of $454.90 million during the quarter, compared to analysts’ expectations of $456.66 million. During the same quarter in the previous year, the firm earned $0.30 earnings per share. Parsley Energy’s revenue was up 46.0% on a year-over-year basis.

A number of other brokerages have also weighed in on PE. KeyCorp boosted their price objective on shares of Parsley Energy from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday. SunTrust Banks set a $30.00 price objective on shares of Parsley Energy and gave the stock a “buy” rating in a report on Tuesday. Zacks Investment Research upgraded shares of Parsley Energy from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a report on Wednesday. Wolfe Research upgraded shares of Parsley Energy from a “peer perform” rating to an “outperform” rating in a report on Thursday, April 18th. Finally, ValuEngine upgraded shares of Parsley Energy from a “strong sell” rating to a “sell” rating in a research note on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. Parsley Energy presently has a consensus rating of “Buy” and an average target price of $31.68.

NYSE PE traded down $0.14 during mid-day trading on Monday, reaching $21.51. The stock had a trading volume of 5,278,276 shares, compared to its average volume of 5,624,866. 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 $6.86 billion, a P/E ratio of 15.26, a PEG ratio of 0.40 and a beta of 0.40. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.35.

In other news, insider Colin Roberts sold 3,500 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $18.73, for a total value of $65,555.00. Following the completion of the sale, the insider now directly owns 274,926 shares in the company, valued at approximately $5,149,363.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mike Hinson sold 41,727 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $18.43, for a total value of $769,028.61. Following the completion of the sale, the insider now owns 398,275 shares of the company’s stock, valued at $7,340,208.25. The disclosure for this sale can be found here. Insiders sold a total of 48,227 shares of company stock valued at $894,584 over the last 90 days. 13.17% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of PE. Deutsche Bank AG increased its stake in shares of Parsley Energy by 795.5% in the 4th quarter. Deutsche Bank AG now owns 2,846,929 shares of the oil and natural gas company’s stock worth $45,491,000 after purchasing an additional 2,529,006 shares in the last quarter. Norges Bank bought a new position in Parsley Energy in the 4th quarter worth $34,928,000. Zimmer Partners LP boosted its holdings in Parsley Energy by 320.0% in the 4th quarter. Zimmer Partners LP now owns 2,100,000 shares of the oil and natural gas company’s stock worth $33,558,000 after buying an additional 1,600,000 shares during the period. Scout Investments Inc. bought a new position in Parsley Energy in the 4th quarter worth $18,466,000. Finally, Mackenzie Financial Corp bought a new position in Parsley Energy in the 4th quarter worth $17,535,000. Hedge funds and other institutional investors own 85.20% of the company’s stock.

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

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