PDC Energy (NASDAQ:PDCE) Rating Increased to Buy at Seaport Res Ptn

Posted by Defense World Staff on Jun 23rd, 2023

PDC Energy (NASDAQ:PDCE – Get Rating) was upgraded by equities research analysts at Seaport Res Ptn from a “neutral” rating to a “buy” rating in a report released on Wednesday, PriceTargets.com reports.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group lifted their price target on shares of PDC Energy from $65.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, April 21st. StockNews.com began coverage on shares of PDC Energy in a report on Saturday, June 17th. They set a “hold” rating on the stock. Mizuho lowered shares of PDC Energy from a “buy” rating to a “neutral” rating in a report on Wednesday, May 24th. JPMorgan Chase & Co. lifted their target price on shares of PDC Energy from $76.00 to $80.00 in a report on Thursday, April 6th. Finally, Truist Financial boosted 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. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, PDC Energy has a consensus rating of “Hold” and a consensus target price of $84.50.

PDC Energy Stock Performance

NASDAQ PDCE opened at $68.84 on Wednesday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.31. The firm has a market cap of $5.99 billion, a P/E ratio of 2.93, a P/E/G ratio of 0.15 and a beta of 2.51. PDC Energy has a 52-week low of $51.72 and a 52-week high of $82.24. The business’s 50-day moving average price is $67.39 and its 200 day moving average price is $65.73.

PDC Energy (NASDAQ:PDCE – Get Rating) last announced its quarterly earnings data on Wednesday, May 3rd. The energy producer reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.91 by ($0.30). The firm had revenue of $957.67 million during the quarter, compared to analyst estimates of $776.86 million. PDC Energy had a net margin of 49.57% and a return on equity of 35.66%. On average, equities research analysts expect that PDC Energy will post 12.76 earnings per share for the current year.

Insider Buying and Selling at PDC Energy

In other PDC Energy news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $68.22, for a total value of $136,440.00. Following the completion of the sale, the chief executive officer now directly owns 548,070 shares of the company’s stock, valued at approximately $37,389,335.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Lynn A. Peterson sold 7,000 shares of PDC Energy stock in a transaction dated Monday, April 17th. The shares were sold at an average price of $68.66, for a total transaction of $480,620.00. Following the sale, the director now directly owns 226,167 shares in the company, valued at approximately $15,528,626.22. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of PDC Energy stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $68.22, for a total transaction of $136,440.00. Following the sale, the chief executive officer now owns 548,070 shares in the company, valued at $37,389,335.40. The disclosure for this sale can be found here. Insiders sold a total of 21,700 shares of company stock valued at $1,467,429 in the last ninety days. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On PDC Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PDCE. Guggenheim Capital LLC raised its stake in shares of PDC Energy by 0.5% in the third quarter. Guggenheim Capital LLC now owns 28,899 shares of the energy producer’s stock worth $1,670,000 after acquiring an additional 145 shares during the last quarter. DekaBank Deutsche Girozentrale raised its stake in shares of PDC Energy by 3.5% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 4,899 shares of the energy producer’s stock worth $307,000 after acquiring an additional 167 shares during the last quarter. Raymond James & Associates raised its stake in shares of PDC Energy by 0.8% in the first quarter. Raymond James & Associates now owns 21,483 shares of the energy producer’s stock worth $1,379,000 after acquiring an additional 175 shares during the last quarter. Arizona State Retirement System raised its stake in shares of PDC Energy by 0.7% in the fourth quarter. Arizona State Retirement System now owns 27,176 shares of the energy producer’s stock worth $1,725,000 after acquiring an additional 199 shares during the last quarter. Finally, Apollon Wealth Management LLC raised its stake in shares of PDC Energy by 3.1% during the fourth quarter. Apollon Wealth Management LLC now owns 6,555 shares of the energy producer’s stock worth $416,000 after buying an additional 200 shares during the last quarter. 95.18% of the stock is currently owned by institutional investors and hedge funds.

PDC Energy Company Profile

(Get Rating)

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. The company's operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.

Analyst Recommendations for PDC Energy (NASDAQ:PDCE)

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