Zacks Investment Research upgraded shares of PDC Energy (NASDAQ:PDCE) from a hold rating to a buy rating in a research report sent to investors on Saturday. They currently have $49.00 price target on the energy producer’s stock.
According to Zacks, “PDC Energy, Inc. is engaged in acquiring, developing and exploring crude oil, NGLs and natural gas. It has operations primarily in the Western and Eastern regions of the United States. Its Western Operating Region is primarily focused on development in the Wattenberg Field in Colorado. Its Eastern Operating Region is focused on development activity in the liquid-rich portion of the Utica Shale play in Ohio. The Company is also focused on development drilling programs in resource plays. PDC Energy, Inc., formerly known as Petroleum Development Corporation, is based in Denver, Colorado. “
A number of other equities research analysts also recently commented on PDCE. BidaskClub downgraded PDC Energy from a buy rating to a hold rating in a research report on Wednesday, August 8th. Williams Capital set a $82.00 price objective on PDC Energy and gave the company a buy rating in a research report on Thursday, August 9th. TD Securities set a $79.00 price objective on PDC Energy and gave the company a buy rating in a research report on Thursday, August 9th. Stephens restated a buy rating and set a $78.00 price objective on shares of PDC Energy in a research report on Thursday, July 26th. Finally, Jefferies Financial Group set a $86.00 price objective on PDC Energy and gave the company a buy rating in a research report on Friday, July 13th. Seven equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $71.00.
NASDAQ:PDCE opened at $46.85 on Friday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $2.92 billion, a P/E ratio of -13.46, a PEG ratio of 0.52 and a beta of 0.66. PDC Energy has a 12 month low of $40.62 and a 12 month high of $66.20.
PDC Energy (NASDAQ:PDCE) last posted its earnings results on Monday, November 5th. The energy producer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.11). The firm had revenue of $280.70 million during the quarter, compared to analysts’ expectations of $337.69 million. PDC Energy had a positive return on equity of 2.52% and a negative net margin of 43.37%. PDC Energy’s quarterly revenue was up 53.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($3.85) earnings per share. On average, equities research analysts anticipate that PDC Energy will post 2.2 EPS for the current year.
In other news, EVP Lance Lauck sold 500 shares of the stock in a transaction that occurred on Tuesday, October 9th. The stock was sold at an average price of $52.50, for a total value of $26,250.00. Following the sale, the executive vice president now directly owns 94,728 shares in the company, valued at $4,973,220. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Barton R. Brookman, Jr. sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $52.71, for a total value of $79,065.00. Following the completion of the sale, the insider now owns 203,526 shares in the company, valued at $10,727,855.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,941 shares of company stock worth $619,665. Company insiders own 1.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Virginia Retirement Systems ET AL raised its holdings in shares of PDC Energy by 10.2% in the third quarter. Virginia Retirement Systems ET AL now owns 18,400 shares of the energy producer’s stock worth $901,000 after buying an additional 1,700 shares during the period. Teton Advisors Inc. grew its stake in PDC Energy by 26.8% in the third quarter. Teton Advisors Inc. now owns 7,100 shares of the energy producer’s stock worth $348,000 after purchasing an additional 1,500 shares in the last quarter. Victory Capital Management Inc. grew its stake in 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 worth $174,501,000 after purchasing an additional 395,180 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in PDC Energy in the third quarter worth approximately $7,085,000. Finally, Perella Weinberg Partners Capital Management LP bought a new position in PDC Energy in the third quarter worth approximately $19,931,000.
PDC Energy Company Profile
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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