PDC Energy, Inc. (PDCE) Price Target Raised to $63.00 at Barclays PLC
PDC Energy, Inc. (NASDAQ:PDCE) had its target price boosted by research analysts at Barclays PLC from $59.00 to $63.00 in a report released on Wednesday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the energy producer’s stock. Barclays PLC’s price target would indicate a potential upside of 29.68% from the company’s current price.
A number of other equities research analysts also recently issued reports on PDCE. BidaskClub raised shares of PDC Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Seaport Global Securities downgraded shares of PDC Energy from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $89.00 to $46.00 in a report on Wednesday, June 21st. BMO Capital Markets set a $45.00 price target on shares of PDC Energy and gave the stock a “hold” rating in a report on Monday, June 26th. Scotiabank reissued a “hold” rating and issued a $60.00 price target on shares of PDC Energy in a report on Friday, June 30th. Finally, Zacks Investment Research downgraded shares of PDC Energy from a “hold” rating to a “strong sell” rating in a report on Saturday, July 8th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $69.14.
Shares of PDC Energy (PDCE) traded up 0.23% during trading on Wednesday, hitting $48.58. 922,892 shares of the stock traded hands. The company has a market cap of $3.17 billion, a P/E ratio of 344.54 and a beta of 0.84. PDC Energy has a 1-year low of $36.74 and a 1-year high of $84.88. The stock has a 50-day moving average of $44.16 and a 200 day moving average of $48.38.
PDC Energy (NASDAQ:PDCE) last announced its quarterly earnings results on Tuesday, August 8th. The energy producer reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.20. PDC Energy had a net margin of 1.03% and a return on equity of 0.53%. The firm had revenue of $275.20 million for the quarter, compared to the consensus estimate of $218.90 million. During the same period in the prior year, the firm posted ($0.11) earnings per share. The company’s revenue for the quarter was up 1269.2% on a year-over-year basis. On average, equities research analysts predict that PDC Energy will post $0.21 EPS for the current fiscal year.
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Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in shares of PDC Energy by 5.5% in the second quarter. BlackRock Inc. now owns 7,272,730 shares of the energy producer’s stock worth $313,529,000 after purchasing an additional 381,958 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of PDC Energy by 13.5% in the second quarter. Vanguard Group Inc. now owns 5,678,422 shares of the energy producer’s stock worth $244,797,000 after purchasing an additional 677,329 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of PDC Energy by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,714,020 shares of the energy producer’s stock worth $160,110,000 after purchasing an additional 328,518 shares during the last quarter. Causeway Capital Management LLC grew its holdings 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 purchasing an additional 1,154,136 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of PDC Energy by 8.2% in the second quarter. Victory Capital Management Inc. now owns 2,975,864 shares of the energy producer’s stock worth $128,290,000 after purchasing an additional 224,957 shares during the last quarter.
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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