Brokerages expect Parsley Energy Inc (NYSE:PE) to announce sales of $492.82 million for the current quarter, Zacks Investment Research reports. Ten analysts have provided estimates for Parsley Energy’s earnings. The highest sales estimate is $514.67 million and the lowest is $451.00 million. Parsley Energy reported sales of $241.02 million in the same quarter last year, which indicates a positive year over year growth rate of 104.5%. The firm is expected to issue its next earnings report after the market closes on Thursday, November 1st.
On average, analysts expect that Parsley Energy will report full-year sales of $1.85 billion for the current financial year, with estimates ranging from $1.72 billion to $1.96 billion. For the next year, analysts forecast that the company will report sales of $2.42 billion, with estimates ranging from $2.26 billion to $2.65 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Parsley Energy.
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Parsley Energy (NYSE:PE) last announced its quarterly earnings results on Tuesday, August 7th. The oil and natural gas company reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.02). The firm had revenue of $467.79 million during the quarter, compared to the consensus estimate of $431.02 million. Parsley Energy had a return on equity of 5.25% and a net margin of 16.89%.
A number of equities analysts have weighed in on the company. Zacks Investment Research lowered Parsley Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. Susquehanna Bancshares assumed coverage on Parsley Energy in a research report on Wednesday, July 11th. They issued a “positive” rating and a $38.00 target price for the company. Piper Jaffray Companies reissued a “buy” rating and issued a $49.00 target price on shares of Parsley Energy in a research report on Friday, July 20th. Williams Capital set a $38.00 target price on Parsley Energy and gave the stock a “hold” rating in a research report on Wednesday, August 8th. Finally, Stifel Nicolaus set a $58.00 target price on Parsley Energy and gave the stock a “buy” rating in a research report on Wednesday, August 8th. Five research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $38.60.
NYSE:PE traded up $0.46 during mid-day trading on Monday, reaching $29.00. The company’s stock had a trading volume of 4,057,289 shares, compared to its average volume of 5,353,040. Parsley Energy has a 12-month low of $21.12 and a 12-month high of $33.43. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $9.27 billion, a price-to-earnings ratio of 42.03, a price-to-earnings-growth ratio of 0.62 and a beta of -0.56.
In other news, insider Bryan Sheffield sold 2,500,000 shares of the company’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $28.15, for a total transaction of $70,375,000.00. Following the completion of the sale, the insider now owns 9,033,063 shares of the company’s stock, valued at approximately $254,280,723.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mike Hinson sold 13,328 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $28.75, for a total transaction of $383,180.00. Following the sale, the insider now directly owns 400,650 shares of the company’s stock, valued at approximately $11,518,687.50. The disclosure for this sale can be found here. Insiders have sold a total of 2,763,328 shares of company stock valued at $78,318,180 in the last ninety days. Insiders own 13.17% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Gradient Investments LLC increased its holdings in Parsley Energy by 22.1% in the 3rd quarter. Gradient Investments LLC now owns 51,070 shares of the oil and natural gas company’s stock worth $1,494,000 after acquiring an additional 9,231 shares in the last quarter. Clinton Group Inc. purchased a new stake in Parsley Energy in the 3rd quarter worth approximately $429,000. DNB Asset Management AS increased its holdings in Parsley Energy by 8.6% in the 3rd quarter. DNB Asset Management AS now owns 27,791 shares of the oil and natural gas company’s stock worth $813,000 after acquiring an additional 2,200 shares in the last quarter. Denali Advisors LLC increased its holdings in Parsley Energy by 32.0% in the 3rd quarter. Denali Advisors LLC now owns 205,400 shares of the oil and natural gas company’s stock worth $6,008,000 after acquiring an additional 49,800 shares in the last quarter. Finally, Bright Rock Capital Management LLC purchased a new stake in Parsley Energy in the 3rd quarter worth approximately $1,843,000. 84.58% of the stock is 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.
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