PDC Energy (PDCE) Bonds Trading 1.1% Lower Earnings

An issue of PDC Energy Inc (NASDAQ:PDCE) bonds fell 1.1% against their face value during trading on Tuesday following a weaker than expected earnings announcement. The high-yield debt issue has a 6.125% coupon and is set to mature on September 15, 2024. The bonds in the issue are now trading at $94.75. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its stock price. The energy producer reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.11). PDC Energy had a positive return on equity of 2.52% and a negative net margin of 43.37%. The business had revenue of $280.70 million for the quarter, compared to analysts’ expectations of $337.69 million. During the same quarter last year, the company posted ($3.85) earnings per share. The business’s quarterly revenue was up 53.2% compared to the same quarter last year.

Several research firms recently weighed in on PDCE. Macquarie downgraded PDC Energy from an “outperform” rating to a “neutral” rating and set a $65.00 target price on the stock. in a research report on Tuesday, August 7th. Williams Capital set a $82.00 target price on PDC Energy and gave the stock a “buy” rating in a research report on Thursday, August 9th. TD Securities set a $79.00 target price on PDC Energy and gave the stock a “buy” rating in a research report on Thursday, August 9th. BidaskClub upgraded PDC Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Finally, Stephens reiterated a “buy” rating and set a $78.00 target price on shares of PDC Energy in a research report on Thursday, July 26th. Seven investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $71.00.

In other PDC Energy news, insider Barton R. Brookman, Jr. sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $52.71, for a total transaction of $79,065.00. Following the completion of the sale, the insider now directly owns 203,526 shares in the company, valued at $10,727,855.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Lance Lauck sold 1,000 shares of the company’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $49.09, for a total value of $49,090.00. The disclosure for this sale can be found here. Insiders have sold 11,941 shares of company stock valued at $619,665 over the last 90 days. 1.00% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of PDCE. Frontier Capital Management Co. LLC grew its stake in shares of PDC Energy by 72.8% in the third quarter. Frontier Capital Management Co. LLC now owns 1,416,006 shares of the energy producer’s stock valued at $69,328,000 after buying an additional 596,642 shares in the last quarter. Perella Weinberg Partners Capital Management LP acquired a new stake in shares of PDC Energy in the third quarter valued at about $19,931,000. Victory Capital Management Inc. grew its stake in shares of PDC Energy by 12.5% in the third quarter. Victory Capital Management Inc. now owns 3,564,148 shares of the energy producer’s stock valued at $174,501,000 after buying an additional 395,180 shares in the last quarter. FMR LLC grew its stake in shares of PDC Energy by 7.9% in the second quarter. FMR LLC now owns 3,385,504 shares of the energy producer’s stock valued at $204,653,000 after buying an additional 246,713 shares in the last quarter. Finally, Oslo Asset Management AS grew its stake in shares of PDC Energy by 71.5% in the third quarter. Oslo Asset Management AS now owns 591,969 shares of the energy producer’s stock valued at $28,983,000 after buying an additional 246,700 shares in the last quarter.

The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.50. The company has a market cap of $2.92 billion, a PE ratio of -13.46, a PEG ratio of 0.52 and a beta of 0.66.

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About PDC Energy (NASDAQ:PDCE)

PDC Energy, Inc, an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. The company's operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.

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