Parsley Energy (PE) PT Lowered to $44 at KLR Group

KLR Group lowered its price target on Parsley Energy (NYSE: PE) to $44.00 (from $51.00) while maintaining a Buy rating. Over the last three months, PE has underperformed the XOP by ~15%, as investors were disappointed in the 2H/17 volumes and overall composition mix as well as concerns regarding '18 outspend coupled with the '18 oil volume guide down.

PE guided 4Q/17 volumes of 80-81 MBoepd (~1.5% below our initial estimates) and capex to $410-$420 mm. KLR Group is now modeling 4Q/17 volumes of ~80.7 Mboepd (~51.4 Mbopd).

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