PDC Energy Inc (NASDAQ:PDCE) saw a large growth in short interest in 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. Approximately 13.1% of the company’s stock are sold short. Based on an average trading volume of 1,310,000 shares, the short-interest ratio is presently 6.2 days.
A number of research analysts recently issued reports on PDCE shares. Williams Capital reiterated a “buy” rating and set a $61.00 target price on shares of PDC Energy in a research report on Thursday, May 2nd. TD Securities dropped their target price on shares of PDC Energy from $65.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. BMO Capital Markets downgraded shares of PDC Energy from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $50.00 to $38.00 in a research report on Thursday, July 11th. MKM Partners set a $47.00 target price on shares of PDC Energy and gave the company a “buy” rating in a research report on Monday. Finally, BidaskClub downgraded shares of PDC Energy from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 9th. Three 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 stock. PDC Energy presently has an average rating of “Hold” and an average price target of $54.19.
PDCE stock traded up $0.90 during midday trading on Friday, reaching $27.30. 997,240 shares of the company’s stock traded hands, compared to its average volume of 1,208,099. The company has a market cap of $1.75 billion, a price-to-earnings ratio of -9.22, a P/E/G ratio of 0.69 and a beta of 1.09. The firm’s fifty day moving average price is $29.94 and its 200-day moving average price is $35.84. The company has a quick ratio of 0.43, a current ratio of 0.65 and a debt-to-equity ratio of 0.50. PDC Energy has a 52 week low of $24.13 and a 52 week high of $57.40.
PDC Energy (NASDAQ:PDCE) last announced its quarterly earnings results on Wednesday, August 7th. The energy producer reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.11). The business had revenue of $390.70 million for the quarter, compared to the consensus estimate of $333.78 million. PDC Energy had a net margin of 7.73% and a negative return on equity of 3.08%. The business’s revenue for the quarter was up 83.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.56 EPS. Analysts forecast that PDC Energy will post 1.67 earnings per share for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of PDCE. Norges Bank bought a new stake in shares of PDC Energy in the 4th quarter worth $17,582,000. Victory Capital Management Inc. grew its stake in shares of PDC Energy by 20.1% in the 1st quarter. Victory Capital Management Inc. now owns 3,497,027 shares of the energy producer’s stock worth $142,259,000 after acquiring an additional 584,123 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in shares of PDC Energy in the 2nd quarter worth $13,052,000. Anchor Capital Advisors LLC bought a new stake in shares of PDC Energy in the 1st quarter worth $14,271,000. Finally, Monarch Partners Asset Management LLC bought a new stake in shares of PDC Energy in the 1st quarter worth $6,899,000.
About PDC Energy
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.
Further Reading: Outstanding Shares
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