Parsley Energy (NYSE:PE) is a Crude Oil play for aggressive investors looking for energy exposure.
PE is an Oil & Gas producer with 227,000 net acres in the Permian Basin. The majority of acreage sits on the Midland side, and it also holds a small acreage position in the Delaware Basin. Through strategic acquisitions and acreage swaps, it has grown its acreage position since its IPO and has over 7,900 horizontal locations across multiple prospective zones.
The company is catalyst rich and a Permian Basin pure play.
Parsley Energy has some of the strongest wells in the basin, generating returns that are among the best in the industry. It is de-risking its drilling inventory and is well positioned to beat its strong growth projections.
The consensus target is 12.30, and Parsley Energy stock closed Wednesday at 9.39 Vs its 52 wk low at 3.92 marked on 18 March. There is Strong Support at 7.82 and a break above the Key resistance at 9.58, augurs a move to 16.87 and then 20.50. Key indicators are flashing Bullish to Very Bullish in here.
Parsley Energy is an independent Crude Oil and Nat Gas company, engages in the acquisition, development, exploration, production, and sale of Crude Oil and Nat Gas properties in the Permian Basin in West Texas and Southeastern New Mexico. It operated 558.9 net acres of the horizontal wells and 723.1 net acres of the vertical wells, as well an estimated proved Crude Oil, Nat Gas, and LNG reserves of 592.3 MMBoe. The company was founded in Y 2008 and is HQ’d in Austin, Texas.
Have a healthy day, Keep the Faith!
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