PDC Energy Inc (NASDAQ:PDCE) – Investment analysts at Seaport Global Securities increased their Q3 2018 earnings per share (EPS) estimates for PDC Energy in a research note issued on Tuesday, October 16th. Seaport Global Securities analyst M. Kelly now expects that the energy producer will post earnings of $0.66 per share for the quarter, up from their previous forecast of $0.59. Seaport Global Securities also issued estimates for PDC Energy’s Q4 2018 earnings at $1.00 EPS, FY2018 earnings at $2.27 EPS, Q1 2019 earnings at $1.08 EPS and Q4 2019 earnings at $1.27 EPS.
A number of other research firms have also issued reports on PDCE. Zacks Investment Research lowered shares of PDC Energy from a “buy” rating to a “hold” rating in a research report on Friday, August 3rd. Stephens reissued a “buy” rating and set a $78.00 price target on shares of PDC Energy in a research report on Thursday, July 26th. Jefferies Financial Group set a $86.00 price target on shares of PDC Energy and gave the stock a “buy” rating in a research report on Friday, July 13th. JPMorgan Chase & Co. raised their price target on shares of PDC Energy from $70.00 to $72.00 and gave the stock a “$60.95” rating in a research report on Monday, July 23rd. Finally, Macquarie lowered shares of PDC Energy from an “outperform” rating to a “neutral” rating and set a $65.00 target price for the company. in a report on Tuesday, August 7th. Eight research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. PDC Energy presently has an average rating of “Buy” and an average price target of $72.16.
PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings results on Wednesday, August 8th. The energy producer reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.04). PDC Energy had a positive return on equity of 2.52% and a negative net margin of 43.37%. The business had revenue of $212.53 million for the quarter, compared to analysts’ expectations of $308.73 million. During the same period in the prior year, the business posted $0.63 earnings per share. The business’s quarterly revenue was down 22.8% compared to the same quarter last year.
Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. acquired a new stake in PDC Energy in the 1st quarter valued at $192,000. Fox Run Management L.L.C. acquired a new stake in PDC Energy in the 2nd quarter valued at $276,000. Royal Bank of Canada grew its stake in PDC Energy by 994.8% in the 1st quarter. Royal Bank of Canada now owns 4,653 shares of the energy producer’s stock valued at $228,000 after acquiring an additional 4,228 shares during the period. US Bancorp DE grew its stake in PDC Energy by 30.4% in the 2nd quarter. US Bancorp DE now owns 5,218 shares of the energy producer’s stock valued at $315,000 after acquiring an additional 1,215 shares during the period. Finally, Connable Office Inc. acquired a new stake in PDC Energy in the 2nd quarter valued at $321,000.
In related news, COO Scott J. Reasoner sold 1,341 shares of PDC Energy stock in a transaction on Monday, October 15th. The shares were sold at an average price of $50.43, for a total value of $67,626.63. Following the sale, the chief operating officer now owns 73,379 shares of the company’s stock, valued at approximately $3,700,502.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lance Lauck sold 500 shares of PDC Energy stock in a transaction on Tuesday, October 9th. The shares were sold at an average price of $52.50, for a total transaction of $26,250.00. Following the completion of the sale, the executive vice president now directly owns 94,728 shares in the company, valued at approximately $4,973,220. The disclosure for this sale can be found here. Insiders sold a total of 11,941 shares of company stock worth $646,020 in the last three months. 1.00% of the stock is owned by corporate insiders.
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. The company's operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.
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