PDC Energy Inc. (PDCE) Shares Gap Up to $63.83
PDC Energy Inc. (NASDAQ:PDCE)’s share price gapped up before the market opened on Monday . The stock had previously closed at $63.66, but opened at $63.83. PDC Energy shares last traded at $65.12, with a volume of 742,623 shares changing hands.
Several equities analysts have recently issued reports on PDCE shares. KLR Group reaffirmed a “buy” rating and set a $80.00 price target (down previously from $87.00) on shares of PDC Energy in a research note on Monday, September 12th. Royal Bank Of Canada upped their price target on PDC Energy from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, August 10th. Wells Fargo & Co. reaffirmed a “market perform” rating on shares of PDC Energy in a research note on Wednesday, July 6th. Credit Suisse Group AG reissued a “buy” rating and issued a $83.00 target price on shares of PDC Energy in a research note on Thursday, August 25th. Finally, BMO Capital Markets lowered PDC Energy from an “outperform” rating to a “market perform” rating and set a $58.00 target price on the stock. in a research note on Monday, August 8th. Eight analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $72.67.
The stock’s market capitalization is $3.05 billion. The firm has a 50 day moving average of $63.19 and a 200-day moving average of $59.12.
PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings results on Tuesday, August 9th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.05. PDC Energy had a negative return on equity of 1.07% and a negative net margin of 40.23%. The firm had revenue of $20.10 million for the quarter, compared to analyst estimates of $160.18 million. During the same period last year, the company posted $0.27 earnings per share. The firm’s quarterly revenue was down 60.6% compared to the same quarter last year. Equities analysts predict that PDC Energy Inc. will post ($0.35) earnings per share for the current year.
In related news, Director David C. Parke sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $61.84, for a total transaction of $30,920.00. Following the transaction, the director now directly owns 17,717 shares of the company’s stock, valued at approximately $1,095,619.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.80% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC raised its stake in shares of PDC Energy by 304.1% in the first quarter. Renaissance Technologies LLC now owns 274,939 shares of the company’s stock worth $16,345,000 after buying an additional 206,900 shares in the last quarter. Norges Bank bought a new stake in shares of PDC Energy during the fourth quarter worth approximately $12,507,000. Aperio Group LLC raised its stake in shares of PDC Energy by 5.8% in the first quarter. Aperio Group LLC now owns 12,329 shares of the company’s stock worth $733,000 after buying an additional 673 shares in the last quarter. BlackRock Inc. raised its stake in shares of PDC Energy by 561.9% in the first quarter. BlackRock Inc. now owns 7,618 shares of the company’s stock worth $453,000 after buying an additional 6,467 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of PDC Energy by 66.3% in the first quarter. Wellington Management Group LLP now owns 1,099,674 shares of the company’s stock worth $65,375,000 after buying an additional 438,328 shares in the last quarter. 95.50% of the stock is owned by hedge funds and other institutional investors.
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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