Williams Capital Reaffirms Buy Rating for PDC Energy (PDCE)

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Williams Capital restated their buy rating on shares of PDC Energy (NASDAQ:PDCE) in a research note issued to investors on Thursday, AnalystRatings.com reports. They currently have a $61.00 price objective on the energy producer’s stock.

A number of other brokerages have also weighed in on PDCE. BidaskClub lowered PDC Energy from a buy rating to a hold rating in a research note on Friday, April 26th. Cowen assumed coverage on PDC Energy in a research note on Tuesday, April 9th. They set an outperform rating and a $53.00 price target on the stock. Zacks Investment Research upgraded PDC Energy from a hold rating to a buy rating and set a $50.00 price target on the stock in a research note on Tuesday, April 16th. ValuEngine upgraded PDC Energy from a sell rating to a hold rating in a research note on Friday, March 15th. Finally, MKM Partners set a $55.00 price target on PDC Energy and gave the stock a buy rating in a research note on Friday, March 1st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have issued a buy rating to the company’s stock. PDC Energy has a consensus rating of Buy and a consensus price target of $61.37.

Shares of PDCE stock traded up $0.70 during trading hours on Thursday, reaching $38.79. 984,855 shares of the company’s stock were exchanged, compared to its average volume of 1,136,217. PDC Energy has a 1 year low of $26.59 and a 1 year high of $66.20. The firm has a market capitalization of $2.88 billion, a price-to-earnings ratio of -13.10, a PEG ratio of 0.36 and a beta of 0.78. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.62 and a current ratio of 0.62.

PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings results on Wednesday, May 1st. The energy producer reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.29). PDC Energy had a negative return on equity of 3.09% and a net margin of 0.13%. The business had revenue of $134.50 million for the quarter, compared to analysts’ expectations of $325.83 million. During the same quarter in the previous year, the firm posted $0.05 EPS. PDC Energy’s revenue was down 48.4% on a year-over-year basis. As a group, equities analysts forecast that PDC Energy will post 3.1 earnings per share for the current year.

In related news, COO Scott J. Reasoner sold 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $40.00, for a total value of $52,000.00. Following the sale, the chief operating officer now owns 91,827 shares in the company, valued at $3,673,080. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Barton R. Brookman, Jr. sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $45.10, for a total value of $67,650.00. Following the completion of the sale, the insider now owns 248,687 shares in the company, valued at approximately $11,215,783.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,514 shares of company stock worth $284,708. 1.00% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of PDCE. Bank of New York Mellon Corp boosted its position in PDC Energy by 1.5% in the third quarter. Bank of New York Mellon Corp now owns 1,767,075 shares of the energy producer’s stock valued at $86,517,000 after buying an additional 26,870 shares during the last quarter. Jane Street Group LLC purchased a new stake in PDC Energy in the 3rd quarter worth approximately $283,000. AQR Capital Management LLC boosted its position in PDC Energy by 27.8% in the 3rd quarter. AQR Capital Management LLC now owns 78,954 shares of the energy producer’s stock worth $3,866,000 after purchasing an additional 17,162 shares in the last quarter. Legal & General Group Plc boosted its position in PDC Energy by 12.6% in the 3rd quarter. Legal & General Group Plc now owns 166,294 shares of the energy producer’s stock worth $8,131,000 after purchasing an additional 18,592 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in PDC Energy by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 6,571,551 shares of the energy producer’s stock worth $321,744,000 after purchasing an additional 137,366 shares in the last quarter.

PDC Energy Company Profile

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.

See Also: Beige Book

Analyst Recommendations for PDC Energy (NASDAQ:PDCE)

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