PDC Energy Lowered to “Neutral” at Hilliard Lyons (PDCE)
“PDC reported Q4’12 adjusted EBITDDA of $40M vs. $59M a year ago, exceeding our $27M forecast. … While still attractive on an EV/Mcfe basis, having attained our previous 24-month target price, the shares are trading at 10.2x Enterprise Value / FY’13E EBITDDA and at 6.8x forward EBITDDA per share. We believe this represents a reasonable point at which to harvest gains and thus reduce our rating from Long-term Buy to Neutral.,” the firm’s analyst commented.
A number of other firms have also recently commented on PDCE. Analysts at SunTrust raised their price target on shares of PDC Energy from $47.00 to $49.00 in a research note to investors on Thursday, February 28th. They now have a neutral rating on the stock. Separately, analysts at Global Hunter Securities raised their price target on shares of PDC Energy from $104.25 to $105.50 in a research note to investors on Thursday, February 28th. Finally, analysts at Canaccord Genuity raised their price target on shares of PDC Energy from $33.00 to $44.00 in a research note to investors on Thursday, February 28th. They now have a hold rating on the stock.
Fourteen research analysts have rated the stock with a buy rating, one has assigned an overweight rating, and one has issued a hold rating to the company’s stock. PDC Energy has a consensus rating of buy and a consensus price target of $41.29.
Shares of PDC Energy opened at 47.46 on Monday. PDC Energy has a one year low of $19.33 and a one year high of $48.38. The stock’s 50-day moving average is currently $41.45. The company’s market cap is $1.407 billion.
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