PDC Energy Inc (PDCE) Earns “Buy” Rating from Barclays PLC

Barclays PLC reaffirmed their buy rating on shares of PDC Energy Inc (NASDAQ:PDCE) in a report released on Thursday, April 20th. They currently have a $80.00 price objective on the energy producer’s stock, down from their previous price objective of $89.00.

Other research analysts also recently issued reports about the company. Canaccord Genuity set a $85.00 price target on PDC Energy and gave the company a buy rating in a report on Saturday, February 11th. Zacks Investment Research raised PDC Energy from a hold rating to a buy rating and set a $83.00 price target on the stock in a report on Wednesday, February 8th. KLR Group raised PDC Energy from an accumulate rating to a buy rating and set a $95.00 price target on the stock in a report on Friday, January 20th. Hilliard Lyons raised PDC Energy from a neutral rating to a buy rating in a report on Wednesday, March 1st. Finally, Williams Capital reissued a buy rating and issued a $94.00 target price on shares of PDC Energy in a report on Monday, April 10th. Eleven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. PDC Energy presently has a consensus rating of Buy and an average target price of $78.77.

Shares of PDC Energy (NASDAQ:PDCE) opened at 53.83 on Thursday. The stock has a 50 day moving average of $57.60 and a 200-day moving average of $67.36. PDC Energy has a 12 month low of $50.12 and a 12 month high of $84.88. The company’s market cap is $3.51 billion.

PDC Energy (NASDAQ:PDCE) last announced its quarterly earnings results on Friday, May 5th. The energy producer reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by $0.03. The business had revenue of $273.70 million for the quarter, compared to the consensus estimate of $182.05 million. PDC Energy had a negative net margin of 42.23% and a negative return on equity of 2.31%. The company’s revenue for the quarter was up 201.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.89) earnings per share. On average, analysts forecast that PDC Energy will post $0.41 EPS for the current year.

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In other news, Director Joseph E. Casabona sold 1,000 shares of PDC Energy stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $63.29, for a total value of $63,290.00. Following the completion of the transaction, the director now owns 30,456 shares in the company, valued at approximately $1,927,560.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Barton R. Brookman, Jr. sold 1,700 shares of PDC Energy stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $62.27, for a total value of $105,859.00. Following the completion of the transaction, the chief executive officer now owns 176,681 shares of the company’s stock, valued at approximately $11,001,925.87. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,600 shares of company stock valued at $298,548. Company insiders own 1.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in PDCE. Sei Investments Co. boosted its position in shares of PDC Energy by 29.8% in the third quarter. Sei Investments Co. now owns 55,290 shares of the energy producer’s stock worth $3,709,000 after buying an additional 12,699 shares during the period. KBC Group NV bought a new position in shares of PDC Energy during the third quarter worth approximately $499,000. Victory Capital Management Inc. boosted its position in shares of PDC Energy by 12.2% in the third quarter. Victory Capital Management Inc. now owns 2,199,180 shares of the energy producer’s stock worth $147,477,000 after buying an additional 239,674 shares during the period. Aperio Group LLC boosted its position in shares of PDC Energy by 5.5% in the third quarter. Aperio Group LLC now owns 10,865 shares of the energy producer’s stock worth $729,000 after buying an additional 569 shares during the period. Finally, Three Peaks Capital Management LLC bought a new position in shares of PDC Energy during the third quarter worth approximately $671,000.

About PDC Energy

PDC Energy, Inc is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing.

12 Month Chart for NASDAQ:PDCE

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