Parsley Energy Inc. witnessed its share price rise by nine percent on its quarterly earnings report and exceeded what analysts expected the company to earn during the quarter.
According to documents filed with the U.S. Securities and Exchange Commission, on Wednesday Parsley Energy, an Austin-based oil and gas company, saw its share price increase by $1.47 (or nine percent) and closed at $17.91. The company’s quarterly earnings report was strong this time around.
The oil production guidance for the second half of this year also increased to between 17,000 and 17,500 barrels per day, which is up from between 15,500 and 16,500 barrels.
Over the entire quarter, Parsley Energy saw a net income of $16.8 million, which is up from $11.9 million during the same quarter of 2013. Regarding non-GAAP earnings, Parsley Energy recorded 13 cents per share, which is two cents more than what analysts had predicted. Revenue from operating activities also increased to $74.1 million during the first nine months of the year, compared to the first nine months of 2013 which was $31.3 million.