Deutsche Bank Starts Parsley Energy (PE) at Buy

Deutsche Bank initiated coverage on Parsley Energy (NYSE: PE) with a Buy rating and a price target of $24. Analyst Josh Silverstein sees the company as well positioned for growth in the Permian.

"With ~60k net acres in the core of the Midland Basin, PE is well positioned to remain the fastest growing company amongst our oil-focused producer group while generating strong returns from an enviable Wolfcamp position that is still in the early stages of horizontal development. PE has exceeded expectations through strong execution in their first year and a half as a public company, and PE’s improving margins, capital efficiency, and inventory provide appealing upside to the forward outlook for robust capital-efficient growth with a manageable amount of balance sheet leverage," said Silverstein.

For an analyst ratings summary and ratings history on Parsley Energy click here. For more ratings news on Parsley Energy click here.

Shares of Parsley Energy closed at $19.76 yesterday.

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