PDC Energy (NASDAQ:PDCE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The brokerage presently has a $55.00 price target on the energy producer’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 18.74% from the company’s current price.
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 analysts have also recently weighed in on PDCE. ValuEngine cut PDC Energy from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. Imperial Capital restated an “outperform” rating and issued a $87.00 price target (up from $73.00) on shares of PDC Energy in a research note on Thursday. BMO Capital Markets restated a “hold” rating and issued a $58.00 price target on shares of PDC Energy in a research note on Thursday, January 11th. BidaskClub cut PDC Energy from a “buy” rating to a “hold” rating in a research note on Friday, January 26th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $85.00 price target on shares of PDC Energy in a research note on Sunday, January 28th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $67.05.
PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings results on Monday, November 6th. The energy producer reported $0.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.06. PDC Energy had a positive return on equity of 0.94% and a negative net margin of 29.31%. The company had revenue of $232.73 million for the quarter, compared to analysts’ expectations of $234.38 million. analysts anticipate that PDC Energy will post -3.5 EPS for the current year.
In other PDC Energy news, Director Jeffrey C. Swoveland sold 1,700 shares of the firm’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $55.83, for a total transaction of $94,911.00. Following the transaction, the director now owns 21,519 shares of the company’s stock, valued at $1,201,405.77. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Barton R. Brookman, Jr. sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $52.08, for a total value of $78,120.00. Following the transaction, the chief executive officer now directly owns 168,101 shares in the company, valued at approximately $8,754,700.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,200 shares of company stock worth $386,751. Corporate insiders own 0.91% of the company’s stock.
Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of PDC Energy by 13.5% during the second quarter. Vanguard Group Inc. now owns 5,678,422 shares of the energy producer’s stock worth $244,797,000 after purchasing an additional 677,329 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of PDC Energy by 4.6% during the fourth quarter. Victory Capital Management Inc. now owns 3,158,037 shares of the energy producer’s stock worth $162,766,000 after purchasing an additional 139,748 shares during the last quarter. State Street Corp grew its holdings in shares of PDC Energy by 24.8% during the second quarter. State Street Corp now owns 2,457,828 shares of the energy producer’s stock worth $105,957,000 after purchasing an additional 487,816 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of PDC Energy by 17.5% during the third quarter. Bank of New York Mellon Corp now owns 1,748,149 shares of the energy producer’s stock worth $85,712,000 after purchasing an additional 260,297 shares during the last quarter. Finally, Caymus Capital Partners L.P. grew its holdings in shares of PDC Energy by 33.3% during the third quarter. Caymus Capital Partners L.P. now owns 1,525,300 shares of the energy producer’s stock worth $74,785,000 after purchasing an additional 380,900 shares during the last quarter.
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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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