Williams Capital Brokers Boost Earnings Estimates for PDC Energy Inc. (PDCE)
PDC Energy Inc. (NASDAQ:PDCE) – Williams Capital lifted their Q3 2016 EPS estimates for shares of PDC Energy in a research note issued on Monday. Williams Capital analyst G. Sorbara now forecasts that the firm will post earnings of ($0.05) per share for the quarter, up from their prior estimate of ($0.08). Williams Capital has a “Buy” rating and a $84.00 price objective on the stock. Williams Capital also issued estimates for PDC Energy’s FY2017 earnings at ($1.13) EPS and FY2018 earnings at $0.68 EPS.
PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings results on Tuesday, August 9th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.05. PDC Energy had a negative return on equity of 1.07% and a negative net margin of 40.23%. The company earned $20.10 million during the quarter, compared to the consensus estimate of $160.18 million. During the same period in the prior year, the firm earned $0.27 earnings per share. The business’s revenue for the quarter was down 60.6% compared to the same quarter last year.
A number of other research analysts also recently commented on the stock. Mizuho began coverage on shares of PDC Energy in a report on Wednesday, October 5th. They issued a “neutral” rating and a $69.00 price target for the company. Canaccord Genuity lowered their price target on shares of PDC Energy from $80.00 to $77.00 and set a “buy” rating for the company in a report on Monday, September 12th. KLR Group reaffirmed a “buy” rating and issued a $80.00 price target (down previously from $87.00) on shares of PDC Energy in a report on Monday, September 12th. Wunderlich reduced their price objective on shares of PDC Energy from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, September 12th. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of PDC Energy in a research report on Sunday, September 11th. Nine analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. PDC Energy currently has an average rating of “Buy” and a consensus target price of $72.54.
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Shares of PDC Energy (NASDAQ:PDCE) traded up 2.32% during mid-day trading on Wednesday, hitting $64.75. The stock had a trading volume of 445,200 shares. PDC Energy has a 52-week low of $42.68 and a 52-week high of $71.00. The stock’s market cap is $3.02 billion. The company’s 50 day moving average is $65.25 and its 200-day moving average is $60.37.
In related news, Director David C. Parke sold 500 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $61.84, for a total transaction of $30,920.00. Following the completion of the transaction, the director now owns 17,717 shares of the company’s stock, valued at $1,095,619.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.80% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of PDCE. Renaissance Technologies LLC boosted its position in shares of PDC Energy by 304.1% in the first quarter. Renaissance Technologies LLC now owns 274,939 shares of the company’s stock valued at $16,345,000 after buying an additional 206,900 shares during the period. Aperio Group LLC boosted its position in PDC Energy by 5.8% in the first quarter. Aperio Group LLC now owns 12,329 shares of the company’s stock worth $733,000 after buying an additional 673 shares during the last quarter. Wellington Management Group LLP boosted its position in PDC Energy by 66.3% in the first quarter. Wellington Management Group LLP now owns 1,099,674 shares of the company’s stock worth $65,375,000 after buying an additional 438,328 shares during the last quarter. BlackRock Inc. boosted its position in PDC Energy by 561.9% in the first quarter. BlackRock Inc. now owns 7,618 shares of the company’s stock worth $453,000 after buying an additional 6,467 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its position in PDC Energy by 61.3% in the first quarter. Nuveen Asset Management LLC now owns 45,290 shares of the company’s stock worth $2,692,000 after buying an additional 17,209 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.
PDC Energy Company Profile
PDC Energy, Inc is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing.
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