PDC Energy, Inc. (NASDAQ:PDCE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Saturday.

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 research reports. Seaport Global Securities lowered PDC Energy from a “buy” rating to a “neutral” rating and decreased their price target for the company from $89.00 to $46.00 in a research note on Wednesday, June 21st. Barclays PLC reiterated a “buy” rating and issued a $80.00 price target (down previously from $89.00) on shares of PDC Energy in a research note on Thursday, April 20th. Royal Bank Of Canada reiterated a “buy” rating and issued a $82.00 price target on shares of PDC Energy in a research note on Tuesday, April 25th. BMO Capital Markets reiterated a “hold” rating and issued a $70.00 price target on shares of PDC Energy in a research note on Sunday, March 12th. Finally, Stifel Nicolaus restated a “buy” rating and set a $82.00 price objective on shares of PDC Energy in a research report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $74.81.

PDC Energy (NASDAQ:PDCE) opened at 42.24 on Friday. The firm has a 50-day moving average price of $48.30 and a 200-day moving average price of $63.05. The firm’s market cap is $2.76 billion. PDC Energy has a 1-year low of $40.12 and a 1-year high of $84.88.

PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings results on Friday, May 5th. The energy producer reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.03. PDC Energy had a negative net margin of 22.67% and a negative return on equity of 0.20%. The business had revenue of $273.70 million during the quarter, compared to the consensus estimate of $182.05 million. During the same quarter in the previous year, the business posted ($0.89) EPS. The company’s revenue for the quarter was up 201.4% on a year-over-year basis. On average, analysts expect that PDC Energy will post $0.20 earnings per share for the current fiscal year.

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In other news, Director Joseph E. Casabona sold 1,000 shares of the business’s stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $63.29, for a total value of $63,290.00. Following the transaction, the director now directly owns 30,456 shares of the company’s stock, valued at approximately $1,927,560.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.91% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PDCE. FMR LLC increased its position in shares of PDC Energy by 4.7% in the first quarter. FMR LLC now owns 7,431,171 shares of the energy producer’s stock worth $463,333,000 after buying an additional 330,814 shares in the last quarter. BlackRock Inc. increased its position in shares of PDC Energy by 47,702.8% in the first quarter. BlackRock Inc. now owns 6,890,772 shares of the energy producer’s stock worth $429,640,000 after buying an additional 6,876,357 shares in the last quarter. Vanguard Group Inc. increased its position in shares of PDC Energy by 4.2% in the first quarter. Vanguard Group Inc. now owns 5,001,093 shares of the energy producer’s stock worth $311,818,000 after buying an additional 203,524 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of PDC Energy by 17.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,385,502 shares of the energy producer’s stock worth $211,083,000 after buying an additional 501,484 shares in the last quarter. Finally, Causeway Capital Management LLC increased its position in shares of PDC Energy by 54.1% in the first quarter. Causeway Capital Management LLC now owns 3,287,928 shares of the energy producer’s stock worth $234,496,000 after buying an additional 1,154,136 shares in the last quarter.

About PDC Energy

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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Analyst Recommendations for PDC Energy (NASDAQ:PDCE)

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