Shares of PDC Energy Inc. (NASDAQ:PDCE) have been given an average recommendation of “Buy” by the thirty-one ratings firms that are presently covering the company. Eight investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $73.74.
PDCE has been the topic of a number of research reports. KLR Group restated a “buy” rating and issued a $80.00 price objective (down previously from $87.00) on shares of PDC Energy in a report on Monday, September 12th. Wells Fargo & Co. reiterated a “market perform” rating on shares of PDC Energy in a report on Wednesday, July 6th. Royal Bank Of Canada increased their price target on PDC Energy from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, August 10th. Credit Suisse Group AG reiterated a “buy” rating and set a $83.00 price target on shares of PDC Energy in a report on Thursday, August 25th. Finally, BMO Capital Markets downgraded PDC Energy from an “outperform” rating to a “market perform” rating and set a $58.00 price target on the stock. in a report on Monday, August 8th.
Shares of PDC Energy (NASDAQ:PDCE) opened at 67.06 on Monday. The stock has a 50 day moving average of $65.21 and a 200 day moving average of $59.72. PDC Energy has a 1-year low of $42.68 and a 1-year high of $71.00. The firm’s market cap is $3.12 billion.
PDC Energy (NASDAQ:PDCE) last released its quarterly earnings data on Tuesday, August 9th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.05. PDC Energy had a negative return on equity of 1.07% and a negative net margin of 40.23%. The firm earned $20.10 million during the quarter, compared to analyst estimates of $160.18 million. During the same quarter in the prior year, the company posted $0.27 EPS. The company’s quarterly revenue was down 60.6% on a year-over-year basis. Equities research analysts anticipate that PDC Energy will post ($0.33) earnings per share for the current fiscal year.
In other PDC Energy news, Director David C. Parke sold 500 shares of PDC Energy stock in a transaction on Monday, August 15th. The stock was sold at an average price of $61.84, for a total transaction of $30,920.00. Following the completion of the transaction, the director now directly owns 17,717 shares of the company’s stock, valued at $1,095,619.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. bought a new position in shares of PDC Energy during the second quarter worth about $112,887,000. Causeway Capital Management LLC bought a new position in shares of PDC Energy during the second quarter worth about $110,908,000. Van ECK Associates Corp boosted its position in shares of PDC Energy by 199.4% in the second quarter. Van ECK Associates Corp now owns 2,031,800 shares of the company’s stock worth $117,052,000 after buying an additional 1,353,100 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of PDC Energy by 66.3% in the first quarter. Wellington Management Group LLP now owns 1,099,674 shares of the company’s stock worth $65,375,000 after buying an additional 438,328 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in shares of PDC Energy by 13.4% in the first quarter. BlackRock Fund Advisors now owns 2,861,483 shares of the company’s stock worth $170,115,000 after buying an additional 338,577 shares during the last quarter. 95.50% of the stock is owned by institutional investors.
About PDC Energy
PDC Energy, Inc is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing.
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