Parsley Energy Prices Upsized Offering of Class A Common Stock
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Stifel Raises Price target on Parsley Energy (PE) Following Announced Midland and Southern Delaware Basin Acquisitions
April 5, 2016 9:16 AM EDTStifel reiterated a Buy rating on Parsley Energy (NYSE: PE), and raised the price target to $25.00 (from $24.00), following the company's announced agreements to acquire 22,908 net acres in the Midland and Southern Delaware Basins.
Analyst Daniel Guffey commented, "After the close, PE announced it has... More
Parsley Energy (PE) Adds Midland Inventory at an Attractive Price - UBS
April 5, 2016 8:41 AM EDTUBS analyst, William Janela, raised his PT on Parsley Energy Inc (NYSE: PE) after it boosted its horizontal inventory through an attractive acquisition in the Midland basin. PT goes to $26 from $24 but no change to the Buy rating.
Prices upsized its 18.25MM share offering (~11% dilutive) to fund acreage deals PE will offer 18.25MM Class A common shares, implying ~11% dilution (or up to ~12.5% including the ~2.7MM share over-allotment). At an implied deal price of ~$21.40 (~5% discount to 4/4 close) & assuming full exercise, the offering should bring in ~$450MM of gross proceeds which will be used to fund... More
