PDC Energy (PDCE) Downgraded to Hold at Zacks Investment Research
According to Zacks, “PDC Energy, Inc. is engaged in acquiring, developing and exploring crude oil, NGLs and natural gas. It has operations primarily in the Western and Eastern regions of the United States. Its Western Operating Region is primarily focused on development in the Wattenberg Field in Colorado. Its Eastern Operating Region is focused on development activity in the liquid-rich portion of the Utica Shale play in Ohio. The Company is also focused on development drilling programs in resource plays. PDC Energy, Inc., formerly known as Petroleum Development Corporation, is based in Denver, Colorado. “
Several other brokerages have also recently issued reports on PDCE. Citigroup began coverage on shares of PDC Energy in a research report on Wednesday, January 23rd. They set a buy rating and a $45.00 target price on the stock. KeyCorp upped their target price on shares of PDC Energy from $40.00 to $42.00 and gave the company an overweight rating in a research report on Thursday, March 7th. MKM Partners set a $55.00 target price on shares of PDC Energy and gave the company a buy rating in a research report on Friday, March 1st. Williams Capital restated a buy rating and set a $61.00 target price on shares of PDC Energy in a research report on Thursday, May 2nd. Finally, BidaskClub cut shares of PDC Energy from a buy rating to a hold rating in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $60.53.
PDC Energy (NASDAQ:PDCE) last released its quarterly earnings data on Wednesday, May 1st. The energy producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.29). PDC Energy had a negative net margin of 7.38% and a negative return on equity of 2.50%. The company had revenue of $134.50 million for the quarter, compared to the consensus estimate of $325.83 million. During the same period last year, the company earned $0.05 EPS. The firm’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, sell-side analysts forecast that PDC Energy will post 2.96 EPS for the current fiscal year.
In other news, Director Mark E. Ellis acquired 10,000 shares of PDC Energy stock in a transaction that occurred on Friday, May 10th. The shares were bought at an average cost of $37.30 per share, with a total value of $373,000.00. Following the transaction, the director now directly owns 17,752 shares of the company’s stock, valued at approximately $662,149.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Barton R. Brookman, Jr. sold 1,500 shares of the stock in a transaction dated Friday, April 12th. The stock was sold at an average price of $45.10, for a total transaction of $67,650.00. Following the completion of the sale, the insider now directly owns 248,687 shares in the company, valued at $11,215,783.70. The disclosure for this sale can be found here. Insiders sold a total of 6,514 shares of company stock worth $284,708 over the last three months. 1.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the business. GYL Financial Synergies LLC acquired a new stake in PDC Energy in the first quarter valued at approximately $304,000. Jane Street Group LLC acquired a new stake in PDC Energy in the first quarter valued at approximately $978,000. Schonfeld Strategic Advisors LLC acquired a new stake in PDC Energy in the first quarter valued at approximately $533,000. Essex Investment Management Co. LLC acquired a new stake in PDC Energy in the first quarter valued at approximately $2,338,000. Finally, SCP Investment LP acquired a new stake in PDC Energy in the first quarter valued at approximately $1,627,000.
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. Its operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc in June 2012.
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