Simmons Raises Price Target on Parsley Energy (PE) to $38; Reiterates Overweight
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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."
Shares of Parsley Energy closed at $32.81 yesterday.
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