Parsley Energy Received its Third Buy in a Row

After Jefferies and Stifel Nicolaus gave Parsley Energy (NYSE: PE) a Buy rating last month, the company received another Buy, this time from Seaport Global. Analyst Mike Kelly upgraded Parsley Energy to Buy today. The company’s shares opened today at $30.81.

According to TipRanks.com, Kelly has 0 stars on 0-5 star ranking scale with an average return of -2.9% and a 41.5% success rate. Kelly covers the Basic Materials sector, focusing on stocks such as Antero Midstream Partners, Whiting Petroleum Corp, and Range Resources Corp.

Parsley Energy has an analyst consensus of Strong Buy, with a price target consensus of $40.90.

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Based on Parsley Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $82.89 million. In comparison, last year the company had a net profit of $29.44 million.

Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is neutral on the stock.

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Parsley Energy, Inc is an oil and natural gas company, which engages in the acquisition, development, and exploitation of unconventional oil and natural gas reserves. Its portfolio includes he Midland and Southern Delaware basin. The company was founded by Bryan Sheffield, Mike Hinson, and Paul Treadwell in 2008 and is headquartered in Austin, TX.