Stifel Raises Price target on Parsley Energy (PE) Following Announced Midland and Southern Delaware Basin Acquisitions

Stifel reiterated a Buy rating on Parsley Energy (NYSE: PE), and raised the price target to $25.00 (from $24.00), following the company's announced agreements to acquire 22,908 net acres in the Midland and Southern Delaware Basins.

Analyst Daniel Guffey commented, "After the close, PE announced it has entered into agreements to acquire 22,908 net acres in the Midland and Southern Delaware Basins for an aggregate price of $359 million. The combined assets are currently producing 2,300 Boe/d from 9 horizontal and 97 vertical wells and has 6 horizontal wells in various stages of D&C."

For an analyst ratings summary and ratings history on Parsley Energy click here. For more ratings news on Parsley Energy click here.

Shares of Parsley Energy closed at $22.55 yesterday.

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