AUSTIN, Texas (AP) _ Parsley Energy Inc. (PE) on Tuesday reported second-quarter profit of $119.2 million.
The Austin, Texas-based company said it had net income of 44 cents per share. Earnings, adjusted for non-recurring gains, were 39 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 41 cents per share.
The independent oil and gas company posted revenue of $467.8 million in the period, beating Street forecasts. Eleven analysts surveyed by Zacks expected $431 million.
Parsley Energy shares have increased 8 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $31.81, an increase of 27 percent in the last 12 months.