PDC Energy, Inc. (NASDAQ:PDCE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.
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 firms have also commented on PDCE. Williams Capital reduced their price objective on shares of PDC Energy from $94.00 to $88.00 and set a “buy” rating for the company in a research note on Friday, April 21st. Credit Suisse Group downgraded PDC Energy from an “outperform” rating to a “neutral” rating and set a $69.00 price objective on the stock. in a report on Thursday, June 1st. BidaskClub downgraded PDC Energy from a “sell” rating to a “strong sell” rating in a report on Thursday, June 29th. Barclays PLC restated a “buy” rating and issued a $80.00 price objective (down previously from $89.00) on shares of PDC Energy in a report on Thursday, April 20th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $82.00 price objective on shares of PDC Energy in a report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $73.05.
PDC Energy (NASDAQ PDCE) opened at 40.21 on Tuesday. PDC Energy has a 52-week low of $38.54 and a 52-week high of $84.88. The company has a 50 day moving average of $44.08 and a 200-day moving average of $56.81. The stock’s market capitalization is $2.62 billion.
PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings results on Tuesday, August 8th. The energy producer reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.20. PDC Energy had a net margin of 1.03% and a return on equity of 0.53%. The company had revenue of $275.20 million during the quarter, compared to the consensus estimate of $218.90 million. During the same period in the prior year, the company earned ($0.11) EPS. PDC Energy’s revenue was up 1269.2% on a year-over-year basis. Equities research analysts anticipate that PDC Energy will post $0.04 EPS for the current year.
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Several hedge funds have recently made changes to their positions in PDCE. FMR LLC raised its stake in shares of PDC Energy by 4.7% in the first quarter. FMR LLC now owns 7,431,171 shares of the energy producer’s stock worth $463,333,000 after buying an additional 330,814 shares during the period. BlackRock Inc. raised its stake in shares of PDC Energy by 47,702.8% in the first quarter. BlackRock Inc. now owns 6,890,772 shares of the energy producer’s stock worth $429,640,000 after buying an additional 6,876,357 shares during the period. Vanguard Group Inc. raised its stake in shares of PDC Energy by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,001,093 shares of the energy producer’s stock worth $311,818,000 after buying an additional 203,524 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of PDC Energy by 17.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,385,502 shares of the energy producer’s stock worth $211,083,000 after buying an additional 501,484 shares during the period. Finally, Causeway Capital Management LLC raised its stake in shares of PDC Energy by 54.1% in the first quarter. Causeway Capital Management LLC now owns 3,287,928 shares of the energy producer’s stock worth $234,496,000 after buying an additional 1,154,136 shares during the period.
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.
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