BMO Capital Markets Lowers PDC Energy (NASDAQ:PDCE) to Market Perform

BMO Capital Markets lowered shares of PDC Energy (NASDAQ:PDCE) from an outperform rating to a market perform rating in a research report released on Thursday, BenzingaRatingsTable reports. They currently have $38.00 price target on the energy producer’s stock, down from their previous price target of $50.00.

A number of other research firms have also issued reports on PDCE. ValuEngine lowered Verso from a hold rating to a sell rating in a report on Thursday, May 23rd. Cowen set a $27.00 target price on Schnitzer Steel Industries and gave the company a hold rating in a report on Tuesday, April 9th. BidaskClub lowered Vertex Pharmaceuticals from a buy rating to a hold rating in a report on Tuesday, July 9th. Zacks Investment Research lowered HENGAN INTL GRP/ADR from a strong-buy rating to a hold rating in a report on Tuesday, May 21st. Finally, Wells Fargo & Co lowered Occidental Petroleum from an outperform rating to a market perform rating in a report on Monday, May 20th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the stock. PDC Energy has a consensus rating of Hold and an average price target of $59.63.

Shares of NASDAQ PDCE opened at $30.55 on Thursday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.43 and a quick ratio of 0.43. PDC Energy has a twelve month low of $26.59 and a twelve month high of $64.66. The company has a 50 day moving average price of $33.02.

PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings data on Wednesday, May 1st. The energy producer reported $0.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.29). The firm had revenue of $134.50 million during the quarter, compared to analysts’ expectations of $325.83 million. PDC Energy had a negative net margin of 7.38% and a negative return on equity of 2.50%. PDC Energy’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 EPS. As a group, sell-side analysts anticipate that PDC Energy will post 2.53 earnings per share for the current year.

In related news, COO Scott J. Reasoner sold 1,714 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $44.01, for a total transaction of $75,433.14. Following the transaction, the chief operating officer now owns 90,113 shares of the company’s stock, valued at $3,965,873.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark E. Ellis acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average cost of $37.30 per share, for a total transaction of $373,000.00. Following the acquisition, the director now directly owns 17,752 shares of the company’s stock, valued at $662,149.60. The disclosure for this purchase can be found here. Insiders have sold 2,714 shares of company stock worth $120,058 in the last ninety days. 1.00% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in PDCE. Quantamental Technologies LLC acquired a new position in PDC Energy during the first quarter worth $63,000. Versant Capital Management Inc grew its holdings in PDC Energy by 47.0% during the first quarter. Versant Capital Management Inc now owns 1,627 shares of the energy producer’s stock worth $66,000 after acquiring an additional 520 shares during the period. Pearl River Capital LLC acquired a new position in PDC Energy during the first quarter worth $92,000. Strs Ohio grew its holdings in PDC Energy by 125.0% during the first quarter. Strs Ohio now owns 3,600 shares of the energy producer’s stock worth $146,000 after acquiring an additional 2,000 shares during the period. Finally, First Hawaiian Bank acquired a new position in PDC Energy during the first quarter worth $205,000.

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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Analyst Recommendations for PDC Energy (NASDAQ:PDCE)

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