PDC Energy (NASDAQ:PDCE) Lowered to “Strong Sell” at BidaskClub

BidaskClub lowered shares of PDC Energy (NASDAQ:PDCE) from a sell rating to a strong sell rating in a report published on Tuesday, BidAskClub reports.

PDCE has been the subject of a number of other research reports. Bank of America set a $54.00 price objective on shares of Fortis and gave the company a buy rating in a report on Thursday, May 2nd. Cowen set a $27.00 price objective on shares of Schnitzer Steel Industries and gave the company a hold rating in a report on Tuesday, April 9th. Zacks Investment Research cut shares of HENGAN INTL GRP/ADR from a strong-buy rating to a hold rating in a report on Tuesday, May 21st. ValuEngine cut shares of Verso from a hold rating to a sell rating in a report on Thursday, May 23rd. Finally, Wells Fargo & Co cut shares of Occidental Petroleum from an outperform rating to a market perform rating in a report on Monday, May 20th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $59.63.

Shares of NASDAQ PDCE opened at $30.55 on Tuesday. The firm has a market capitalization of $2.06 billion, a PE ratio of -10.32, a P/E/G ratio of 0.51 and a beta of 1.15. The firm’s 50 day moving average price is $33.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.43 and a current ratio of 0.43. PDC Energy has a 52-week low of $26.59 and a 52-week high of $64.66.

PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings data on Wednesday, May 1st. The energy producer reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.29). The firm had revenue of $134.50 million for the quarter, compared to analyst estimates of $325.83 million. PDC Energy had a negative net margin of 7.38% and a negative return on equity of 2.50%. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 EPS. On average, analysts forecast that PDC Energy will post 2.53 EPS for the current year.

In other PDC Energy news, Director Mark E. Ellis acquired 10,000 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were acquired at an average price of $37.30 per share, with a total value of $373,000.00. Following the completion of the transaction, the director now directly owns 17,752 shares in the company, valued at approximately $662,149.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Scott J. Reasoner sold 1,714 shares of the business’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $44.01, for a total transaction of $75,433.14. Following the completion of the sale, the chief operating officer now directly owns 90,113 shares in the company, valued at approximately $3,965,873.13. The disclosure for this sale can be found here. Insiders sold 2,714 shares of company stock valued at $120,058 in the last quarter. Corporate insiders own 1.00% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. First Hawaiian Bank bought a new stake in shares of PDC Energy in the first quarter worth $205,000. Texas Permanent School Fund lifted its position in shares of PDC Energy by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 43,242 shares of the energy producer’s stock worth $1,287,000 after purchasing an additional 1,669 shares in the last quarter. Squarepoint Ops LLC lifted its position in shares of PDC Energy by 702.1% in the fourth quarter. Squarepoint Ops LLC now owns 66,119 shares of the energy producer’s stock worth $1,968,000 after purchasing an additional 57,876 shares in the last quarter. Segall Bryant & Hamill LLC lifted its position in shares of PDC Energy by 13.3% in the fourth quarter. Segall Bryant & Hamill LLC now owns 129,300 shares of the energy producer’s stock worth $3,848,000 after purchasing an additional 15,138 shares in the last quarter. Finally, HITE Hedge Asset Management LLC bought a new stake in shares of PDC Energy in the first quarter worth $502,000.

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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