PDC Energy Inc (NASDAQ:PDCE) was the target of a significant growth in short interest during the month of July. As of July 31st, there was short interest totalling 8,144,200 shares, a growth of 7.7% from the June 30th total of 7,562,600 shares. Currently, 13.1% of the company’s shares are short sold. Based on an average trading volume of 1,310,000 shares, the short-interest ratio is presently 6.2 days.
PDCE has been the topic of a number of analyst reports. BMO Capital Markets cut shares of PDC Energy from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $50.00 to $38.00 in a research report on Thursday, July 11th. BidaskClub cut shares of PDC Energy from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 9th. MKM Partners set a $47.00 price objective on shares of PDC Energy and gave the company a “buy” rating in a research report on Monday. Williams Capital reissued a “buy” rating and set a $61.00 target price on shares of PDC Energy in a research note on Thursday, May 2nd. Finally, ValuEngine raised shares of PDC Energy from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $54.19.
Large investors have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC purchased a new stake in PDC Energy in the first quarter worth about $502,000. Quantamental Technologies LLC purchased a new stake in PDC Energy in the first quarter worth about $63,000. Arizona State Retirement System lifted its stake in PDC Energy by 0.8% in the second quarter. Arizona State Retirement System now owns 102,819 shares of the energy producer’s stock worth $3,708,000 after acquiring an additional 777 shares during the period. New York State Common Retirement Fund lifted its stake in PDC Energy by 1.5% in the first quarter. New York State Common Retirement Fund now owns 424,467 shares of the energy producer’s stock worth $17,267,000 after acquiring an additional 6,357 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its stake in PDC Energy by 18.4% in the first quarter. Oppenheimer Asset Management Inc. now owns 23,400 shares of the energy producer’s stock worth $952,000 after acquiring an additional 3,631 shares during the period.
Shares of PDCE traded up $0.90 during trading hours on Friday, reaching $27.30. 997,240 shares of the company traded hands, compared to its average volume of 1,208,099. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -9.22, a PEG ratio of 0.69 and a beta of 1.09. PDC Energy has a 12-month low of $24.13 and a 12-month high of $57.40. The company has a current ratio of 0.65, a quick ratio of 0.43 and a debt-to-equity ratio of 0.50. The stock’s fifty day moving average price is $29.94 and its 200 day moving average price is $35.84.
PDC Energy (NASDAQ:PDCE) last issued its earnings results on Wednesday, August 7th. The energy producer reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.11). The company had revenue of $390.70 million for the quarter, compared to analysts’ expectations of $333.78 million. PDC Energy had a net margin of 7.73% and a negative return on equity of 3.08%. The firm’s revenue for the quarter was up 83.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.56 earnings per share. On average, research analysts forecast that PDC Energy will post 1.67 earnings per share for the current year.
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. Its operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc in June 2012.
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