PDC Energy Inc (NASDAQ:PDCE) Forecasted to Earn Q2 2020 Earnings of $0.46 Per Share

PDC Energy Inc (NASDAQ:PDCE) – Research analysts at SunTrust Banks decreased their Q2 2020 earnings per share estimates for shares of PDC Energy in a research note issued on Thursday, November 7th, Zacks Investment Research reports. SunTrust Banks analyst W. Fitzpatrick now forecasts that the energy producer will earn $0.46 per share for the quarter, down from their previous estimate of $0.47. SunTrust Banks currently has a “Buy” rating and a $50.00 target price on the stock. SunTrust Banks also issued estimates for PDC Energy’s Q3 2020 earnings at $0.61 EPS, FY2020 earnings at $2.31 EPS and FY2021 earnings at $2.65 EPS.

A number of other brokerages have also recently commented on PDCE. Zacks Investment Research cut PDC Energy from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 12th. BidaskClub raised PDC Energy from a “strong sell” rating to a “sell” rating in a research report on Wednesday, November 6th. Mitsubishi UFJ Financial Group upped their price target on PDC Energy to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Barclays reaffirmed a “buy” rating and set a $35.00 price target on shares of PDC Energy in a research report on Tuesday, November 26th. Finally, Cfra raised PDC Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. PDC Energy has a consensus rating of “Buy” and a consensus price target of $49.18.

Shares of NASDAQ PDCE traded up $0.56 during trading on Monday, reaching $22.98. 2,068,385 shares of the stock traded hands, compared to its average volume of 1,330,787. PDC Energy has a 52-week low of $19.57 and a 52-week high of $47.29. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.84 and a quick ratio of 0.84. The company has a 50-day moving average of $23.21 and a 200-day moving average of $28.75. The stock has a market capitalization of $1.40 billion, a P/E ratio of -7.76, a price-to-earnings-growth ratio of 1.07 and a beta of 1.05.

PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings results on Wednesday, November 6th. The energy producer reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.69). PDC Energy had a net margin of 8.49% and a negative return on equity of 5.40%. The firm had revenue of $365.94 million for the quarter, compared to analysts’ expectations of $325.37 million. During the same period in the prior year, the company earned $0.48 EPS. The firm’s quarterly revenue was up 30.4% on a year-over-year basis.

A number of institutional investors and hedge funds have recently modified their holdings of PDCE. Investors Asset Management of Georgia Inc. GA ADV raised its holdings in shares of PDC Energy by 4.2% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 30,859 shares of the energy producer’s stock valued at $1,113,000 after acquiring an additional 1,250 shares in the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of PDC Energy by 3.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 26,483 shares of the energy producer’s stock valued at $955,000 after acquiring an additional 891 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of PDC Energy in the 2nd quarter valued at about $264,000. Shufro Rose & Co. LLC raised its holdings in shares of PDC Energy by 2.9% in the 2nd quarter. Shufro Rose & Co. LLC now owns 14,200 shares of the energy producer’s stock valued at $512,000 after acquiring an additional 400 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of PDC Energy by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 102,819 shares of the energy producer’s stock valued at $3,708,000 after acquiring an additional 777 shares in the last quarter.

In related news, Director Anthony J. Crisafio sold 1,500 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $35.09, for a total transaction of $52,635.00. Following the sale, the director now owns 22,130 shares of the company’s stock, valued at approximately $776,541.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

About PDC Energy

PDC Energy, Inc, an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. Its operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc in June 2012.

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