TD Securities Cuts PDC Energy (PDCE) Price Target to $77.00

PDC Energy (NASDAQ:PDCE) had its price objective dropped by TD Securities from $78.00 to $77.00 in a research note issued to investors on Thursday. The brokerage presently has a “buy” rating on the energy producer’s stock. TD Securities’ price target points to a potential upside of 71.15% from the stock’s current price.

Several other brokerages also recently issued reports on PDCE. KLR Group reissued a “buy” rating and issued a $84.00 price objective on shares of PDC Energy in a research note on Monday, August 20th. Jefferies Financial Group set a $86.00 price objective on PDC Energy and gave the stock a “buy” rating in a research note on Thursday, July 19th. ValuEngine downgraded PDC Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. Oppenheimer began coverage on PDC Energy in a research note on Wednesday, October 3rd. They set a “market perform” rating for the company. Finally, Zacks Investment Research raised PDC Energy from a “hold” rating to a “buy” rating and set a $71.00 price target for the company in a research note on Wednesday, August 1st. Eight research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $71.15.

Shares of PDC Energy stock opened at $44.99 on Thursday. The stock has a market capitalization of $3.28 billion, a P/E ratio of -12.93, a price-to-earnings-growth ratio of 0.59 and a beta of 0.66. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.38 and a quick ratio of 0.36. PDC Energy has a 1 year low of $40.62 and a 1 year high of $66.20.

PDC Energy (NASDAQ:PDCE) last announced its quarterly earnings data on Monday, November 5th. The energy producer reported $0.48 earnings per share (EPS) for the quarter, missing the 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 firm’s revenue was up 53.2% on a year-over-year basis. During the same period in the prior year, the company posted ($3.85) earnings per share. On average, research analysts forecast that PDC Energy will post 2.09 earnings per share for the current year.

In other news, Director Jeffrey C. Swoveland sold 4,000 shares of the stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $56.17, for a total transaction of $224,680.00. Following the transaction, the director now owns 17,454 shares of the company’s stock, valued at approximately $980,391.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Scott J. Reasoner sold 1,341 shares of the stock in a transaction dated Monday, October 15th. The shares were sold at an average price of $50.43, for a total value of $67,626.63. Following the transaction, the chief operating officer now directly owns 73,379 shares in the company, valued at approximately $3,700,502.97. The disclosure for this sale can be found here. Insiders have sold a total of 11,941 shares of company stock valued at $619,665 over the last ninety days. Company insiders own 1.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of PDCE. Frontier Capital Management Co. LLC increased its holdings in shares of PDC Energy by 72.8% during the 3rd quarter. Frontier Capital Management Co. LLC now owns 1,416,006 shares of the energy producer’s stock valued at $69,328,000 after acquiring an additional 596,642 shares during the last quarter. FMR LLC increased its holdings in shares of PDC Energy by 12.4% during the 3rd quarter. FMR LLC now owns 3,805,490 shares of the energy producer’s stock valued at $186,317,000 after acquiring an additional 419,986 shares during the last quarter. Perella Weinberg Partners Capital Management LP acquired a new position in shares of PDC Energy during the 3rd quarter valued at about $19,931,000. Victory Capital Management Inc. increased its holdings in shares of 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 valued at $174,501,000 after acquiring an additional 395,180 shares during the last quarter. Finally, Oslo Asset Management AS increased its holdings in shares of PDC Energy by 71.5% during the 3rd quarter. Oslo Asset Management AS now owns 591,969 shares of the energy producer’s stock valued at $28,983,000 after acquiring an additional 246,700 shares during 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. The company's operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.

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