NEW YORK (TheStreet) -- Parsley Energy's (PE) price target was raised to $29 from $23 at Canaccord Genuity, which also maintained its "BUY" rating on the stock on Monday morning.
"The company's larger bloc in the Delware Basin enhances the company's story even more", Canaccord said. "Overall, we continue to believe PE represents one of the best, if not the best, stories in the U.S. E&P (exploration and production) space. Asset quality, improving oil mix and deleveraging through growth all underpin our buy thesis," the firm wrote in a note.
The stock remains a "top pick" at Canaccord.
My valuation is $24.75/share, but there is definite upside to that number as the company continues to report strong well results. - Dan
Parsley Energy price target raised - April 11
Parsley Energy price target raised - April 11
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group