Johnson Rice Initiates Coverage on PDC Energy (PDCE)
Analysts at Johnson Rice initiated coverage on shares of PDC Energy (NASDAQ:PDCE) in a note issued to investors on Wednesday. The firm set a “buy” rating and a $66.00 price target on the energy producer’s stock. Johnson Rice’s price target suggests a potential upside of 25.28% from the company’s previous close.
PDCE has been the subject of several other reports. Williams Capital dropped their price objective on PDC Energy from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Tuesday, December 12th. BidaskClub downgraded PDC Energy from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 18th. Stifel Nicolaus dropped their price target on PDC Energy from $83.00 to $81.00 and set a “buy” rating for the company in a research report on Wednesday, December 13th. Bank of America raised their price target on PDC Energy from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, March 8th. Finally, KeyCorp set a $65.00 price target on PDC Energy and gave the stock a “buy” rating in a research report on Sunday, January 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $67.05.
PDCE stock opened at $52.68 on Wednesday. PDC Energy has a one year low of $36.74 and a one year high of $65.99. The firm has a market capitalization of $3,401.83, a P/E ratio of -27.02, a P/E/G ratio of 0.59 and a beta of 0.64. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.46.
In other news, EVP Lance Lauck sold 10,000 shares of the firm’s stock in a transaction on Friday, March 9th. The stock was sold at an average price of $53.95, for a total transaction of $539,500.00. Following the sale, the executive vice president now owns 100,228 shares in the company, valued at $5,407,300.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Barton R. Brookman, Jr. sold 1,500 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $52.08, for a total value of $78,120.00. Following the sale, the chief executive officer now owns 168,101 shares in the company, valued at approximately $8,754,700.08. The disclosure for this sale can be found here. Insiders have sold 33,814 shares of company stock worth $1,821,178 in the last 90 days. Insiders own 0.91% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Dynamic Technology Lab Private Ltd acquired a new stake in shares of PDC Energy during the third quarter worth $666,000. American International Group Inc. boosted its holdings in shares of PDC Energy by 8.6% during the third quarter. American International Group Inc. now owns 52,337 shares of the energy producer’s stock worth $2,566,000 after purchasing an additional 4,131 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of PDC Energy by 3.9% during the third quarter. New York State Common Retirement Fund now owns 506,655 shares of the energy producer’s stock worth $24,841,000 after purchasing an additional 18,821 shares during the last quarter. Swiss National Bank boosted its holdings in shares of PDC Energy by 1.8% during the fourth quarter. Swiss National Bank now owns 94,366 shares of the energy producer’s stock worth $4,864,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its holdings in shares of PDC Energy by 3.8% during the third quarter. Nationwide Fund Advisors now owns 62,049 shares of the energy producer’s stock worth $3,042,000 after purchasing an additional 2,265 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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