Zacks Investment Research cut shares of PDC Energy (NASDAQ:PDCE) from a hold rating to a sell rating in a report released on Tuesday morning, Zacks.com reports.

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. “

Other equities analysts have also recently issued reports about the company. Williams Capital reaffirmed a buy rating and issued a $61.00 price objective on shares of PDC Energy in a report on Thursday, May 2nd. ValuEngine raised PDC Energy from a sell rating to a hold rating in a report on Thursday, August 1st. Wells Fargo & Co lifted their price objective on PDC Energy from $47.00 to $50.00 and gave the company an outperform rating in a report on Monday. BMO Capital Markets cut PDC Energy from an outperform rating to a market perform rating and dropped their price objective for the company from $50.00 to $38.00 in a report on Thursday, July 11th. Finally, TD Securities dropped their price objective on PDC Energy from $65.00 to $59.00 and set a buy rating for the company in a report on Friday, August 9th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. PDC Energy presently has a consensus rating of Hold and an average price target of $54.69.

Shares of NASDAQ PDCE opened at $27.88 on Tuesday. The firm has a market cap of $1.78 billion, a PE ratio of -9.42, a PEG ratio of 0.70 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.65 and a quick ratio of 0.43. The firm has a fifty day moving average of $30.42. PDC Energy has a fifty-two week low of $24.13 and a fifty-two week high of $57.40.

PDC Energy (NASDAQ:PDCE) last announced its quarterly earnings data on Wednesday, August 7th. The energy producer reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.11). The company had revenue of $390.70 million during the quarter, compared to analyst estimates of $333.78 million. PDC Energy had a net margin of 7.73% and a negative return on equity of 3.08%. PDC Energy’s revenue was up 83.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.56 earnings per share. As a group, equities research analysts expect that PDC Energy will post 1.68 earnings per share for the current fiscal year.

Institutional investors have recently bought and sold shares of the company. Two Sigma Advisers LP acquired a new stake in shares of PDC Energy during the 4th quarter worth about $652,000. Norges Bank acquired a new stake in shares of PDC Energy during the 4th quarter worth about $17,582,000. Geode Capital Management LLC boosted its stake in shares of PDC Energy by 7.0% during the 4th quarter. Geode Capital Management LLC now owns 736,641 shares of the energy producer’s stock worth $21,921,000 after purchasing an additional 48,261 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV boosted its stake in shares of PDC Energy by 5.7% during the 1st quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 29,609 shares of the energy producer’s stock worth $1,204,000 after purchasing an additional 1,592 shares during the last quarter. Finally, Strs Ohio boosted its stake in shares of PDC Energy by 125.0% during the 1st quarter. Strs Ohio now owns 3,600 shares of the energy producer’s stock worth $146,000 after purchasing an additional 2,000 shares during the last quarter.

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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