Oppenheimer Asset Management Inc. boosted its holdings in Parsley Energy Inc (NYSE:PE) by 17.0% in the third quarter, Holdings Channel reports. The institutional investor owned 27,355 shares of the oil and natural gas company’s stock after buying an additional 3,976 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Parsley Energy were worth $800,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of PE. Bank of New York Mellon Corp raised its holdings in 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 worth $208,786,000 after purchasing an additional 1,156,137 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in Parsley Energy by 11.6% during the 2nd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 28,950 shares of the oil and natural gas company’s stock worth $877,000 after purchasing an additional 3,008 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Parsley Energy by 17.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 955,564 shares of the oil and natural gas company’s stock worth $28,935,000 after purchasing an additional 145,243 shares during the last quarter. Luminus Management LLC raised its holdings in Parsley Energy by 133.3% during the 2nd quarter. Luminus Management LLC now owns 1,633,291 shares of the oil and natural gas company’s stock worth $49,456,000 after purchasing an additional 933,291 shares during the last quarter. Finally, Korea Investment CORP bought a new position in Parsley Energy during the 2nd quarter worth approximately $654,000. Institutional investors and hedge funds own 83.90% of the company’s stock.
NYSE PE opened at $25.46 on Tuesday. Parsley Energy Inc 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 current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $7.83 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 0.51 and a beta of -0.13.
Parsley Energy (NYSE:PE) last posted its quarterly 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 net margin of 21.70% and a return on equity of 6.84%. The business had revenue of $511.00 million during the quarter, compared to the consensus estimate of $493.44 million. During the same quarter last year, the firm posted $0.12 EPS. Parsley Energy’s revenue was up 112.0% compared to the same quarter last year. On average, sell-side analysts expect that Parsley Energy Inc will post 1.62 earnings per share for the current year.
PE has been the subject of several analyst reports. Stifel Nicolaus set a $58.00 price target on shares of Parsley Energy and gave the stock a “buy” rating in a report on Wednesday, August 8th. Piper Jaffray Companies reiterated a “buy” rating and issued a $49.00 price objective on shares of Parsley Energy in a research note on Friday, July 20th. Zacks Investment Research upgraded shares of Parsley Energy from a “hold” rating to a “buy” rating and set a $37.00 price objective for the company in a research note on Wednesday, July 11th. KLR Group reiterated a “buy” rating and issued a $43.00 price objective on shares of Parsley Energy in a research note on Monday, August 20th. Finally, Jefferies Financial Group lifted their price objective on shares of Parsley Energy from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, August 14th. Five investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Parsley Energy currently has an average rating of “Buy” and a consensus price target of $38.44.
In related news, insider Bryan Sheffield sold 2,500,000 shares of Parsley Energy stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $28.15, for a total value 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 SEC, which is accessible through the SEC website. Also, insider Mike Hinson sold 13,328 shares of Parsley Energy stock in a transaction on Friday, August 24th. The shares were sold at an average price of $28.75, for a total transaction of $383,180.00. Following the completion of 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. In the last three months, insiders sold 2,763,328 shares of company stock valued at $78,318,180. 13.17% of the stock is currently owned by insiders.
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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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