PDC Energy (NASDAQ:PDCE) Upgraded to Hold by 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. “
Other equities analysts have also recently issued reports about the company. Mitsubishi UFJ Financial Group boosted their target price on PDC Energy to $66.00 and gave the stock an overweight rating in a research report on Tuesday, August 27th. Wells Fargo & Co lifted their price target on PDC Energy from $47.00 to $50.00 and gave the stock an outperform rating in a research note on Monday, August 12th. Bank of America raised PDC Energy from a neutral rating to a buy rating and lifted their price target for the stock from $42.00 to $50.00 in a research note on Tuesday, September 10th. MKM Partners lifted their price target on PDC Energy from $47.00 to $48.00 and gave the stock a buy rating in a research note on Tuesday, August 27th. Finally, BidaskClub lowered PDC Energy from a sell rating to a strong sell rating in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the company. PDC Energy presently has an average rating of Buy and a consensus price target of $49.65.
PDC Energy (NASDAQ:PDCE) last posted its earnings results on Wednesday, August 7th. The energy producer reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.11). PDC Energy had a negative return on equity of 3.08% and a net margin of 7.73%. The business had revenue of $390.70 million for the quarter, compared to analysts’ expectations of $333.78 million. During the same quarter in the previous year, the firm earned $0.56 earnings per share. PDC Energy’s quarterly revenue was up 83.9% compared to the same quarter last year. On average, research analysts anticipate that PDC Energy will post 1.61 earnings per share for the current year.
In other news, Director Anthony J. Crisafio sold 1,500 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $35.09, for a total value of $52,635.00. Following the completion of the sale, the director now owns 22,130 shares of the company’s stock, valued at approximately $776,541.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northern Trust Corp lifted its stake in shares of PDC Energy by 1.7% in the 2nd quarter. Northern Trust Corp now owns 1,389,279 shares of the energy producer’s stock valued at $50,097,000 after acquiring an additional 23,318 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of PDC Energy by 7.0% in the 4th quarter. Geode Capital Management LLC now owns 736,641 shares of the energy producer’s stock valued at $21,921,000 after acquiring an additional 48,261 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of PDC Energy by 4.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 515,535 shares of the energy producer’s stock valued at $18,591,000 after acquiring an additional 22,433 shares during the last quarter. William Blair Investment Management LLC lifted its stake in shares of PDC Energy by 35.9% in the 1st quarter. William Blair Investment Management LLC now owns 491,199 shares of the energy producer’s stock valued at $19,982,000 after acquiring an additional 129,717 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of PDC Energy by 1.5% in the 1st quarter. New York State Common Retirement Fund now owns 424,467 shares of the energy producer’s stock valued at $17,267,000 after acquiring an additional 6,357 shares during the last quarter.
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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