Why Parsley Energy (PE) Stock Is Soaring This Morning

NEW YORK (TheStreet) -- Shares of Parsley Energy Inc.  (PE) are surging, up 20.92% to $22.37 this morning, as the Texas shale energy company took off with its IPO.

The company's stock opened higher today after the oil driller and some of its early shareholders sold more shares than planned at a higher price than expected in an IPO., the Wall Street Journal reports.

Parsley and the existing holders sold 50 million shares for $18.50 each, raising $925 million before the potential sale of additional shares to underwriters. That topped Parsley's expectation for a 43.9 million-share offering fetching between $15 and $18 a share, according to a regulatory filing, the Journal said.

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