Parsley Energy Class A (PE)

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Parsley Energy Stock On Rise Amid Nascent Recovery In Oil And Gas Exploration, Drilling

https://www.investors.com/news/stocks-flashing-renewed-technical-strength-parsley-energy/

Oil and gas exploration company Parsley Energy (PE) describes itself as "focused exclusively on the most prolific portions of the Permian Basin, one of the most resource-rich oil basins in the world."

Prospects for energy companies have improved in the wake of the oil and gas market crash earlier this year. Prices for a barrel of oil have doubled from the teens to the high $30 a barrel range recently.

Parsley Energy's prospects have improved along with rising prices. Parsley saw its stock Relative Strength (RS) Rating jump to 86 on Wednesday, an upgrade from 77 the day before. That improved rating means its stock has performed in the top 14% of all stocks in the past 52 weeks.

The Austin, Texas-based company sports an even higher EPS Rating of 92, reflecting improving profit growth.

Taking a look at top and bottom line numbers, Parsley Energy has posted rising EPS growth over the last two quarters, rising by 32% last quarter vs. the same quarter a year earlier. Revenue growth has also moved higher over the same time frame.

The company earns the No. 2 rank among its peers in the Oil&Gas-U.S. Exploration & Production industry group. Matador Resources (MTDR) is the No. 1-ranked stock in the group. Parsley shares fell 5.8% Wednesday afternoon, to 11, amid a broad retreat by oil company stocks.

Even after the drop, Parsley shares are still up about 200% from a 3.92 low on March 18. Matador was down 3.2%

While the stock is not near an ideal buy point right now, see if it is able to form and break out of a proper base.