Zacks Investment Research downgraded shares of PDC Energy Inc (NASDAQ:PDCE) from a buy rating to a hold rating in a research note issued to investors on Friday, April 14th.
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 equities analysts also recently weighed in on PDCE. Canaccord Genuity set a $85.00 target price on PDC Energy and gave the company a buy rating in a research report on Saturday, February 11th. Deutsche Bank AG cut their price objective on PDC Energy from $86.00 to $79.00 and set a hold rating on the stock in a research report on Tuesday, March 7th. KLR Group raised PDC Energy from an accumulate rating to a buy rating and set a $95.00 price objective on the stock in a research report on Friday, January 20th. Scotiabank downgraded PDC Energy to a hold rating and set a $84.00 price objective on the stock. in a research report on Thursday, December 15th. Finally, Hilliard Lyons raised PDC Energy from a neutral rating to a buy rating in a research report on Wednesday, March 1st. Eleven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $78.77.
PDC Energy (NASDAQ:PDCE) traded up 2.29% during mid-day trading on Friday, hitting $53.70. 507,600 shares of the stock traded hands. The company has a 50-day moving average of $57.83 and a 200 day moving average of $67.42. PDC Energy has a 1-year low of $50.12 and a 1-year high of $84.88. The firm’s market capitalization is $3.50 billion.
PDC Energy (NASDAQ:PDCE) last released its earnings results on Friday, May 5th. The energy producer reported ($0.06) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.03. The company had revenue of $273.70 million for the quarter, compared to the consensus estimate of $182.05 million. PDC Energy had a negative net margin of 42.23% and a negative return on equity of 2.31%. The business’s revenue for the quarter was up 201.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.89) EPS. On average, equities research analysts anticipate that PDC Energy will post $0.41 EPS for the current year.
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In related news, CEO Barton R. Brookman, Jr. sold 1,700 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $62.27, for a total value of $105,859.00. Following the transaction, the chief executive officer now directly owns 176,681 shares of the company’s stock, valued at approximately $11,001,925.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph E. Casabona sold 1,000 shares of the stock in a transaction on Monday, April 17th. The stock was sold at an average price of $63.29, for a total value of $63,290.00. Following the completion of the transaction, the director now directly owns 30,456 shares in the company, valued at $1,927,560.24. The disclosure for this sale can be found here. Insiders sold a total of 4,600 shares of company stock worth $298,548 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. increased its stake in shares of PDC Energy by 47,702.8% in the first quarter. BlackRock Inc. now owns 6,890,772 shares of the energy producer’s stock valued at $429,640,000 after buying an additional 6,876,357 shares in the last quarter. UBS Group AG increased its stake in shares of PDC Energy by 101.1% in the first quarter. UBS Group AG now owns 14,621 shares of the energy producer’s stock valued at $912,000 after buying an additional 1,395,552 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of PDC Energy by 31.2% in the third quarter. BlackRock Fund Advisors now owns 3,954,304 shares of the energy producer’s stock valued at $265,176,000 after buying an additional 940,134 shares in the last quarter. NWQ Investment Management Company LLC bought a new stake in shares of PDC Energy during the fourth quarter valued at about $56,649,000. Finally, William Marsh Rice University bought a new stake in shares of PDC Energy during the fourth quarter valued at about $53,759,000.
PDC Energy Company Profile
PDC Energy, Inc is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing.
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