PDC Energy (PDCE) Trading Down 3.3% on Analyst Downgrade

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PDC Energy Inc (NASDAQ:PDCE) shares dropped 3.3% on Friday after TD Securities lowered their price target on the stock from $78.00 to $77.00. TD Securities currently has a buy rating on the stock. PDC Energy traded as low as $46.13 and last traded at $45.16. Approximately 27,642 shares changed hands during trading, a decline of 98% from the average daily volume of 1,389,704 shares. The stock had previously closed at $46.68.

A number of other research firms also recently issued reports on PDCE. KLR Group reaffirmed a “buy” rating and issued a $84.00 price objective on shares of PDC Energy in a research note on Monday, August 20th. Jefferies Financial Group set a $86.00 price objective on PDC Energy and gave the stock a “buy” rating in a research note on Thursday, July 19th. ValuEngine downgraded PDC Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. Oppenheimer assumed coverage on PDC Energy in a research note on Wednesday, October 3rd. They issued a “market perform” rating on the stock. Finally, Zacks Investment Research raised PDC Energy from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a research report on Wednesday, August 1st. Eight analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. PDC Energy currently has an average rating of “Buy” and a consensus target price of $71.15.

In other PDC Energy news, EVP Lance Lauck sold 500 shares of the company’s stock in a transaction on Tuesday, October 9th. The stock was sold at an average price of $52.50, for a total value of $26,250.00. Following the transaction, the executive vice president now owns 94,728 shares of the company’s stock, valued at approximately $4,973,220. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey C. Swoveland sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $56.17, for a total value of $224,680.00. Following the completion of the transaction, the director now directly owns 17,454 shares in the company, valued at approximately $980,391.18. The disclosure for this sale can be found here. In the last three months, insiders have sold 11,941 shares of company stock worth $619,665. Corporate insiders own 1.00% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. bought a new position in PDC Energy in the 1st quarter valued at $192,000. Fox Run Management L.L.C. purchased a new stake in shares of PDC Energy in the 2nd quarter worth $276,000. Royal Bank of Canada lifted its holdings in shares of PDC Energy by 994.8% in the 1st quarter. Royal Bank of Canada now owns 4,653 shares of the energy producer’s stock worth $228,000 after buying an additional 4,228 shares during the period. GWM Advisors LLC purchased a new stake in shares of PDC Energy in the 3rd quarter worth $239,000. Finally, US Bancorp DE lifted its holdings in shares of PDC Energy by 30.4% in the 2nd quarter. US Bancorp DE now owns 5,218 shares of the energy producer’s stock worth $315,000 after buying an additional 1,215 shares during the period.

The firm has a market capitalization of $3.10 billion, a price-to-earnings ratio of -12.99, a price-to-earnings-growth ratio of 0.55 and a beta of 0.66. The company has a quick ratio of 0.36, a current ratio of 0.38 and a debt-to-equity ratio of 0.53.

PDC Energy (NASDAQ:PDCE) last issued its earnings results on Monday, November 5th. The energy producer reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.11). PDC Energy had a positive return on equity of 3.64% and a negative net margin of 10.52%. The firm had revenue of $280.70 million during the quarter, compared to analysts’ expectations of $337.69 million. During the same quarter in the prior year, the company posted ($3.85) earnings per share. PDC Energy’s quarterly revenue was up 53.2% compared to the same quarter last year. Analysts expect that PDC Energy Inc will post 2.18 EPS for the current year.

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About PDC Energy (NASDAQ:PDCE)

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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