PDC Energy (PDCE) Research Coverage Started at MKM Partners

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MKM Partners initiated coverage on shares of PDC Energy (NASDAQ:PDCE) in a research report released 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 firms also recently weighed in on PDCE. Macquarie downgraded 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 note on Tuesday, August 7th. TD Securities set a $79.00 price target on shares of PDC Energy and gave the stock a buy rating in a research note on Thursday, August 9th. Imperial Capital decreased their price target on shares of PDC Energy from $90.00 to $88.00 and set an outperform rating on the stock in a research note on Friday, August 10th. BMO Capital Markets set a $62.00 price target on shares of PDC Energy and gave the stock a hold rating in a research note on Sunday, August 12th. Finally, Stifel Nicolaus decreased their price target on shares of PDC Energy from $87.00 to $86.00 and set a buy rating on the stock 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 nineteen have assigned a buy rating to the stock. The stock has an average rating of Buy and an average price target of $69.05.

PDCE opened at $34.19 on Wednesday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.53. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 25.54, a P/E/G ratio of 0.48 and a beta of 0.68. PDC Energy has a 52-week low of $32.93 and a 52-week high of $66.20.

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

In other PDC Energy news, Director David C. Parke sold 700 shares of PDC Energy stock in a transaction dated Tuesday, November 13th. The shares were sold at an average price of $40.07, for a total transaction of $28,049.00. Following the transaction, the director now directly owns 12,641 shares of the company’s stock, valued at $506,524.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lance Lauck sold 500 shares of PDC Energy stock in a transaction dated Tuesday, October 9th. The stock was sold at an average price of $52.50, for a total transaction of $26,250.00. Following the transaction, the executive vice president now directly owns 94,728 shares in the company, valued at $4,973,220. The disclosure for this sale can be found here. Insiders have sold 6,541 shares of company stock worth $312,151 over the last ninety days. 1.00% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its stake in PDC Energy by 994.8% during the first quarter. Royal Bank of Canada now owns 4,653 shares of the energy producer’s stock worth $228,000 after purchasing an additional 4,228 shares during the period. GWM Advisors LLC acquired a new stake in shares of PDC Energy during the third quarter valued at about $239,000. Jane Street Group LLC acquired a new stake in shares of PDC Energy during the third quarter valued at about $283,000. Cornerstone Wealth Management LLC acquired a new stake in shares of PDC Energy during the second quarter valued at about $300,000. Finally, First Mercantile Trust Co. increased its position in shares of PDC Energy by 114.9% during the third quarter. First Mercantile Trust Co. now owns 6,231 shares of the energy producer’s stock valued at $305,000 after acquiring an additional 3,331 shares during the last quarter.

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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