Zacks Investment Research Lowers PDC Energy (PDCE) to Hold

PDC Energy (NASDAQ:PDCE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors 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. “

A number of other equities analysts also recently issued reports on PDCE. ValuEngine downgraded PDC Energy from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Imperial Capital reaffirmed an “outperform” rating and issued a $87.00 price target (up from $73.00) on shares of PDC Energy in a report on Thursday. BMO Capital Markets reaffirmed a “hold” rating and issued a $58.00 price target on shares of PDC Energy in a report on Thursday, January 11th. BidaskClub downgraded PDC Energy from a “buy” rating to a “hold” rating in a report on Friday, January 26th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $85.00 price objective on shares of PDC Energy in a research note on Sunday, January 28th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $67.05.

PDC Energy (NASDAQ PDCE) opened at $46.55 on Friday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $3,051.23, a P/E ratio of -11.47 and a beta of 0.68. PDC Energy has a fifty-two week low of $36.74 and a fifty-two week high of $74.00.

In other news, CEO Barton R. Brookman, Jr. sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $52.08, for a total transaction of $78,120.00. Following the completion of the sale, the chief executive officer now owns 168,101 shares in the company, valued at $8,754,700.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Scott J. Reasoner sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $55.83, for a total value of $55,830.00. Following the sale, the chief operating officer now owns 62,338 shares of the company’s stock, valued at approximately $3,480,330.54. The disclosure for this sale can be found here. Insiders have sold 7,200 shares of company stock valued at $386,751 in the last 90 days. Company insiders own 0.91% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of PDC Energy by 4.5% during the fourth quarter. BlackRock Inc. now owns 8,643,984 shares of the energy producer’s stock worth $445,509,000 after purchasing an additional 374,797 shares during the last quarter. Vanguard Group Inc. raised its stake 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 purchasing an additional 677,329 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of PDC Energy by 4.6% during the fourth quarter. Victory Capital Management Inc. now owns 3,158,037 shares of the energy producer’s stock worth $162,766,000 after purchasing an additional 139,748 shares during the last quarter. State Street Corp raised its stake in shares of PDC Energy by 24.8% during the second quarter. State Street Corp now owns 2,457,828 shares of the energy producer’s stock worth $105,957,000 after purchasing an additional 487,816 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of PDC Energy by 2.6% during the fourth quarter. Bank of New York Mellon Corp now owns 1,793,761 shares of the energy producer’s stock worth $92,451,000 after purchasing an additional 45,612 shares during the last quarter.

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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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