Q3 2017 EPS Estimates for PDC Energy, Inc. (PDCE) Lowered by KeyCorp
PDC Energy, Inc. (NASDAQ:PDCE) – Analysts at KeyCorp dropped their Q3 2017 earnings per share (EPS) estimates for PDC Energy in a research note issued to investors on Wednesday. KeyCorp analyst D. Deckelbaum now expects that the energy producer will post earnings of $0.01 per share for the quarter, down from their previous forecast of $0.02. KeyCorp currently has a “Buy” rating and a $55.00 target price on the stock. KeyCorp also issued estimates for PDC Energy’s Q4 2017 earnings at $0.09 EPS, FY2017 earnings at $0.23 EPS, Q1 2018 earnings at $0.07 EPS, Q2 2018 earnings at $0.13 EPS, Q3 2018 earnings at $0.17 EPS, Q4 2018 earnings at $0.28 EPS and FY2018 earnings at $0.65 EPS.
Several other analysts have also issued reports on PDCE. BMO Capital Markets set a $45.00 target price on PDC Energy and gave the stock a “hold” rating in a report on Monday, June 26th. BidaskClub lowered PDC Energy from a “sell” rating to a “strong sell” rating in a report on Thursday, June 29th. Scotiabank reissued a “hold” rating and set a $60.00 target price on shares of PDC Energy in a report on Friday, June 30th. Zacks Investment Research lowered PDC Energy from a “hold” rating to a “strong sell” rating in a research note on Saturday, July 8th. Finally, Bank of America Corporation initiated coverage on PDC Energy in a research note on Wednesday, July 19th. They issued a “buy” rating and a $60.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. PDC Energy has a consensus rating of “Hold” and an average price target of $69.41.
Shares of PDC Energy (PDCE) opened at 47.11 on Monday. PDC Energy has a 52 week low of $36.74 and a 52 week high of $84.88. The stock has a 50 day moving average of $46.14 and a 200 day moving average of $47.80. The firm has a market cap of $3.08 billion, a P/E ratio of 334.11 and a beta of 0.84.
PDC Energy (NASDAQ:PDCE) last issued its earnings results on Tuesday, August 8th. The energy producer reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.20. PDC Energy had a net margin of 1.03% and a return on equity of 0.53%. The company had revenue of $275.20 million for the quarter, compared to the consensus estimate of $218.90 million. During the same quarter in the previous year, the company earned ($0.11) EPS. The firm’s revenue for the quarter was up 1269.2% compared to the same quarter last year.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of PDC Energy by 5.5% during the second quarter. BlackRock Inc. now owns 7,272,730 shares of the energy producer’s stock worth $313,529,000 after acquiring an additional 381,958 shares during the last quarter. Vanguard Group Inc. raised its position in shares of PDC Energy by 13.5% during the second quarter. Vanguard Group Inc. now owns 5,678,422 shares of the energy producer’s stock worth $244,797,000 after acquiring an additional 677,329 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of PDC Energy by 9.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,714,020 shares of the energy producer’s stock worth $160,110,000 after acquiring an additional 328,518 shares during the last quarter. Causeway Capital Management LLC raised its position in shares of PDC Energy by 54.1% during the first quarter. Causeway Capital Management LLC now owns 3,287,928 shares of the energy producer’s stock worth $234,496,000 after acquiring an additional 1,154,136 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of PDC Energy by 8.2% during the second quarter. Victory Capital Management Inc. now owns 2,975,864 shares of the energy producer’s stock worth $128,290,000 after acquiring an additional 224,957 shares during the last quarter.
In other news, COO Scott J. Reasoner sold 1,000 shares of the firm’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $49.64, for a total transaction of $49,640.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.91% of the stock is owned by company insiders.
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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