Williams Capital Brokers Boost Earnings Estimates for PDC Energy Inc. (PDCE)
PDC Energy Inc. (NASDAQ:PDCE) – Equities research analysts at Williams Capital boosted their Q3 2016 earnings estimates for shares of PDC Energy in a report issued on Monday. Williams Capital analyst G. Sorbara now anticipates that the brokerage will earn ($0.05) per share for the quarter, up from their previous estimate of ($0.08). Williams Capital has a “Buy” rating and a $84.00 price target on the stock. Williams Capital also issued estimates for PDC Energy’s FY2017 earnings at ($1.13) EPS and FY2018 earnings at $0.68 EPS.
Other equities research analysts also recently issued research reports about the company. KLR Group restated a “buy” rating and set a $80.00 price target (down previously from $87.00) on shares of PDC Energy in a research report on Monday, September 12th. Wells Fargo & Co. restated a “market perform” rating on shares of PDC Energy in a research report on Wednesday, July 6th. Royal Bank Of Canada raised their price target on PDC Energy from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, August 10th. Credit Suisse Group AG restated a “buy” rating and set a $83.00 price target on shares of PDC Energy in a research report on Thursday, August 25th. Finally, BMO Capital Markets downgraded PDC Energy from an “outperform” rating to a “market perform” rating and set a $58.00 price target on the stock. in a research report on Monday, August 8th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $72.54.
Shares of PDC Energy (NASDAQ:PDCE) traded up 2.32% during midday trading on Wednesday, hitting $64.75. The company had a trading volume of 445,200 shares. The firm’s 50 day moving average is $65.25 and its 200 day moving average is $60.37. PDC Energy has a 52 week low of $42.68 and a 52 week high of $71.00. The company’s market capitalization is $3.02 billion.
PDC Energy (NASDAQ:PDCE) last announced its earnings results on Tuesday, August 9th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.06) by $0.05. PDC Energy had a negative net margin of 40.23% and a negative return on equity of 1.07%. The business had revenue of $20.10 million for the quarter, compared to the consensus estimate of $160.18 million. During the same quarter in the previous year, the company earned $0.27 EPS. The firm’s revenue for the quarter was down 60.6% on a year-over-year basis.
Large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. bought a new stake in shares of PDC Energy during the second quarter worth $112,887,000. Causeway Capital Management LLC bought a new stake in shares of PDC Energy during the second quarter worth $110,908,000. Van ECK Associates Corp raised its stake in shares of PDC Energy by 199.4% in the second quarter. Van ECK Associates Corp now owns 2,031,800 shares of the company’s stock worth $117,052,000 after buying an additional 1,353,100 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of PDC Energy by 66.3% in the first quarter. Wellington Management Group LLP now owns 1,099,674 shares of the company’s stock worth $65,375,000 after buying an additional 438,328 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in shares of PDC Energy by 13.4% in the first quarter. BlackRock Fund Advisors now owns 2,861,483 shares of the company’s stock worth $170,115,000 after buying an additional 338,577 shares in the last quarter. Institutional investors and hedge funds own 93.50% of the company’s stock.
In other PDC Energy news, Director David C. Parke sold 500 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $61.84, for a total transaction of $30,920.00. Following the completion of the sale, the director now directly owns 17,717 shares in the company, valued at approximately $1,095,619.28. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.80% of the stock is currently owned by corporate insiders.
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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