PDC Energy’s (PDCE) Buy Rating Reaffirmed at Barclays PLC
A number of other brokerages have also issued reports on PDCE. Scotiabank set a $84.00 target price on PDC Energy and gave the stock a hold rating in a research report on Tuesday, February 28th. Zacks Investment Research raised PDC Energy from a hold rating to a buy rating and set a $83.00 target price on the stock in a research report on Wednesday, February 8th. Canaccord Genuity set a $85.00 target price on PDC Energy and gave the stock a buy rating in a research report on Tuesday, February 28th. Williams Capital reaffirmed a buy rating and set a $94.00 target price on shares of PDC Energy in a research report on Monday, April 10th. Finally, Tudor Pickering assumed coverage on PDC Energy in a research report on Thursday, March 30th. They set a hold rating and a $87.00 target price on the stock. Ten research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The company has a consensus rating of Buy and an average price target of $78.95.
PDC Energy (NASDAQ:PDCE) traded up 0.17% on Thursday, reaching $57.41. The company’s stock had a trading volume of 1,043,317 shares. PDC Energy has a 52-week low of $50.12 and a 52-week high of $84.88. The firm has a 50-day moving average price of $63.23 and a 200 day moving average price of $68.82. The firm’s market capitalization is $3.74 billion.
PDC Energy (NASDAQ:PDCE) last announced its earnings results on Tuesday, February 28th. The energy producer reported $0.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.14. The company had revenue of $108.09 million for the quarter, compared to analyst estimates of $206.40 million. PDC Energy had a negative return on equity of 2.31% and a negative net margin of 42.23%. PDC Energy’s revenue for the quarter was down 35.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.07 earnings per share. Equities analysts anticipate that PDC Energy will post $0.55 earnings per share for the current fiscal year.
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In related news, CEO Barton R. Brookman, Jr. sold 1,700 shares of the stock in a transaction that occurred on Wednesday, February 1st. The stock was sold at an average price of $74.50, for a total transaction of $126,650.00. Following the completion of the sale, the chief executive officer now owns 168,853 shares in the company, valued at approximately $12,579,548.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Joseph E. Casabona sold 1,000 shares of the stock in a transaction that occurred on Monday, April 17th. The shares were sold at an average price of $63.29, for a total value of $63,290.00. Following the sale, the director now owns 30,456 shares of the company’s stock, valued at approximately $1,927,560.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,300 shares of company stock valued at $425,198. 1.80% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. FMR LLC increased its stake in shares of PDC Energy by 6.6% in the fourth quarter. FMR LLC now owns 7,100,357 shares of the energy producer’s stock valued at $515,344,000 after buying an additional 441,740 shares during the last quarter. Victory Capital Management Inc. increased its stake 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 valued at $147,477,000 after buying an additional 239,674 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of PDC Energy by 6.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,272,393 shares of the energy producer’s stock valued at $85,327,000 after buying an additional 71,818 shares during the last quarter. Northern Trust Corp increased its stake in shares of PDC Energy by 1.1% in the third quarter. Northern Trust Corp now owns 1,199,348 shares of the energy producer’s stock valued at $80,428,000 after buying an additional 13,031 shares during the last quarter. Finally, NWQ Investment Management Company LLC acquired a new stake in shares of PDC Energy during the fourth quarter valued at $56,649,000.
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.
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