Zacks: Brokerages Expect PDC Energy Inc (PDCE) to Announce $0.71 EPS

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Wall Street brokerages forecast that PDC Energy Inc (NASDAQ:PDCE) will announce earnings per share of $0.71 for the current quarter, according to Zacks Investment Research. Seven analysts have provided estimates for PDC Energy’s earnings. The highest EPS estimate is $1.26 and the lowest is $0.25. PDC Energy reported earnings per share of $0.08 during the same quarter last year, which indicates a positive year over year growth rate of 787.5%. The company is scheduled to report its next earnings report on Monday, November 5th.

On average, analysts expect that PDC Energy will report full-year earnings of $2.25 per share for the current year, with EPS estimates ranging from $1.92 to $2.58. For the next financial year, analysts expect that the firm will report earnings of $4.71 per share, with EPS estimates ranging from $1.84 to $7.28. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that follow PDC Energy.

PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings data on Wednesday, August 8th. The energy producer reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.04). PDC Energy had a negative net margin of 43.37% and a positive return on equity of 2.52%. The company had revenue of $212.53 million for the quarter, compared to the consensus estimate of $308.73 million. During the same quarter in the prior year, the firm earned $0.63 earnings per share. PDC Energy’s revenue for the quarter was down 22.8% compared to the same quarter last year.

A number of equities research analysts recently weighed in on PDCE shares. Zacks Investment Research cut shares of PDC Energy from a “buy” rating to a “hold” rating in a research note on Friday, August 3rd. TD Securities started coverage on shares of PDC Energy in a research report on Thursday, July 5th. They issued a “buy” rating and a $80.00 price target on the stock. BidaskClub cut shares of PDC Energy from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 3rd. ValuEngine upgraded shares of PDC Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, June 27th. Finally, Macquarie cut shares of PDC Energy from an “outperform” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eighteen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $72.16.

In related news, insider Barton R. Brookman, Jr. sold 1,500 shares of PDC Energy stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $59.41, for a total value of $89,115.00. Following the transaction, the insider now owns 206,526 shares of the company’s stock, valued at approximately $12,269,709.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lance Lauck sold 2,000 shares of PDC Energy stock in a transaction dated Tuesday, July 3rd. The stock was sold at an average price of $59.56, for a total value of $119,120.00. Following the completion of the transaction, the executive vice president now directly owns 96,728 shares in the company, valued at approximately $5,761,119.68. The disclosure for this sale can be found here. Insiders sold a total of 12,100 shares of company stock worth $699,043 in the last three months. 1.00% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC purchased a new position in PDC Energy in the 2nd quarter worth about $373,000. Schwab Charles Investment Management Inc. grew its stake in PDC Energy by 7.4% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 408,931 shares of the energy producer’s stock valued at $20,050,000 after acquiring an additional 28,293 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in PDC Energy during the 1st quarter valued at about $192,000. Profund Advisors LLC grew its stake in PDC Energy by 7.4% during the 1st quarter. Profund Advisors LLC now owns 13,846 shares of the energy producer’s stock valued at $679,000 after acquiring an additional 953 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC purchased a new position in PDC Energy during the 2nd quarter valued at about $914,000.

Shares of NASDAQ PDCE traded down $0.11 during midday trading on Friday, reaching $48.34. 12,701 shares of the company traded hands, compared to its average volume of 925,042. PDC Energy has a 52 week low of $41.13 and a 52 week high of $66.20. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.50. The stock has a market cap of $3.18 billion, a P/E ratio of -13.97, a P/E/G ratio of 0.52 and a beta of 0.61.

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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