NEW YORK (TheStreet) -- RBC Capital Markets upgraded Parsley Energy (PE) to "outperform" from "sector perform" on Tuesday and raised its price target to $26 from $22.
Check the newsletter and you will see that my valuation of PE is $22.20/share. - Dan
Parsley Energy is an Austin-based independent oil and natural gas company. RBC reassessed its outlook on the company based on recent improved drilling results, lower costs, a strong balance sheet and a deep drilling inventory.
"With virtually 100% of oil production hedged in 2016, we expect the company can and will maintain a brisk drilling pace despite low oil prices," RBC said in an analyst note.
Parsley Energy
Parsley Energy
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group