PDC Energy (NASDAQ:PDCE) Shares Gap Up on Analyst Upgrade

PDC Energy, Inc. (NASDAQ:PDCE) gapped up prior to trading on Wednesday after KeyCorp raised their price target on the stock from $54.00 to $55.00. The stock had previously closed at $37.29, but opened at $38.62. KeyCorp currently has an overweight rating on the stock. PDC Energy shares last traded at $38.92, with a volume of 544 shares traded.

PDCE has been the subject of several other research reports. JPMorgan Chase & Co. increased their price objective on PDC Energy from $51.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, June 14th. Truist raised their target price on PDC Energy from $55.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, July 1st. They noted that the move was a valuation call. Seaport Global Securities restated a “buy” rating on shares of PDC Energy in a research note on Monday, April 5th. Wells Fargo & Company raised their target price on PDC Energy from $51.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, May 19th. Finally, TD Securities raised their target price on PDC Energy from $46.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, May 7th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. PDC Energy presently has a consensus rating of “Buy” and a consensus price target of $43.33.

In related news, Director Lynn A. Peterson sold 5,000 shares of PDC Energy stock in a transaction on Wednesday, June 9th. The stock was sold at an average price of $46.65, for a total value of $233,250.00. Following the completion of the sale, the director now owns 225,377 shares of the company’s stock, valued at $10,513,837.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of PDC Energy stock in a transaction on Thursday, July 1st. The stock was sold at an average price of $47.31, for a total value of $94,620.00. Following the completion of the sale, the chief executive officer now directly owns 362,482 shares of the company’s stock, valued at approximately $17,149,023.42. The disclosure for this sale can be found here. In the last three months, insiders sold 14,298 shares of company stock valued at $631,102. Corporate insiders own 0.97% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Parkside Financial Bank & Trust lifted its position in PDC Energy by 142.1% during the first quarter. Parkside Financial Bank & Trust now owns 925 shares of the energy producer’s stock valued at $32,000 after purchasing an additional 543 shares in the last quarter. Arlington Partners LLC purchased a new position in PDC Energy during the first quarter valued at $33,000. Lazard Asset Management LLC purchased a new position in PDC Energy during the first quarter valued at $37,000. Captrust Financial Advisors lifted its position in PDC Energy by 1,520.9% during the fourth quarter. Captrust Financial Advisors now owns 2,399 shares of the energy producer’s stock valued at $49,000 after purchasing an additional 2,251 shares in the last quarter. Finally, KBC Group NV purchased a new position in PDC Energy during the first quarter valued at $49,000.

The company has a market cap of $3.78 billion, a P/E ratio of -14.40 and a beta of 3.40. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.36 and a quick ratio of 0.36. The stock’s 50-day simple moving average is $44.00.

PDC Energy (NASDAQ:PDCE) last released its earnings results on Wednesday, May 5th. The energy producer reported $1.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.58. The company had revenue of $286.04 million for the quarter, compared to the consensus estimate of $396.93 million. PDC Energy had a positive return on equity of 14.11% and a negative net margin of 30.91%. Research analysts forecast that PDC Energy, Inc. will post 5.1 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 24th. Stockholders of record on Thursday, June 10th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, June 9th. This represents a $0.48 annualized dividend and a dividend yield of 1.23%. PDC Energy’s payout ratio is 23.65%.

PDC Energy Company Profile (NASDAQ:PDCE)

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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