PDC Energy Inc (NASDAQ:PDCE) – Imperial Capital decreased their Q2 2018 earnings per share estimates for PDC Energy in a report released on Wednesday, July 18th. Imperial Capital analyst I. Haas now anticipates that the energy producer will post earnings per share of $0.61 for the quarter, down from their prior estimate of $0.64. Imperial Capital also issued estimates for PDC Energy’s FY2018 earnings at $2.27 EPS and FY2019 earnings at $5.52 EPS.
Several other equities research analysts have also recently weighed in on the company. Jefferies Financial Group set a $86.00 target price on PDC Energy and gave the stock a “buy” rating in a research note on Thursday. TD Securities assumed coverage on PDC Energy in a research note on Thursday, July 5th. They set a “buy” rating and a $80.00 target price for the company. BidaskClub lowered PDC Energy from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 3rd. ValuEngine raised PDC Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, June 27th. Finally, KeyCorp lifted their price target on PDC Energy from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, May 24th. Four analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $69.47.
PDC Energy (NASDAQ:PDCE) last posted its earnings results on Wednesday, May 2nd. The energy producer reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.34). The business had revenue of $260.60 million for the quarter, compared to analysts’ expectations of $270.04 million. PDC Energy had a positive return on equity of 1.47% and a negative net margin of 19.50%. PDC Energy’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) EPS.
In other news, insider Barton R. Brookman, Jr. sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 1st. The stock was sold at an average price of $52.97, for a total value of $79,455.00. Following the transaction, the insider now owns 209,526 shares of the company’s stock, valued at $11,098,592.22. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Scott J. Reasoner sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, July 16th. The shares were sold at an average price of $61.39, for a total value of $61,390.00. Following the completion of the transaction, the chief operating officer now directly owns 74,720 shares in the company, valued at approximately $4,587,060.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,045 shares of company stock worth $1,221,843. 1.00% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in PDCE. Dimensional Fund Advisors LP increased its holdings in shares of PDC Energy by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 4,483,300 shares of the energy producer’s stock valued at $219,816,000 after purchasing an additional 202,845 shares during the period. Millennium Management LLC increased its holdings in shares of PDC Energy by 205.7% in the first quarter. Millennium Management LLC now owns 181,768 shares of the energy producer’s stock valued at $8,912,000 after purchasing an additional 122,300 shares during the period. Earnest Partners LLC increased its holdings in shares of PDC Energy by 7.6% in the first quarter. Earnest Partners LLC now owns 1,445,594 shares of the energy producer’s stock valued at $70,877,000 after purchasing an additional 101,931 shares during the period. Deutsche Bank AG increased its holdings in shares of PDC Energy by 66.9% in the fourth quarter. Deutsche Bank AG now owns 248,366 shares of the energy producer’s stock valued at $12,798,000 after purchasing an additional 99,554 shares during the period. Finally, Monarch Partners Asset Management LLC increased its holdings in shares of PDC Energy by 39.3% in the first quarter. Monarch Partners Asset Management LLC now owns 311,540 shares of the energy producer’s stock valued at $15,275,000 after purchasing an additional 87,875 shares during the period.
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.
Further Reading: Understanding Price to Earnings Ratio (PE)
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