Zacks: Analysts Expect PDC Energy, Inc. (PDCE) Will Announce Quarterly Sales of $232.64 Million
Wall Street brokerages expect PDC Energy, Inc. (NASDAQ:PDCE) to post $232.64 million in sales for the current quarter, according to Zacks. Seven analysts have made estimates for PDC Energy’s earnings, with the lowest sales estimate coming in at $225.94 million and the highest estimate coming in at $241.10 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 41.9%. The business is scheduled to issue its next earnings report after the market closes on Monday, November 6th.
According to Zacks, analysts expect that PDC Energy will report full year sales of $232.64 million for the current year, with estimates ranging from $892.30 million to $1.05 billion. For the next year, analysts forecast that the company will report sales of $1.14 billion per share, with estimates ranging from $997.90 million to $1.21 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for PDC Energy.
PDC Energy (NASDAQ:PDCE) last released its quarterly earnings data on Tuesday, August 8th. The energy producer reported $0.19 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $218.90 million. During the same quarter in the previous year, the company earned ($0.11) earnings per share. The company’s revenue for the quarter was up 1269.2% compared to the same quarter last year.
Several research firms recently commented on PDCE. Stifel Nicolaus set a $69.00 price target on shares of PDC Energy and gave the stock a “buy” rating in a research note on Thursday, October 5th. BidaskClub downgraded shares of PDC Energy from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 29th. BMO Capital Markets reaffirmed a “hold” rating and issued a $48.00 price target on shares of PDC Energy in a research note on Friday, September 1st. Barclays PLC raised their price target on shares of PDC Energy from $59.00 to $63.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 11th. Finally, Bank of America Corporation began coverage on shares of PDC Energy in a research note on Wednesday, July 19th. They issued a “buy” rating and a $60.00 price target on the stock. 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 stock. PDC Energy has an average rating of “Hold” and an average target price of $69.41.
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In other news, COO Scott J. Reasoner sold 1,000 shares of the firm’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $49.64, for a total value of $49,640.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.91% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in the company. Honkamp Krueger Financial Services Inc. boosted its holdings in shares of PDC Energy by 0.3% in the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 13,424 shares of the energy producer’s stock valued at $579,000 after buying an additional 40 shares in the last quarter. Amalgamated Bank boosted its stake in PDC Energy by 0.9% in the 1st quarter. Amalgamated Bank now owns 7,120 shares of the energy producer’s stock worth $444,000 after purchasing an additional 64 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in PDC Energy by 2.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,784 shares of the energy producer’s stock worth $236,000 after purchasing an additional 93 shares in the last quarter. Arizona State Retirement System boosted its stake in PDC Energy by 0.3% in the 2nd quarter. Arizona State Retirement System now owns 29,199 shares of the energy producer’s stock worth $1,259,000 after purchasing an additional 100 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in PDC Energy by 9.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,395 shares of the energy producer’s stock worth $103,000 after purchasing an additional 209 shares in the last quarter.
PDC Energy (NASDAQ:PDCE) traded down 2.87% during trading on Monday, hitting $45.76. 410,047 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $46.14 and a 200 day moving average price of $47.80. PDC Energy has a 52-week low of $36.74 and a 52-week high of $84.88. The company has a market cap of $2.99 billion, a price-to-earnings ratio of 324.54 and a beta of 0.84.
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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