PDC Energy, Inc. (NASDAQ:PDCE) Forecasted to Earn Q2 2023 Earnings of $3.08 Per Share

Posted by on Jun 5th, 2023

PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) – Research analysts at Zacks Research lowered their Q2 2023 EPS estimates for shares of PDC Energy in a report released on Thursday, June 1st. Zacks Research analyst N. Choudhury now expects that the energy producer will post earnings of $3.08 per share for the quarter, down from their prior forecast of $3.20. The consensus estimate for PDC Energy’s current full-year earnings is $12.76 per share.

Other equities analysts also recently issued reports about the stock. Truist Financial lifted their price objective on shares of PDC Energy from $70.00 to $77.00 and gave the stock a “hold” rating in a report on Tuesday, April 11th. Mizuho cut PDC Energy from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 24th. Seaport Res Ptn cut PDC Energy from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 31st. Roth Capital reiterated a “buy” rating on shares of PDC Energy in a research note on Friday, February 17th. Finally, JPMorgan Chase & Co. lifted their target price on PDC Energy from $76.00 to $80.00 in a research note on Thursday, April 6th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, PDC Energy currently has a consensus rating of “Hold” and an average price target of $84.50.

PDC Energy Price Performance

PDCE opened at $70.95 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market capitalization of $6.21 billion, a price-to-earnings ratio of 3.02, a P/E/G ratio of 0.14 and a beta of 2.51. The firm’s fifty day moving average price is $65.95 and its two-hundred day moving average price is $65.96. PDC Energy has a 1 year low of $51.72 and a 1 year high of $89.22.

Institutional Trading of PDC Energy

A number of large investors have recently added to or reduced their stakes in PDCE. Natixis purchased a new position in shares of PDC Energy in the 4th quarter worth approximately $25,000. U.S. Capital Wealth Advisors LLC purchased a new position in PDC Energy during the 4th quarter valued at $26,000. Belpointe Asset Management LLC purchased a new position in PDC Energy during the 4th quarter valued at $27,000. Northwestern Mutual Wealth Management Co. boosted its holdings in PDC Energy by 2,600.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 459 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 442 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in PDC Energy by 129.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 443 shares of the energy producer’s stock valued at $32,000 after acquiring an additional 250 shares during the period. Institutional investors own 96.16% of the company’s stock.

Insider Transactions at PDC Energy

In related news, CAO Troy M. Welling sold 1,200 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $63.37, for a total transaction of $76,044.00. Following the sale, the chief accounting officer now directly owns 13,269 shares of the company’s stock, valued at $840,856.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other PDC Energy news, CFO R Scott Meyers sold 2,500 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $63.05, for a total value of $157,625.00. Following the transaction, the chief financial officer now directly owns 159,910 shares of the company’s stock, valued at $10,082,325.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Troy M. Welling sold 1,200 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $63.37, for a total value of $76,044.00. Following the completion of the transaction, the chief accounting officer now directly owns 13,269 shares in the company, valued at approximately $840,856.53. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,700 shares of company stock valued at $1,736,659. Insiders own 1.50% of the company’s stock.

PDC Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 22nd. Stockholders of record on Thursday, June 8th will be paid a $0.40 dividend. The ex-dividend date is Wednesday, June 7th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.26%. PDC Energy’s dividend payout ratio is currently 6.82%.

About PDC Energy

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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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