PDC Energy Inc. (PDCE) Earns Neutral Rating from Analysts at Mizuho
Research analysts at Mizuho began coverage on shares of PDC Energy Inc. (NASDAQ:PDCE) in a note issued to investors on Wednesday, The Fly reports. The firm set a “neutral” rating on the stock.
Other research analysts also recently issued reports about the company. Zacks Investment Research raised PDC Energy from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a report on Wednesday, July 13th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of PDC Energy in a report on Wednesday, August 10th. 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 report on Monday, August 8th. Barclays PLC upped their price target on PDC Energy from $78.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday, August 25th. Finally, KeyCorp reaffirmed a “buy” rating and set a $72.00 price target on shares of PDC Energy in a report on Tuesday, August 23rd. Nine analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $72.67.
Shares of PDC Energy (NASDAQ:PDCE) traded up 1.54% during mid-day trading on Wednesday, hitting $67.09. The stock had a trading volume of 1,071,064 shares. PDC Energy has a 12 month low of $42.68 and a 12 month high of $71.00. The company’s market cap is $3.13 billion. The stock’s 50-day moving average is $65.44 and its 200 day moving average is $59.91.
PDC Energy (NASDAQ:PDCE) last announced its quarterly earnings results on Tuesday, August 9th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.05. The business had revenue of $20.10 million for the quarter, compared to the consensus estimate of $160.18 million. PDC Energy had a negative net margin of 40.23% and a negative return on equity of 1.07%. The company’s revenue for the quarter was down 60.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.27 earnings per share. On average, equities research analysts forecast that PDC Energy will post ($0.33) earnings per share for the current fiscal year.
In related news, Director David C. Parke sold 500 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was 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 of the company’s stock, valued at approximately $1,095,619.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is owned by insiders.
Several large investors have recently modified their holdings of PDCE. Renaissance Technologies LLC raised its stake in shares of PDC Energy by 304.1% in the first quarter. Renaissance Technologies LLC now owns 274,939 shares of the company’s stock worth $16,345,000 after buying an additional 206,900 shares in the last quarter. Aperio Group LLC raised its stake in shares of PDC Energy by 5.8% in the first quarter. Aperio Group LLC now owns 12,329 shares of the company’s stock worth $733,000 after buying an additional 673 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. BlackRock Inc. raised its stake in shares of PDC Energy by 561.9% in the first quarter. BlackRock Inc. now owns 7,618 shares of the company’s stock worth $453,000 after buying an additional 6,467 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in shares of PDC Energy by 61.3% in the first quarter. Nuveen Asset Management LLC now owns 45,290 shares of the company’s stock worth $2,692,000 after buying an additional 17,209 shares in the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.
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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