PDC Energy Inc (PDCE) to Post FY2017 Earnings of ($3.42) Per Share, SunTrust Banks Forecasts
PDC Energy Inc (NASDAQ:PDCE) – Stock analysts at SunTrust Banks boosted their FY2017 earnings estimates for PDC Energy in a research note issued to investors on Tuesday. SunTrust Banks analyst W. Fitzpatrick now expects that the energy producer will earn ($3.42) per share for the year, up from their prior estimate of ($3.46). SunTrust Banks currently has a “Buy” rating and a $55.00 target price on the stock.
Several other research firms have also recently issued reports on PDCE. BMO Capital Markets restated a “hold” rating and set a $58.00 price objective on shares of PDC Energy in a report on Thursday, January 11th. Imperial Capital restated an “outperform” rating and set a $87.00 price objective (up previously from $73.00) on shares of PDC Energy in a report on Thursday. Stifel Nicolaus restated a “buy” rating and set a $81.00 price objective (down previously from $82.00) on shares of PDC Energy in a report on Tuesday, November 7th. Mizuho restated a “buy” rating and set a $66.00 price objective on shares of PDC Energy in a report on Wednesday, January 17th. Finally, Barclays raised their price objective on PDC Energy from $63.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, November 20th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and fourteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $67.05.
PDC Energy (NASDAQ:PDCE) last announced its earnings results on Monday, November 6th. The energy producer reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.06. The firm had revenue of $232.73 million for the quarter, compared to analysts’ expectations of $234.38 million. PDC Energy had a positive return on equity of 0.94% and a negative net margin of 29.31%.
In related news, CEO Barton R. Brookman, Jr. sold 1,500 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $51.86, for a total value of $77,790.00. Following the transaction, the chief executive officer now directly owns 173,473 shares of the company’s stock, valued at approximately $8,996,309.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Scott J. Reasoner sold 1,000 shares of the stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $55.83, for a total value 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 disclosure for this sale can be found here. Insiders sold a total of 7,200 shares of company stock worth $386,751 over the last ninety days. Corporate insiders own 0.91% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PDCE. Schf GPE LLC purchased a new position in PDC Energy in the fourth quarter valued at about $55,125,000. Vanguard Group Inc. raised its position in PDC Energy by 13.5% in the second quarter. Vanguard Group Inc. now owns 5,678,422 shares of the energy producer’s stock valued at $244,797,000 after purchasing an additional 677,329 shares during the period. State Street Corp raised its position in PDC Energy by 24.8% in the second quarter. State Street Corp now owns 2,457,828 shares of the energy producer’s stock valued at $105,957,000 after purchasing an additional 487,816 shares during the period. Precocity Capital LP purchased a new position in PDC Energy in the third quarter valued at about $21,083,000. Finally, Caymus Capital Partners L.P. raised its position in PDC Energy by 33.3% in the third quarter. Caymus Capital Partners L.P. now owns 1,525,300 shares of the energy producer’s stock valued at $74,785,000 after purchasing an additional 380,900 shares during the period.
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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