PDC Energy Inc to Post Q2 2019 Earnings of $0.56 Per Share, Oppenheimer Forecasts (PDCE)
PDC Energy Inc (NASDAQ:PDCE) – Analysts at Oppenheimer upped their Q2 2019 earnings estimates for shares of PDC Energy in a report issued on Tuesday, April 23rd. Oppenheimer analyst T. Rezvan now expects that the energy producer will post earnings per share of $0.56 for the quarter, up from their previous forecast of $0.51. Oppenheimer also issued estimates for PDC Energy’s Q3 2019 earnings at $0.71 EPS.
Several other equities research analysts also recently commented on PDCE. Zacks Investment Research downgraded shares of PDC Energy from a “hold” rating to a “sell” rating in a research report on Friday, February 15th. Cowen began coverage on shares of PDC Energy in a research report on Tuesday, April 9th. They set an “outperform” rating and a $53.00 target price on the stock. BidaskClub downgraded shares of PDC Energy from a “buy” rating to a “hold” rating in a research report on Saturday, March 30th. ValuEngine upgraded shares of PDC Energy from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Finally, KeyCorp lifted their target price on shares of PDC Energy from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Thursday, March 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nineteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $60.16.
PDC Energy (NASDAQ:PDCE) last posted its earnings results on Wednesday, February 27th. The energy producer reported ($2.22) EPS for the quarter, missing the consensus estimate of $0.56 by ($2.78). PDC Energy had a negative return on equity of 3.09% and a net margin of 0.13%. The business had revenue of $386.40 million for the quarter, compared to analyst estimates of $360.91 million. During the same quarter in the prior year, the business earned $1.17 earnings per share. The firm’s quarterly revenue was up 39.4% on a year-over-year basis.
Several hedge funds and other institutional investors have recently modified their holdings of PDCE. Millennium Management LLC lifted its position in shares of PDC Energy by 1,092.0% in the 4th quarter. Millennium Management LLC now owns 2,071,379 shares of the energy producer’s stock worth $61,644,000 after purchasing an additional 1,897,607 shares during the period. Oregon Public Employees Retirement Fund acquired a new position in shares of PDC Energy in the 4th quarter worth approximately $25,000. Norges Bank acquired a new position in shares of PDC Energy in the 4th quarter worth approximately $17,582,000. Oslo Asset Management AS lifted its position in shares of PDC Energy by 66.1% in the 4th quarter. Oslo Asset Management AS now owns 982,981 shares of the energy producer’s stock worth $29,251,000 after purchasing an additional 391,012 shares during the period. Finally, Frontier Capital Management Co. LLC lifted its position in shares of PDC Energy by 24.0% in the 4th quarter. Frontier Capital Management Co. LLC now owns 1,755,615 shares of the energy producer’s stock worth $52,247,000 after purchasing an additional 339,609 shares during the period.
In other news, Director Anthony J. Crisafio sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $34.21, for a total value of $51,315.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Scott J. Reasoner sold 1,714 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $44.01, for a total transaction of $75,433.14. Following the completion of the transaction, the chief operating officer now owns 90,113 shares in the company, valued at approximately $3,965,873.13. The disclosure for this sale can be found here. Insiders sold a total of 8,014 shares of company stock worth $336,023 in the last 90 days. Corporate insiders own 1.00% of the company’s stock.
About PDC Energy
PDC Energy, Inc, an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. Its operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc in June 2012.
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