Parsley Energy Receives a Buy from RBC Capital

By Jason Carr

RBC Capital analyst Scott Hanold reiterated a Buy rating on Parsley Energy (NYSE: PE) on March 9 and set a price target of $41. The company’s shares opened today at $30.08.

According to, Hanold is a 5-star analyst with an average return of 9.4% and a 50.8% success rate. Hanold covers the Basic Materials sector, focusing on stocks such as Contango Oil & Gas Company, Sanchez Energy Corporation, and Quicksilver Resources Inc.

Currently, the analyst consensus on Parsley Energy is Strong Buy and the average price target is $45.40, representing a 50.9% upside.

In a report issued on February 23, Canaccord Genuity also reiterated a Buy rating on the stock with a $50 price target.

Based on Parsley Energy’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $156 million and GAAP net loss of $30.75 million. In comparison, last year the company earned revenue of $68.75 million and had a GAAP net loss of $15.24 million.

Based on the recent corporate insider activity of 49 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PE in relation to earlier this year. Earlier this month, Matthew Gallagher, the Vice President – Chief Operating Officer of PE bought 32,985 shares for a total of $996,135.

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Parsley Energy, Inc is an oil and natural gas company, which focuses on the acquisition, development and exploitation of unconventional oil and natural gas reserves in the Permian Basin. It operates through two segments: Oil & Natural Gas Exploration and Production. The company was founded by Bryan Sheffield, Mike Hinson and Paul Treadwell in 2008 and is headquartered in Austin, TX.