$570.18 Million in Sales Expected for PDC Energy, Inc. (NASDAQ:PDCE) This Quarter

Equities research analysts predict that PDC Energy, Inc. (NASDAQ:PDCE) will report sales of $570.18 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for PDC Energy’s earnings, with the lowest sales estimate coming in at $521.00 million and the highest estimate coming in at $648.00 million. PDC Energy reported sales of $317.28 million in the same quarter last year, which would suggest a positive year over year growth rate of 79.7%. The company is expected to issue its next quarterly earnings results on Wednesday, November 3rd.

According to Zacks, analysts expect that PDC Energy will report full year sales of $1.93 billion for the current year, with estimates ranging from $1.64 billion to $2.32 billion. For the next financial year, analysts forecast that the firm will report sales of $2.34 billion, with estimates ranging from $2.19 billion to $2.45 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover PDC Energy.

PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings data on Wednesday, August 4th. The energy producer reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.47. PDC Energy had a positive return on equity of 20.28% and a negative net margin of 12.81%. The business had revenue of $229.00 million during the quarter, compared to analyst estimates of $475.59 million. During the same period last year, the company earned $0.14 EPS. The company’s revenue for the quarter was up 321.0% on a year-over-year basis.

A number of analysts have recently weighed in on the company. KeyCorp upped their price objective on PDC Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 21st. JPMorgan Chase & Co. lifted their target price on shares of PDC Energy from $51.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, June 14th. TD Securities boosted their target price on shares of PDC Energy from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, August 5th. Truist upped their price objective on shares of PDC Energy from $55.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, July 1st. They noted that the move was a valuation call. Finally, Wells Fargo & Company increased their price objective on shares of PDC Energy from $51.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, May 19th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, PDC Energy presently has an average rating of “Buy” and an average price target of $49.50.

PDCE traded up $3.20 on Friday, reaching $44.33. 21,730 shares of the stock were exchanged, compared to its average volume of 948,573. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.37 and a quick ratio of 0.37. PDC Energy has a fifty-two week low of $10.60 and a fifty-two week high of $49.92. The company’s 50-day moving average price is $40.38 and its 200 day moving average price is $40.08. The firm has a market capitalization of $4.37 billion, a PE ratio of -32.83 and a beta of 3.44.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 22nd. Investors of record on Wednesday, September 8th will be issued a $0.12 dividend. The ex-dividend date is Tuesday, September 7th. This represents a $0.48 dividend on an annualized basis and a yield of 1.08%. PDC Energy’s payout ratio is 23.65%.

In other news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $39.29, for a total value of $78,580.00. Following the completion of the sale, the chief executive officer now directly owns 361,082 shares in the company, valued at $14,186,911.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.97% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of PDCE. Lord Abbett & CO. LLC purchased a new position in shares of PDC Energy during the first quarter worth about $80,674,000. Price T Rowe Associates Inc. MD lifted its position in shares of PDC Energy by 2,238.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,311,129 shares of the energy producer’s stock valued at $45,103,000 after acquiring an additional 1,255,050 shares during the period. FMR LLC raised its position in shares of PDC Energy by 73.9% during the 2nd quarter. FMR LLC now owns 2,680,264 shares of the energy producer’s stock worth $122,729,000 after purchasing an additional 1,139,247 shares during the last quarter. Boston Partners acquired a new position in shares of PDC Energy during the 1st quarter worth approximately $24,541,000. Finally, Westfield Capital Management Co. LP acquired a new position in PDC Energy in the 2nd quarter valued at $27,810,000.

About PDC Energy

PDC Energy, Inc engages in the exploration and production of oil and natural gas. The firm acquires, explores, and develops properties for the production of crude oil, natural gas, and natural gas liquids. Its primary operations are located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.

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Earnings History and Estimates for PDC Energy (NASDAQ:PDCE)

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