PDC Energy (NASDAQ:PDCE) Price Target Raised to $75.00 at Truist

PDC Energy (NASDAQ:PDCE) had its price target boosted by Truist from $72.00 to $75.00 in a research note released on Friday morning, The Fly reports. Truist currently has a buy rating on the energy producer’s stock.

A number of other equities analysts have also issued reports on the stock. Zacks Investment Research lowered shares of PDC Energy from a strong-buy rating to a hold rating and set a $55.00 target price on the stock. in a research report on Tuesday, January 4th. Truist Securities decreased their price target on shares of PDC Energy from $67.00 to $63.00 and set a buy rating on the stock in a research note on Friday, October 1st. TD Securities lifted their price target on shares of PDC Energy from $64.00 to $66.00 and gave the stock a buy rating in a research note on Thursday, November 4th. Johnson Rice downgraded shares of PDC Energy from a buy rating to an accumulate rating in a research note on Thursday, October 28th. Finally, KeyCorp upped their price target on shares of PDC Energy from $60.00 to $62.00 and gave the stock an overweight rating in a research report on Wednesday, November 10th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, PDC Energy has a consensus rating of Buy and an average target price of $58.22.

PDCE stock opened at $56.48 on Friday. The stock has a market cap of $5.50 billion, a PE ratio of 137.76 and a beta of 3.17. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 0.49. The firm’s 50-day simple moving average is $52.23 and its 200 day simple moving average is $47.06. PDC Energy has a fifty-two week low of $21.53 and a fifty-two week high of $59.00.

PDC Energy (NASDAQ:PDCE) last announced its earnings results on Wednesday, November 3rd. The energy producer reported $2.33 EPS for the quarter, topping the consensus estimate of $1.45 by $0.88. The company had revenue of $704.04 million during the quarter, compared to analysts’ expectations of $565.58 million. PDC Energy had a net margin of 3.33% and a return on equity of 25.49%. During the same period last year, the company posted $1.04 earnings per share. Equities analysts forecast that PDC Energy will post 7.83 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 29th. Investors of record on Friday, December 17th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date was Thursday, December 16th. PDC Energy’s dividend payout ratio (DPR) is presently 117.07%.

In other PDC Energy news, SVP Nicole L. Martinet sold 1,000 shares of the stock in a transaction on Tuesday, November 9th. The stock was sold at an average price of $56.90, for a total transaction of $56,900.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO R Scott Meyers sold 2,959 shares of the stock in a transaction on Tuesday, November 9th. The stock was sold at an average price of $56.49, for a total value of $167,153.91. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,959 shares of company stock worth $1,208,694. 0.97% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the business. FMR LLC increased its position in shares of PDC Energy by 73.9% in the second quarter. FMR LLC now owns 2,680,264 shares of the energy producer’s stock worth $122,729,000 after purchasing an additional 1,139,247 shares during the period. Westfield Capital Management Co. LP bought a new position in shares of PDC Energy in the second quarter worth $27,810,000. Goldman Sachs Group Inc. increased its position in shares of PDC Energy by 54.4% in the second quarter. Goldman Sachs Group Inc. now owns 1,698,417 shares of the energy producer’s stock worth $77,770,000 after purchasing an additional 598,367 shares during the period. LSV Asset Management increased its position in shares of PDC Energy by 212.9% in the third quarter. LSV Asset Management now owns 875,584 shares of the energy producer’s stock worth $41,493,000 after purchasing an additional 595,725 shares during the period. Finally, Lord Abbett & CO. LLC increased its position in shares of PDC Energy by 31.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,819,379 shares of the energy producer’s stock worth $86,220,000 after purchasing an additional 437,502 shares during the period.

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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