Skip to main content

Market Overview

UPDATE: Credit Suisse Initiates Coverage On Parsley Energy On Good Market Position

Share:

In a report published Tuesday, Credit Suisse analyst Arun Jayaram initiated coverage on Parsley Energy (NYSE: PE) with an Outperform rating and $31.00 price target.

In the report, Credit Suisse noted, “We initiate coverage of Parsley Energy (PE) with an Outperform rating and a target price of $31, which assumes that the shares trade at parity with our net asset value (NAV) estimate.

"Parsley is a Permian Basin pure play, with a concentrated position in the Northern Midland Basin and an enterprise value of $3.0 billion. PE owns 89K net acres in the Midland Basin, but the bulk of its acreage is in the ‘core of the core', which provides some of the highest rate of return oil projects in U.S. E&P. In addition, PE has a free call option on the Delaware Basin, with a contiguous 23K net acre position primarily in Pecos and Reeves counties, where industry activity has been rising.”

Parsley Energy closed on Monday at $23.62.

Latest Ratings for PE

DateFirmActionFromTo
Jan 2021KeyBancMaintainsOverweight
Dec 2020KeyBancMaintainsOverweight
Oct 2020Johnson RiceDowngradesBuyHold

View More Analyst Ratings for PE
View the Latest Analyst Ratings

 

Related Articles (PE)

View Comments and Join the Discussion!

Posted-In: Arun Jayaram Credit SuisseAnalyst Color Initiation Analyst Ratings

Latest Ratings

StockFirmActionPT
FSRMorgan StanleyMaintains40.0
NATJefferiesMaintains2.8
MEDDA DavidsonMaintains302.0
VICRBWS FinancialMaintains120.0
PSXMizuhoMaintains96.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com