The stock of Parsley Energy Inc (NYSE:PE) hit a new 52-week high and has $49.34 target or 40.00% above today’s $35.24 share price. The 7 months bullish chart indicates low risk for the $7.58 billion company. The 1-year high was reported on Oct, 6 by Barchart.com. If the $49.34 price target is reached, the company will be worth $3.03 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 244,365 shares traded hands. Parsley Energy Inc (NYSE:PE) has risen 91.15% since March 3, 2016 and is uptrending. It has outperformed by 82.81% the S&P500.
Analysts await Parsley Energy Inc (NYSE:PE) to report earnings on November, 2. They expect $0.03 EPS, up 137.50% or $0.11 from last year’s $-0.08 per share. PE’s profit will be $6.45 million for 293.67 P/E if the $0.03 EPS becomes a reality. After $0.04 actual EPS reported by Parsley Energy Inc for the previous quarter, Wall Street now forecasts -25.00% negative EPS growth.
Parsley Energy Inc (NYSE:PE) Ratings Coverage
Out of 28 analysts covering Parsley Energy Inc (NYSE:PE), 24 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 86% are positive. $48 is the highest target while $16 is the lowest. The $29.75 average target is -15.58% below today’s ($35.24) stock price. Parsley Energy Inc has been the topic of 57 analyst reports since July 21, 2015 according to StockzIntelligence Inc. The stock of Parsley Energy Inc (NYSE:PE) has “Buy” rating given on Thursday, December 3 by Nomura. The rating was initiated by BMO Capital Markets on Friday, January 29 with “Outperform”. The stock has “Outperform” rating given by Macquarie Research on Monday, September 21. UBS initiated the stock with “Buy” rating in Tuesday, December 15 report. The rating was maintained by Imperial Capital with “Outperform” on Friday, August 5. The firm earned “Overweight” rating on Friday, August 14 by KeyBanc Capital Markets. The stock of Parsley Energy Inc (NYSE:PE) earned “Buy” rating by UBS on Friday, August 26. As per Friday, October 9, the company rating was initiated by Iberia Capital Partners. The firm earned “Outperform” rating on Tuesday, July 26 by Imperial Capital. The stock of Parsley Energy Inc (NYSE:PE) has “Outperform” rating given on Friday, August 21 by Credit Suisse.
According to Zacks Investment Research, “Parsley Energy, Inc. is an independent oil and natural gas company. It is focused on the acquisition, development, and exploitation of unconventional oil and natural gas reserves in the Permian Basin. Parsley Energy, Inc. is headquartered in Midland, Texas.”
Insitutional Activity: The institutional sentiment increased to 2.06 in Q2 2016. Its up 0.07, from 1.99 in 2016Q1. The ratio improved, as 26 funds sold all Parsley Energy Inc shares owned while 54 reduced positions. 76 funds bought stakes while 89 increased positions. They now own 148.38 million shares or 18.17% more from 125.56 million shares in 2016Q1.
Diam Limited, a Japan-based fund reported 66,637 shares. Redwood Invests Ltd Com owns 645,059 shares or 1.6% of their US portfolio. Moreover, Nationwide Fund Advsrs has 0.03% invested in Parsley Energy Inc (NYSE:PE) for 222,873 shares. Stifel Fincl owns 28,798 shares or 0% of their US portfolio. Creative Planning accumulated 550 shares or 0% of the stock. Cardinal Capital Mgmt Ltd Ct accumulated 1.60M shares or 2.15% of the stock. Gam Ag has 4,200 shares for 0% of their US portfolio. Dekabank Deutsche Girozentrale holds 0% or 4,933 shares in its portfolio. Keeley Asset has invested 1.58% of its portfolio in Parsley Energy Inc (NYSE:PE). Tph Asset Mngmt holds 0.05% of its portfolio in Parsley Energy Inc (NYSE:PE) for 18,300 shares. Ubs Asset Mgmt Americas holds 0% of its portfolio in Parsley Energy Inc (NYSE:PE) for 111,883 shares. Glg Ltd Partnership holds 0.15% or 180,558 shares in its portfolio. Neuberger Berman Grp Incorporated Limited accumulated 18,750 shares or 0% of the stock. Meeder Asset Management has 24,999 shares for 0.06% of their US portfolio. Teachers Advsr accumulated 3.52M shares or 0.17% of the stock.
Insider Transactions: Since April 20, 2016, the stock had 0 buys, and 19 sales for $49.79 million net activity. 25,000 shares were sold by Hinson Mike, worth $645,750. 6,250 shares with value of $206,188 were sold by Smith David Henry on Monday, August 8. The insider Sheffield Bryan sold 1.10M shares worth $35.37 million. The insider Dalton Ryan sold 60,000 shares worth $1.59 million. On Monday, August 8 Roberts Colin sold $819,250 worth of the stock or 25,000 shares. On Tuesday, August 9 the insider Gallagher Matthew sold $1.47M. 10,000 shares were sold by Smith Brad C., worth $254,200.
PE Company Profile
Parsley Energy, Inc., incorporated on December 11, 2013, is an independent oil and natural gas company. The Firm 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 over 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 Permian Basin are drilled into stacked pay zones that include the Spraberry, Wolfcamp, Upper Pennsylvanian (Cline), Strawn, Atoka and Mississippian formations.
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