Wall Street analysts forecast that PDC Energy Inc (NASDAQ:PDCE) will announce $301.93 million in sales for the current quarter, according to Zacks. Seven analysts have made estimates for PDC Energy’s earnings. The highest sales estimate is $339.90 million and the lowest is $263.20 million. PDC Energy posted sales of $275.16 million during the same quarter last year, which suggests a positive year-over-year growth rate of 9.7%. The business is scheduled to issue its next quarterly earnings report on Tuesday, August 14th.
On average, analysts expect that PDC Energy will report full-year sales of $1.29 billion for the current fiscal year, with estimates ranging from $1.16 billion to $1.43 billion. For the next financial year, analysts anticipate that the company will report sales of $1.79 billion per share, with estimates ranging from $1.62 billion to $1.97 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for PDC Energy.
PDC Energy (NASDAQ:PDCE) last released its quarterly earnings data on Wednesday, May 2nd. The energy producer reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.34). PDC Energy had a negative net margin of 19.50% and a positive return on equity of 1.47%. The business had revenue of $260.60 million for the quarter, compared to the consensus estimate of $270.04 million. During the same quarter in the prior year, the business posted ($0.06) earnings per share. PDC Energy’s revenue for the quarter was down 4.8% on a year-over-year basis.
A number of research firms have recently issued reports on PDCE. KeyCorp increased their price objective on shares of PDC Energy from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, May 24th. BidaskClub upgraded shares of PDC Energy from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 9th. Johnson Rice upgraded shares of PDC Energy from an “accumulate” rating to a “buy” rating in a research note on Monday, May 14th. They noted that the move was a valuation call. Stifel Nicolaus set a $91.00 target price on shares of PDC Energy and gave the company a “buy” rating in a research report on Monday, April 23rd. Finally, Williams Capital set a $79.00 target price on shares of PDC Energy and gave the company a “buy” rating in a research report on Thursday, May 3rd. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $67.35.
NASDAQ PDCE opened at $61.57 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.54 and a current ratio of 0.54. PDC Energy has a 52-week low of $36.74 and a 52-week high of $66.20. The company has a market cap of $3.88 billion, a PE ratio of -17.69, a price-to-earnings-growth ratio of 0.70 and a beta of 0.66.
In other PDC Energy news, Director Larry F. Mazza sold 4,000 shares of the firm’s stock in a transaction on Thursday, June 7th. The shares were sold at an average price of $61.00, for a total value of $244,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Scott J. Reasoner sold 1,000 shares of the firm’s stock in a transaction on Tuesday, April 17th. The stock was sold at an average price of $55.00, for a total transaction of $55,000.00. Following the completion of the transaction, the chief operating officer now directly owns 75,720 shares of the company’s stock, valued at approximately $4,164,600. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,545 shares of company stock valued at $1,155,768. Corporate insiders own 1.00% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of PDCE. Mangrove Partners purchased a new position in shares of PDC Energy in the fourth quarter worth $46,347,000. NWQ Investment Management Company LLC raised its holdings in shares of PDC Energy by 77.8% in the fourth quarter. NWQ Investment Management Company LLC now owns 1,662,049 shares of the energy producer’s stock worth $85,662,000 after buying an additional 727,517 shares during the last quarter. Earnest Partners LLC raised its holdings in shares of PDC Energy by 45.0% in the fourth quarter. Earnest Partners LLC now owns 1,343,663 shares of the energy producer’s stock worth $69,252,000 after buying an additional 416,711 shares during the last quarter. BlackRock Inc. raised its holdings in shares of PDC Energy by 4.5% in the fourth quarter. BlackRock Inc. now owns 8,643,984 shares of the energy producer’s stock worth $445,509,000 after buying an additional 374,797 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of PDC Energy by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 4,483,300 shares of the energy producer’s stock worth $219,816,000 after buying an additional 202,845 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. The company's operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.
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