Stifel Raises Price target on Parsley Energy (PE) Following Announced Midland and Southern Delaware Basin Acquisitions

Parsley Energy (PE) Adds Midland Inventory at an Attractive Price - UBS

April 5, 2016 8:41 AM EDT

UBS 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

Parsley Energy (PE) Prices Larger 18.25M Stock Offering for Proceeds of $390.6M

April 5, 2016 6:36 AM EDT

Parsley Energy, Inc. (NYSE: PE) announced that it has priced an underwritten, upsized public offering of 18,250,000 shares of Class A common stock for total gross proceeds (before underwriters fees and estimated expenses) of approximately $390.6 million. The 18,250,000 share offering represents a 2,250,000 share upsize to the originally proposed 16,000,000 share offering. The underwriters have an option for 30 days to purchase up to an additional 2,737,500 shares of... More

After-Hours Stock Movers 04/04: (PFE) Higher; (PSUN) (AGN) (TSLA) Lower (more...)

April 4, 2016 6:15 PM EDT

Pacific Sunwear (NASDAQ: PSUN) 28.5% LOWER; to seek Chapter 11 bankruptcy - report

Allergan plc (NYSE: AGN) 19.5% LOWER; new efforts from the U.S. Treasury to curb inversions threatens Pfizer deal. The Treasury and the IRS are taking action to reduce the ability of companies to avoid taxes through earnings stripping.

National Instruments (Nasdaq: NATI) 8.7% LOWER;... More

Parsley Energy (PE) Announces $359M Acquisition of Assets; Updates FY16 Outlook

April 4, 2016 4:10 PM EDT

Parsley Energy, Inc. (NYSE: PE) announced that it has entered into agreements to acquire certain undeveloped acreage and producing oil and gas properties located adjacent to the Companys existing operating areas in the Southern Delaware and Midland Basins for an aggregate purchase price of $359 million in cash (subject to customary purchase price adjustments)

Acquisition Highlights

22,908 net surface acresEstimated current net production of approximately 2,300 Boe per day from nine producing horizontal wells and 97 vertical wellsAcquired assets... More

Parsley Energy (PE) to Offer 16M Common Shares

April 4, 2016 4:06 PM EDT

Parsley Energy, Inc. (NYSE: PE) has commenced an underwritten public offering of 16,000,000 shares of Class A common stock. The Company expects to grant the underwriters an option to purchase up to an additional 2,400,000 shares of Class A common stock from the Company.

... More

Moody's Downgrades to Clayton Williams Energy (CWEI) 'Caa3', Upgrades Parsley Energy (PE) to 'B2'

April 1, 2016 2:49 PM EDT

Clayton Williams Energy (NYSE: CWEI)
Parsley Energy (NYSE: PE)

Moody's Investors Service, ("Moody's") concluded rating reviews on three US B-rated exploration and production (E&P) companies. Moody's downgraded one company's ratings three notches, and upgraded two companies' ratings one notch. A list of each company's rating actions is included below.

RATINGS RATIONALE

Oil prices have dropped substantially reflecting continuing oversupply in the global oil markets, very high inventory levels and additional Iranian oil exports coming on line. Furthermore, North American natural gas and natural... More