The stock of Parsley Energy, Inc. (NYSE:PE) is now priced at $10.82 and the shares are 0.07 points up or 0.65% higher compared to its previous closing price of $10.75. The stock had 5.479 million contracts set over the past session. PE shares’ daily volume is compared to its average trading volume at 0.008 billion shares. However, it has a float of 299 million and although its performance was -3.82% over the week, it’s one to watch. Analysts have given the PE stock a yearly average price target of $15.53 per share. It means the stock’s upside potential is 43.53% with the PE share price recently placing at $10.62 to $10.92. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are running away from the Parsley Energy, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PE shares have declined. Short interest in the stock represents just 9.99% of its float, but the volume has dropped by 0.
In the last trading session, Parsley Energy, Inc. (NYSE:PE) dropped by -$0.43 over the week and lost -$0.15 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $20.8. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $3.92 at 176.02%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.29. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Parsley Energy, Inc.’s two-week RSI is 43.68. This suggests that the stock is neutral at the moment and that PE shares’ price movement remains stable. The stochastic readings are equally revealing at 12.91% meaning the PE share price is currently in overbought territory.
The technical chart shows that the PE stock will likely settle at between $10.95 and $11.09 per share. However, if the stock dips below $10.65, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.49.
Currently, the stock is trading in the red of MACD, with a reading of -0.13. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Piper Sandler raised their recommendation for PE from Neutral to Overweight in July 21 review while maintain their target price of $8 to $17. Raymond James analysts upgraded their recommendation of the stock from Outperform to Strong Buy while keeping its target price at $12 to $16 in a flash note released to investors on July 20. R. F. Lafferty analysts see the stock as Buy when the analysts initiated the share price coverage on June 17, placing it at $15.
The average rating for the PE equity is 1.82 and is currently gathering a bullish momentum. Of 32 analysts tracking Parsley Energy, Inc. polled by Reuters, 1 rated PE as a hold. The remaining 31 analysts were split evenly. However, the split wasn’t equal as a majority (31) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PE stock price is 10.86X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Parsley Energy, Inc. (NYSE:PE) will decrease by about -99.8%, which will see them reach $435 million. The company’s full-year revenues are, however, expected to diminish by about -13.78%, down from $1960 million to $1690 million. PE’s expected adjusted earnings should drop almost -41.38% to end up at $0.17 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -43.75% to record $0.63/share.