Jefferies Group LLC Initiates Coverage on PDC Energy, Inc. (PDCE)

Equities researchers at Jefferies Group LLC started coverage on shares of PDC Energy, Inc. (NASDAQ:PDCE) in a note issued to investors on Monday. The firm set a “buy” rating and a $60.00 price target on the energy producer’s stock. Jefferies Group LLC’s price target suggests a potential upside of 23.79% from the company’s current price.

PDCE has been the subject of several other reports. Seaport Global Securities lowered shares of PDC Energy from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $89.00 to $46.00 in a report on Wednesday, June 21st. Mitsubishi UFJ Financial Group reissued a “neutral” rating on shares of PDC Energy in a report on Monday, August 21st. KeyCorp reissued a “buy” rating and issued a $55.00 target price on shares of PDC Energy in a report on Tuesday, September 26th. Imperial Capital began coverage on shares of PDC Energy in a report on Friday, August 18th. They issued an “outperform” rating and a $66.00 target price for the company. Finally, Zacks Investment Research raised shares of PDC Energy from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $69.68.

PDC Energy (NASDAQ PDCE) opened at 48.47 on Monday. The stock has a 50 day moving average of $43.85 and a 200-day moving average of $48.38. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of 343.76 and a beta of 0.84. PDC Energy has a 52-week low of $36.74 and a 52-week high of $84.88.

PDC Energy (NASDAQ:PDCE) last released its earnings results on Tuesday, August 8th. The energy producer reported $0.19 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.20. The company had revenue of $275.20 million during the quarter, compared to analyst estimates of $218.90 million. PDC Energy had a net margin of 1.03% and a return on equity of 0.53%. The firm’s quarterly revenue was up 1269.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.11) EPS. On average, equities research analysts anticipate that PDC Energy will post $0.20 earnings per share for the current fiscal year.

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A number of institutional investors and hedge funds have recently modified their holdings of PDCE. BlackRock Inc. lifted its position in 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 last quarter. UBS Group AG lifted its position in PDC Energy by 101.1% in the first quarter. UBS Group AG now owns 14,621 shares of the energy producer’s stock worth $912,000 after buying an additional 1,395,552 shares during the last quarter. Causeway Capital Management LLC lifted its position in 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 last quarter. Vanguard Group Inc. lifted its position in PDC Energy by 13.5% in the second quarter. Vanguard Group Inc. now owns 5,678,422 shares of the energy producer’s stock worth $244,797,000 after buying an additional 677,329 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in 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 last quarter.

PDC Energy Company Profile

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.

Analyst Recommendations for PDC Energy (NASDAQ:PDCE)

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