PDC Energy Inc (NASDAQ:PDCE) saw a significant increase in short interest in July. As of July 31st, there was short interest totalling 8,144,200 shares, an increase of 7.7% from the June 30th total of 7,562,600 shares. Based on an average daily volume of 1,310,000 shares, the days-to-cover ratio is presently 6.2 days. Approximately 13.1% of the shares of the stock are short sold.
PDC Energy stock traded up $0.90 during trading on Friday, hitting $27.30. The company’s stock had a trading volume of 997,240 shares, compared to its average volume of 1,208,099. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -9.22, a P/E/G ratio of 0.69 and a beta of 1.09. The stock’s fifty day moving average is $29.94 and its 200 day moving average is $35.84. PDC Energy has a 1-year low of $24.13 and a 1-year high of $57.40. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.43 and a current ratio of 0.65.
PDC Energy (NASDAQ:PDCE) last released its earnings results on Wednesday, August 7th. The energy producer reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.11). The business had revenue of $390.70 million during the quarter, compared to analyst estimates of $333.78 million. PDC Energy had a net margin of 7.73% and a negative return on equity of 3.08%. The business’s revenue for the quarter was up 83.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.56 earnings per share. On average, research analysts anticipate that PDC Energy will post 1.67 EPS for the current fiscal year.
Several analysts have recently issued reports on the company. TD Securities reduced their price objective on PDC Energy from $65.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. MKM Partners set a $47.00 price objective on PDC Energy and gave the company a “buy” rating in a research report on Monday. Williams Capital restated a “buy” rating and issued a $61.00 price objective on shares of PDC Energy in a research report on Thursday, May 2nd. Bank of America set a $54.00 price objective on PDC Energy and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Finally, BidaskClub downgraded PDC Energy from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 9th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $54.19.
Institutional investors have recently added to or reduced their stakes in the stock. Two Sigma Advisers LP purchased a new position in PDC Energy during the fourth quarter valued at approximately $652,000. Norges Bank purchased a new position in PDC Energy during the fourth quarter valued at approximately $17,582,000. Geode Capital Management LLC lifted its holdings in PDC Energy by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 736,641 shares of the energy producer’s stock valued at $21,921,000 after purchasing an additional 48,261 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV lifted its holdings in PDC Energy by 5.7% during the first quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 29,609 shares of the energy producer’s stock valued at $1,204,000 after purchasing an additional 1,592 shares in the last quarter. Finally, Strs Ohio lifted 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 valued at $146,000 after purchasing an additional 2,000 shares in the last quarter.
PDC Energy Company Profile
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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