Zacks: Analysts Anticipate PDC Energy, Inc. (NASDAQ:PDCE) Will Post Quarterly Sales of $570.18 Million

Brokerages expect that PDC Energy, Inc. (NASDAQ:PDCE) will announce sales of $570.18 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for PDC Energy’s earnings. The lowest sales estimate is $521.00 million and the highest is $648.00 million. PDC Energy posted sales of $317.28 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 79.7%. The business is scheduled to report its next earnings results on Wednesday, November 3rd.

According to Zacks, analysts expect that PDC Energy will report full-year sales of $1.93 billion for the current financial year, with estimates ranging from $1.64 billion to $2.32 billion. For the next financial year, analysts anticipate that the company will post sales of $2.34 billion, with estimates ranging from $2.19 billion to $2.45 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover PDC Energy.

PDC Energy (NASDAQ:PDCE) last released its quarterly earnings data on Wednesday, August 4th. The energy producer reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.47. The firm had revenue of $229.00 million for the quarter, compared to analyst estimates of $475.59 million. PDC Energy had a negative net margin of 12.81% and a positive return on equity of 20.28%. The company’s revenue for the quarter was up 321.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.14 EPS.

A number of research firms have recently weighed in on PDCE. Truist Securities upped their price objective on PDC Energy from $55.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, July 1st. JPMorgan Chase & Co. boosted their target price on PDC Energy from $51.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, June 14th. Truist raised their price objective on shares of PDC Energy from $55.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, July 1st. They noted that the move was a valuation call. Wells Fargo & Company lifted their target price on shares of PDC Energy from $51.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, May 19th. Finally, TD Securities boosted their target price on shares of PDC Energy from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, August 5th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $49.50.

In other news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the business’s stock in a transaction dated Monday, August 2nd. The shares were sold at an average price of $39.29, for a total value of $78,580.00. Following the completion of the sale, the chief executive officer now owns 361,082 shares of the company’s stock, valued at approximately $14,186,911.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.97% of the company’s stock.

Several hedge funds have recently made changes to their positions in PDCE. Huntington National Bank acquired a new position in PDC Energy during the second quarter worth $28,000. SRS Capital Advisors Inc. bought a new position in shares of PDC Energy during the 2nd quarter worth approximately $29,000. Advisors Asset Management Inc. purchased a new stake in shares of PDC Energy during the 2nd quarter valued at $30,000. Parkside Financial Bank & Trust increased its holdings in PDC Energy by 142.1% in the 1st quarter. Parkside Financial Bank & Trust now owns 925 shares of the energy producer’s stock worth $32,000 after acquiring an additional 543 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of PDC Energy during the 1st quarter valued at about $37,000.

NASDAQ PDCE traded up $3.20 during trading on Friday, hitting $44.33. 21,730 shares of the company’s stock were exchanged, compared to its average volume of 948,573. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.50. PDC Energy has a fifty-two week low of $10.60 and a fifty-two week high of $49.92. The company has a market cap of $4.37 billion, a PE ratio of -32.83 and a beta of 3.44. The stock’s 50 day moving average price is $40.38 and its two-hundred day moving average price is $40.08.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 22nd. Shareholders of record on Wednesday, September 8th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend is Tuesday, September 7th. PDC Energy’s payout ratio is 23.65%.

About PDC Energy

PDC Energy, Inc engages in the exploration and production of oil and natural gas. The firm acquires, explores, and develops properties for the production of crude oil, natural gas, and natural gas liquids. Its primary operations are located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.

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