PDC Energy (PDCE) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of PDC Energy (NASDAQ:PDCE) from a buy rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “PDC Energy, Inc. is engaged in acquiring, developing and exploring crude oil, NGLs and natural gas. It has operations primarily in the Western and Eastern regions of the United States. Its Western Operating Region is primarily focused on development in the Wattenberg Field in Colorado. Its Eastern Operating Region is focused on development activity in the liquid-rich portion of the Utica Shale play in Ohio. The Company is also focused on development drilling programs in resource plays. PDC Energy, Inc., formerly known as Petroleum Development Corporation, is based in Denver, Colorado. “

PDCE has been the topic of several other reports. Williams Capital set a $77.00 price target on shares of PDC Energy and gave the stock a buy rating in a research note on Tuesday. Oppenheimer started coverage on shares of PDC Energy in a research note on Wednesday, October 3rd. They issued a market perform rating on the stock. 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. Jefferies Financial Group set a $86.00 price target on shares of PDC Energy and gave the stock a buy rating in a research note on Thursday, July 19th. Finally, BidaskClub downgraded shares of PDC Energy from a hold rating to a sell rating in a research note on Wednesday, October 24th. Eight equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. The stock has an average rating of Buy and an average price target of $71.15.

Shares of NASDAQ:PDCE traded down $2.97 during midday trading on Wednesday, hitting $46.68. The company’s stock had a trading volume of 1,786,442 shares, compared to its average volume of 1,026,125. The company has a current ratio of 0.38, a quick ratio of 0.36 and a debt-to-equity ratio of 0.53. The company has a market cap of $3.10 billion, a P/E ratio of -13.41, a P/E/G ratio of 0.55 and a beta of 0.66. PDC Energy has a 12-month low of $40.62 and a 12-month high of $66.20.

PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings results on Monday, November 5th. The energy producer reported $0.48 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.11). The business 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 business’s quarterly revenue was up 53.2% on a year-over-year basis. During the same period in the prior year, the business posted ($3.85) earnings per share. On average, analysts expect that PDC Energy will post 2.2 earnings per share for the current year.

In related news, COO Scott J. Reasoner sold 1,341 shares of PDC Energy stock in a transaction that occurred on Monday, October 15th. The shares were sold at an average price of $50.43, for a total value of $67,626.63. Following the completion of the transaction, the chief operating officer now owns 73,379 shares in the company, valued at $3,700,502.97. 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 1,000 shares of PDC Energy 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 disclosure for this sale can be found here. Insiders sold a total of 11,941 shares of company stock worth $619,665 over the last three months. Insiders own 1.00% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. grew its holdings in PDC Energy by 12.5% during the 3rd quarter. Victory Capital Management Inc. now owns 3,564,148 shares of the energy producer’s stock worth $174,501,000 after acquiring an additional 395,180 shares in the last quarter. FMR LLC grew its holdings in PDC Energy by 7.9% during the 2nd quarter. FMR LLC now owns 3,385,504 shares of the energy producer’s stock worth $204,653,000 after acquiring an additional 246,713 shares in the last quarter. Van ECK Associates Corp grew its holdings in PDC Energy by 2.3% during the 2nd quarter. Van ECK Associates Corp now owns 1,874,013 shares of the energy producer’s stock worth $113,284,000 after acquiring an additional 41,691 shares in the last quarter. Northern Trust Corp grew its holdings in PDC Energy by 1.4% during the 2nd quarter. Northern Trust Corp now owns 1,452,515 shares of the energy producer’s stock worth $87,805,000 after acquiring an additional 19,848 shares in the last quarter. Finally, Earnest Partners LLC grew its holdings in PDC Energy by 0.4% during the 2nd quarter. Earnest Partners LLC now owns 1,451,900 shares of the energy producer’s stock worth $87,767,000 after acquiring an additional 6,306 shares in 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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