Simmons Raises Price Target on Parsley Energy (PE) to $38; Reiterates Overweight

August 11, 2016 8:01 AM EDT
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Price: $36.85 +1.21%

Rating Summary:
    30 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 18 | New: 11
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Simmons reiterated an Overweight rating on Parsley Energy (NYSE: PE), and raised the price target to $38.00 (from $33.00), following the company's 2Q earnings report.

Analyst Kashy Harrison commented, "An exceptional quarter from Parsley that hit most of the right notes (EPS beat, cash flow beat, production beat-and-raise, impressive forward outlook) has resulted in significant outperformance relative to the group since the earnings release (PE up 15.2%; XOP down 1.5%). While PE's top-tier growth profile in '16 and '17, sturdy balance sheet, advantaged hedge position, and low-cost operations are certainly more than enough to warrant a spot on our favorites list, we find ourselves particularly enamored with the company's upside potential. Specifically, while the stock offers just 16% upside to our revised PT/NAV, the company has several organic downspacing catalysts over the intermediate term capable of boosting our NAV almost 30% higher, holding all else equal. Overall, we believe the stock is well positioned for further outperformance and reiterate our Overweight rating."

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 $32.81 yesterday.

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