$231.37 Million in Sales Expected for PDC Energy, Inc. (PDCE) This Quarter
Wall Street analysts expect that PDC Energy, Inc. (NASDAQ:PDCE) will report $231.37 million in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have made estimates for PDC Energy’s earnings, with the highest sales estimate coming in at $240.00 million and the lowest estimate coming in at $219.10 million. PDC Energy reported sales of $163.89 million in the same quarter last year, which indicates a positive year over year growth rate of 41.2%. The business is scheduled to issue its next quarterly earnings results on Thursday, November 2nd.
According to Zacks, analysts expect that PDC Energy will report full-year sales of $231.37 million for the current fiscal year, with estimates ranging from $871.10 million to $1.05 billion. For the next financial year, analysts forecast that the firm will report sales of $1.12 billion per share, with estimates ranging from $997.90 million to $1.20 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow PDC Energy.
PDC Energy (NASDAQ:PDCE) last released its earnings results on Tuesday, August 8th. The energy producer reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.20. PDC Energy had a return on equity of 0.53% and a net margin of 1.03%. The company had revenue of $275.20 million during the quarter, compared to analyst estimates of $218.90 million. During the same quarter in the previous year, the company posted ($0.11) EPS. PDC Energy’s revenue for the quarter was up 1269.2% on a year-over-year basis.
A number of research firms have recently weighed in on PDCE. Bank of America Corporation began coverage on shares of PDC Energy in a report on Wednesday, July 19th. They issued a “buy” rating and a $60.00 target price on the stock. Seaport Global Securities upgraded shares of PDC Energy from a “neutral” rating to a “buy” rating and upped their target price for the company from $46.00 to $51.00 in a research report on Friday, August 11th. Mizuho raised shares of PDC Energy from a “neutral” rating to a “buy” rating and increased their price target for the company from $53.00 to $55.00 in a report on Wednesday, August 9th. Williams Capital set a $67.00 price target on shares of PDC Energy and gave the company a “buy” rating in a report on Tuesday, August 8th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $76.00 price target on shares of PDC Energy in a research report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and twelve have issued a buy rating to the company. PDC Energy currently has a consensus rating of “Hold” and an average price target of $70.41.
Shares of PDC Energy (PDCE) opened at 49.20 on Wednesday. The stock has a market capitalization of $3.21 billion, a PE ratio of 348.94 and a beta of 0.84. PDC Energy has a one year low of $36.74 and a one year high of $84.88. The company’s 50-day moving average price is $42.44 and its 200 day moving average price is $48.92.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in PDC Energy by 47,702.8% during the 1st quarter. BlackRock Inc. now owns 6,890,772 shares of the energy producer’s stock valued at $429,640,000 after purchasing an additional 6,876,357 shares in the last quarter. UBS Group AG lifted its holdings in shares of PDC Energy by 101.1% in the 1st quarter. UBS Group AG now owns 14,621 shares of the energy producer’s stock worth $912,000 after buying an additional 1,395,552 shares during the period. Causeway Capital Management LLC lifted its holdings in shares of PDC Energy by 54.1% in the 1st 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 during the period. Vanguard Group Inc. lifted its holdings in shares of PDC Energy by 13.5% in the 2nd quarter. Vanguard Group Inc. now owns 5,678,422 shares of the energy producer’s stock worth $244,797,000 after buying an additional 677,329 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of PDC Energy by 17.4% in the 1st 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 during the period.
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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