Zacks Investment Research Lowers PDC Energy (PDCE) to Hold

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Zacks Investment Research cut shares of PDC Energy (NASDAQ:PDCE) from a buy rating to a hold rating in a report released on Wednesday morning.

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. “

A number of other research analysts also recently commented on the stock. Williams Capital set a $77.00 price objective on shares of PDC Energy and gave the company a buy rating in a research note on Tuesday. BidaskClub raised shares of PDC Energy from a sell rating to a hold rating in a research report on Tuesday. ValuEngine raised shares of PDC Energy from a sell rating to a hold rating in a research report on Wednesday, October 3rd. Oppenheimer initiated coverage on shares of PDC Energy in a research report on Wednesday, October 3rd. They set a market perform rating for the company. Finally, KLR Group reissued a buy rating and set a $84.00 target price on shares of PDC Energy in a research report on Monday, August 20th. Eight analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $71.15.

Shares of NASDAQ PDCE traded down $1.69 on Wednesday, reaching $44.99. 1,494,455 shares of the company traded hands, compared to its average volume of 1,518,569. PDC Energy has a fifty-two week low of $40.62 and a fifty-two week high of $66.20. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.38 and a quick ratio of 0.36. The company has a market cap of $3.28 billion, a P/E ratio of -12.93, a P/E/G ratio of 0.59 and a beta of 0.66.

PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings data on Monday, November 5th. The energy producer reported $0.48 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.11). PDC Energy had a negative net margin of 10.52% and a positive return on equity of 3.64%. The company had revenue of $280.70 million for the quarter, compared to analyst estimates of $337.69 million. During the same period in the prior year, the company earned ($3.85) EPS. The company’s revenue was up 53.2% compared to the same quarter last year. As a group, equities research analysts anticipate that PDC Energy will post 2.09 EPS for the current year.

In other PDC Energy news, EVP Lance Lauck sold 500 shares of the stock in a transaction that occurred on Tuesday, October 9th. The shares were sold at an average price of $52.50, for a total value of $26,250.00. Following the completion of the sale, the executive vice president now owns 94,728 shares of the company’s stock, valued at $4,973,220. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David C. Parke sold 600 shares of the stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $53.03, for a total transaction of $31,818.00. Following the completion of the sale, the director now directly owns 13,341 shares of the company’s stock, valued at approximately $707,473.23. The disclosure for this sale can be found here. Insiders sold 11,941 shares of company stock valued at $619,665 in the last ninety days. 1.00% of the stock is owned by corporate insiders.

A number of large investors have recently modified their holdings of PDCE. Frontier Capital Management Co. LLC grew its position in PDC Energy by 72.8% in the third quarter. Frontier Capital Management Co. LLC now owns 1,416,006 shares of the energy producer’s stock valued at $69,328,000 after acquiring an additional 596,642 shares in the last quarter. FMR LLC boosted its stake in shares of PDC Energy by 12.4% during the 3rd quarter. FMR LLC now owns 3,805,490 shares of the energy producer’s stock valued at $186,317,000 after buying an additional 419,986 shares during the last quarter. Perella Weinberg Partners Capital Management LP purchased a new position in shares of PDC Energy during the 3rd quarter valued at approximately $19,931,000. Victory Capital Management Inc. boosted its stake in shares of PDC Energy by 12.5% during the 3rd quarter. Victory Capital Management Inc. now owns 3,564,148 shares of the energy producer’s stock valued at $174,501,000 after buying an additional 395,180 shares during the last quarter. Finally, Oslo Asset Management AS boosted its stake in shares of PDC Energy by 71.5% during the 3rd quarter. Oslo Asset Management AS now owns 591,969 shares of the energy producer’s stock valued at $28,983,000 after buying an additional 246,700 shares during the last quarter.

PDC Energy Company Profile

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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