Zacks Investment Research downgraded shares of PDC Energy (NASDAQ:PDCE) from a buy rating to a hold rating in a report released on Saturday.

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. “

Several other analysts have also weighed in on the company. Imperial Capital raised their price objective on PDC Energy from $73.00 to $87.00 and gave the company an outperform rating in a research note on Thursday, February 8th. ValuEngine lowered PDC Energy from a hold rating to a sell rating in a research note on Friday, February 2nd. Stifel Nicolaus reissued a buy rating and set a $85.00 price target on shares of PDC Energy in a research note on Sunday, January 28th. BidaskClub lowered PDC Energy from a buy rating to a hold rating in a research note on Friday, January 26th. Finally, KeyCorp set a $65.00 price target on PDC Energy and gave the company a buy rating in a research note on Sunday, January 21st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $67.05.

Shares of PDC Energy (NASDAQ PDCE) opened at $48.35 on Friday. The firm has a market capitalization of $3,066.38, a PE ratio of -11.91 and a beta of 0.68. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.90 and a quick ratio of 0.90. PDC Energy has a 12 month low of $36.74 and a 12 month high of $73.71.

In other news, COO Scott J. Reasoner sold 1,000 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 $55,830.00. Following the completion of the transaction, the chief operating officer now directly owns 62,338 shares in the company, valued at $3,480,330.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 owns 168,101 shares of the company’s stock, valued at $8,754,700.08. The disclosure for this sale can be found here. Insiders have sold 7,200 shares of company stock valued at $386,751 over the last 90 days. 0.91% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd bought a new position in shares of PDC Energy during the third quarter worth about $666,000. American International Group Inc. raised its position in shares of PDC Energy by 8.6% during the third quarter. American International Group Inc. now owns 52,337 shares of the energy producer’s stock worth $2,566,000 after acquiring an additional 4,131 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of PDC Energy by 3.9% during the third quarter. New York State Common Retirement Fund now owns 506,655 shares of the energy producer’s stock worth $24,841,000 after acquiring an additional 18,821 shares during the last quarter. Monarch Partners Asset Management LLC bought a new position in shares of PDC Energy during the third quarter worth about $8,790,000. Finally, NJ State Employees Deferred Compensation Plan bought a new position in shares of PDC Energy during the third quarter worth about $883,000.

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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.

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