On May 23rd, Parsley Energy debuted with its IPO that had high expectations, which were definitely met. Priced at $18.50, shares rose to $22.59 shortly after trading began. Shares traded up nearly 20% at $22.12 in the late morning Friday. In mid-morning trading May 28th, three business days after the IPO, Parsley traded at $23.35, nudged up 5% since day one.
Parsley Energy (NYSE:PE) is a pure-play exploration and production firm owning 111,644 net acres mostly in the Permian Basin's prolific Midland Basin. In the Delaware Basin, they hold 22,300 net acres and 89,344 of Midland acres. This makes their relative acreage holdings beyond that of smaller Permian peers Athlon (NYSE:ATHL) (102,000 net acres), RSP Permian...
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