PDC Energy Inc (NASDAQ:PDCE) – Equities research analysts at Mitsubishi UFJ Financial Group cut their Q1 2019 EPS estimates for shares of PDC Energy in a note issued to investors on Tuesday, November 6th. Mitsubishi UFJ Financial Group analyst M. Mcallister now forecasts that the energy producer will earn $1.00 per share for the quarter, down from their previous estimate of $1.26. Mitsubishi UFJ Financial Group has a “Overweight” rating and a $76.00 price objective on the stock. Mitsubishi UFJ Financial Group also issued estimates for PDC Energy’s Q2 2019 earnings at $1.07 EPS, Q3 2019 earnings at $1.11 EPS, Q4 2019 earnings at $1.17 EPS, FY2019 earnings at $4.34 EPS, Q2 2020 earnings at $1.28 EPS, Q3 2020 earnings at $1.24 EPS and FY2020 earnings at $5.09 EPS.
PDC Energy (NASDAQ:PDCE) last announced its earnings results on Monday, November 5th. The energy producer reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.11). PDC Energy had a negative net margin of 10.52% and a positive return on equity of 3.64%. The company had revenue of $280.70 million during the quarter, compared to analysts’ expectations of $337.69 million. During the same quarter last year, the business posted ($3.85) earnings per share. The company’s revenue for the quarter was up 53.2% compared to the same quarter last year.
Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. lifted their target price on PDC Energy from $70.00 to $72.00 and gave the company a “$60.95” rating in a research note on Monday, July 23rd. Zacks Investment Research upgraded PDC Energy from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research note on Wednesday, August 1st. Stephens restated a “buy” rating and issued a $78.00 price target on shares of PDC Energy in a research note on Thursday, July 26th. Jefferies Financial Group set a $86.00 price target on PDC Energy and gave the company a “buy” rating in a research note on Thursday, July 19th. Finally, TD Securities set a $79.00 price target on PDC Energy and gave the company a “buy” rating in a research note on Thursday, August 9th. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $71.15.
Shares of PDCE stock opened at $44.99 on Friday. PDC Energy has a twelve month low of $40.62 and a twelve month high of $66.20. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of -12.93, a P/E/G ratio of 0.59 and a beta of 0.66. The company has a current ratio of 0.38, a quick ratio of 0.36 and a debt-to-equity ratio of 0.53.
In related news, COO Scott J. Reasoner sold 1,341 shares of PDC Energy stock in a transaction on Monday, October 15th. The stock was sold at an average price of $50.43, for a total transaction of $67,626.63. Following the completion of the transaction, the chief operating officer now directly owns 73,379 shares of the company’s stock, valued at $3,700,502.97. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David C. Parke sold 600 shares of PDC Energy stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $53.03, for a total value of $31,818.00. Following the transaction, the director now directly owns 13,341 shares of the company’s stock, valued at $707,473.23. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,941 shares of company stock valued at $619,665. 1.00% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new position in PDC Energy during the first quarter worth $192,000. Fox Run Management L.L.C. acquired a new position in PDC Energy during the second quarter worth $276,000. Royal Bank of Canada raised its holdings 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 last quarter. GWM Advisors LLC acquired a new position in PDC Energy during the third quarter worth $239,000. Finally, US Bancorp DE raised its holdings in PDC Energy by 30.4% during 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 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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