AUSTIN, Texas (AP) _ Parsley Energy Inc. (PE) on Tuesday reported third-quarter net income of $119.7 million.
On a per-share basis, the Austin, Texas-based company said it had profit of 43 cents. Earnings, adjusted for non-recurring gains, were 29 cents per share.
The results fell short of Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The independent oil and gas company posted revenue of $510.2 million in the period, which beat Street forecasts. Ten analysts surveyed by Zacks expected $500.4 million.
Parsley Energy shares have climbed 7% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $17.10, a drop of 33% in the last 12 months.