whytestocks
4 년 전
BREAKING NEWS: $PE (PE): Johnson Fistel Investigates Proposed Sale of Parsley Energy; Are Shareholders Getting a Fair Deal?
(PE): Johnson Fistel Investigates Proposed Sale of Parsley Energy; Are Shareholders Getting a Fair Deal? PR Newswire SAN DIEGO, Oct. 21, 2020 SAN DIEGO , Oct. 21, 2020 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigati...
Read the whole news PE - (PE): Johnson Fistel Investigates Proposed Sale of Parsley Energy; Are Shareholders Getting a Fair Deal?
stockguard
4 년 전
Parsley Energy Stock On Rise Amid Nascent Recovery In Oil And Gas Exploration, Drilling
https://www.investors.com/news/stocks-flashing-renewed-technical-strength-parsley-energy/
Oil and gas exploration company Parsley Energy (PE) describes itself as "focused exclusively on the most prolific portions of the Permian Basin, one of the most resource-rich oil basins in the world."
Prospects for energy companies have improved in the wake of the oil and gas market crash earlier this year. Prices for a barrel of oil have doubled from the teens to the high $30 a barrel range recently.
Parsley Energy's prospects have improved along with rising prices. Parsley saw its stock Relative Strength (RS) Rating jump to 86 on Wednesday, an upgrade from 77 the day before. That improved rating means its stock has performed in the top 14% of all stocks in the past 52 weeks.
The Austin, Texas-based company sports an even higher EPS Rating of 92, reflecting improving profit growth.
Taking a look at top and bottom line numbers, Parsley Energy has posted rising EPS growth over the last two quarters, rising by 32% last quarter vs. the same quarter a year earlier. Revenue growth has also moved higher over the same time frame.
The company earns the No. 2 rank among its peers in the Oil&Gas-U.S. Exploration & Production industry group. Matador Resources (MTDR) is the No. 1-ranked stock in the group. Parsley shares fell 5.8% Wednesday afternoon, to 11, amid a broad retreat by oil company stocks.
Even after the drop, Parsley shares are still up about 200% from a 3.92 low on March 18. Matador was down 3.2%
While the stock is not near an ideal buy point right now, see if it is able to form and break out of a proper base.
stockguard
5 년 전
Parsley Energy, Inc. (PE)
Marathon Oil cut to Sell equivalent, Parsley upgraded at Morgan Stanley
May 19, 2020 11:31 AM ET|About: Marathon Oil Corporation (MRO)|By: Carl Surran, SA News Editor
Marathon Oil (MRO -2.8%) sinks after Morgan Stanley downgrades shares to Underweight from Equal Weight with a $5 price target, saying it is "unwarranted" for the stock to be trading in-line with peers given the company's "more challenged outlook."
Marathon "screens challenged vs. peers with a 2021 WTI breakeven of $37/bbl... and year-end 2021 leverage that rises to 4.5x at strip, above the peer median of ~2x," Stanley analyst Devin McDermott writes.
At the same time, McDermott upgrades Parsley Energy (PE -0.3%) to Overweight from Equal Weight, citing "peer-leading" free cash flow yield and well cost reductions.
The firm favors "producers with scale and/or asset bases to support resiliency at low prices and outsized free cash generation as commodity prices improve - those positioned to survive the downturn and thrive during the recovery" - including Chevron (CVX -1.7%) within integrated oils, and Hess (HES -3.5%), Noble Energy (NBL -5.3%), Cimarex Energy (XEC -1.9%) and Parsley among E&Ps.
MRO's average Wall Street analyst rating, Seeking Alpha Authors' Rating and Quant Rating all are Neutral.
PE's average Wall Street analyst rating and Seeking Alpha Authors' Rating are Bullish, while its Quant Rating is Neutral.
https://seekingalpha.com/news/3575976-marathon-oil-cut-to-sell-equivalent-parsley-upgraded-morgan-stanley
Enterprising Investor
8 년 전
Oil drillers making big-money plays in still profitable Permian Basin (8/16/16)
Parsley Energy and Concho Resources are making shale acquisitions in the biggest U.S. oil field that will be financed with new stock sales.
Parsley agreed to pay $400 million for drilling rights across 11,672 acres in the Midland section of the Permian Basin beneath West Texas and New Mexico, the explorer said in a statement Monday. Concho announced a $1.625 billion cash-and-stock deal to buy rights to 40,000 acres from closely held Reliance Energy, expanding its holdings in the basin, according to a statement.
Assets in the Permian, where drilling is still profitable at current prices, reached an all-time high, Iberia Capital Partners analysts said in a research note last month. Still, both companies fell in New York trading Tuesday and may suffer in the near term from the flood of new shares issued to support the deals, said Richard Tullis, a Capital One Securities analyst in New Orleans.
"The size of the transaction could be leading to a little bit of selling as people move in and out of the shares," Tullis said in a telephone interview Tuesday "Longer term, we like the transaction."
It's Austin-based Parsley's sixth acquisition in a $1.53 billion buying spree since oil markets began to collapse in mid-2014. Midland-based Concho plans to use about $1.1 billion in cash and 3.96 million shares for the deal. The company also announced plans to sell 9 million new shares to help finance the transaction and granted underwriters an option to buy an additional 1.35 million.
Parsley is paying the equivalent of about $34,000 an acre; Concho's cost is slightly higher at about $40,000 an acre, based on calculations by Bloomberg.
Both deal values are in line with SM Energy Co.'s $39,543-an-acre purchase of Permian drilling rights announced last week. All three deals were cheaper than QEP Resources Inc.'s $60,000-an-acre acquisition of Permian rights announced in June.
The Concho deal would add to the explorer's approximately 1 million acres in the Permian, an area that Chief Executive Officer Tim Leach called among the "hottest zip codes in the industry," in a conference call with analysts Aug. 3. The 40,000 acres currently produce the equivalent of 10,000 barrels of oil per day, according to Monday's statement. The land has estimated proved reserves of 43 million barrels, Concho said.
Parsley also said it plans to sell 7 million new shares and issue $200 million in 6.25 percent senior notes maturing in 2024 to fund the acquisition. The underwriters have been granted an option to purchase an additional 1.05 million shares. The new stock will dilute the current shareholder base by about 5 percent.
Concho dropped 4 percent to $130.98 at 10:28 a.m. after earlier touching $130.20, the biggest intraday decline since Aug. 1. The shares have gained 41 percent this year. Parsley fell as much as 3.4 percent to $33.39. The stock has advanced 82 percent this year.
http://www.dallasnews.com/business/energy/20160816-oil-drillers-making-big-money-plays-in-still-profitable-permian-basin.ece
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