MKM Partners started coverage on shares of PDC Energy (NASDAQ:PDCE) in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $67.00 price objective on the energy producer’s stock.

Several other research analysts have also recently issued reports on PDCE. Macquarie cut shares of PDC Energy from an outperform rating to a neutral rating and set a $65.00 target price for the company. in a report on Tuesday, August 7th. ValuEngine lowered shares of PDC Energy from a buy rating to a hold rating in a research note on Wednesday, August 8th. BidaskClub lowered shares of PDC Energy from a buy rating to a hold rating in a research note on Wednesday, August 8th. Williams Capital set a $82.00 price target on shares of PDC Energy and gave the stock a buy rating in a research note on Thursday, August 9th. Finally, Stifel Nicolaus reduced their price target on shares of PDC Energy from $87.00 to $86.00 and set a buy rating for the company in a research note on Thursday, August 9th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eighteen have given a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $70.65.

PDC Energy stock traded down $0.94 during trading hours on Wednesday, hitting $33.75. The stock had a trading volume of 14,177 shares, compared to its average volume of 1,258,263. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.38 and a current ratio of 0.38. The stock has a market capitalization of $2.29 billion, a PE ratio of -9.71, a price-to-earnings-growth ratio of 0.49 and a beta of 0.68. PDC Energy has a 12-month low of $33.27 and a 12-month high of $66.20.

PDC Energy (NASDAQ:PDCE) last issued its earnings results on Monday, November 5th. The energy producer reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.11). The firm had revenue of $280.70 million during the quarter, compared to analysts’ expectations of $337.69 million. PDC Energy had a positive return on equity of 3.64% and a negative net margin of 10.52%. The firm’s quarterly revenue was up 53.2% on a year-over-year basis. During the same period last year, the firm posted ($3.85) earnings per share. As a group, equities research analysts forecast that PDC Energy will post 1.84 EPS for the current fiscal year.

In related news, EVP Lance Lauck sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $49.09, for a total transaction of $49,090.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Barton R. Brookman, Jr. sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $49.09, for a total transaction of $73,635.00. The disclosure for this sale can be found here. Insiders have sold 6,541 shares of company stock valued at $312,151 over the last 90 days. 1.00% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in PDCE. Teacher Retirement System of Texas boosted its position in shares of PDC Energy by 7.8% in the second quarter. Teacher Retirement System of Texas now owns 13,386 shares of the energy producer’s stock worth $809,000 after purchasing an additional 974 shares during the period. MetLife Investment Advisors LLC boosted its position in shares of PDC Energy by 3.6% in the second quarter. MetLife Investment Advisors LLC now owns 30,317 shares of the energy producer’s stock worth $1,833,000 after purchasing an additional 1,045 shares during the period. Russell Investments Group Ltd. boosted its position in shares of PDC Energy by 29.7% in the second quarter. Russell Investments Group Ltd. now owns 5,092 shares of the energy producer’s stock worth $309,000 after purchasing an additional 1,166 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of PDC Energy by 13.9% in the third quarter. Nisa Investment Advisors LLC now owns 9,760 shares of the energy producer’s stock worth $478,000 after purchasing an additional 1,190 shares during the period. Finally, US Bancorp DE boosted its position in shares of PDC Energy by 30.4% in the second quarter. US Bancorp DE now owns 5,218 shares of the energy producer’s stock worth $315,000 after purchasing an additional 1,215 shares during the period.

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. The company's operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.

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Analyst Recommendations for PDC Energy (NASDAQ:PDCE)

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