SunTrust Banks Equities Analysts Raise Earnings Estimates for PDC Energy, Inc. (NASDAQ:PDCE)

PDC Energy, Inc. (NASDAQ:PDCE) – Investment analysts at SunTrust Banks lifted their Q2 2017 earnings estimates for PDC Energy in a report issued on Sunday. SunTrust Banks analyst N. Dingmann now forecasts that the energy producer will post earnings of ($0.01) per share for the quarter, up from their previous estimate of ($0.04). SunTrust Banks also issued estimates for PDC Energy’s Q3 2017 earnings at $0.05 EPS, Q4 2017 earnings at $0.12 EPS, FY2017 earnings at $0.09 EPS, FY2018 earnings at $0.74 EPS, FY2019 earnings at $1.77 EPS and FY2020 earnings at $4.12 EPS.

Several other brokerages have also recently weighed in on PDCE. Zacks Investment Research cut shares of PDC Energy from a “buy” rating to a “hold” rating in a research report on Friday, April 14th. Tudor Pickering assumed coverage on shares of PDC Energy in a research report on Thursday, March 30th. They set a “hold” rating and a $87.00 price target for the company. Williams Capital reissued a “buy” rating and set a $94.00 price target on shares of PDC Energy in a research report on Monday, April 10th. Iberia Capital reissued a “sector perform” rating and set a $65.00 price target on shares of PDC Energy in a research report on Wednesday, April 26th. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $82.00 price target on shares of PDC Energy in a research report on Tuesday, April 25th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $74.00.

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PDC Energy (PDCE) opened at 47.92 on Wednesday. PDC Energy has a 1-year low of $40.12 and a 1-year high of $84.88. The company’s market cap is $3.13 billion. The stock’s 50 day moving average is $44.51 and its 200 day moving average is $58.76.

PDC Energy (NASDAQ:PDCE) last released its quarterly earnings results on Friday, May 5th. The energy producer reported ($0.06) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.03. The business had revenue of $273.70 million for the quarter, compared to the consensus estimate of $182.05 million. PDC Energy had a negative net margin of 22.67% and a negative return on equity of 0.20%. PDC Energy’s revenue was up 201.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.89) EPS.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new position in PDC Energy during the fourth quarter valued at approximately $1,404,000. Guggenheim Capital LLC raised its position in PDC Energy by 19.0% in the fourth quarter. Guggenheim Capital LLC now owns 10,924 shares of the energy producer’s stock valued at $792,000 after buying an additional 1,748 shares during the last quarter. Norges Bank purchased a new position in PDC Energy during the fourth quarter valued at approximately $29,970,000. Quadrature Capital Ltd raised its position in PDC Energy by 315.4% in the fourth quarter. Quadrature Capital Ltd now owns 21,532 shares of the energy producer’s stock valued at $1,563,000 after buying an additional 16,348 shares during the last quarter. Finally, Teachers Advisors LLC raised its position in PDC Energy by 22.5% in the fourth quarter. Teachers Advisors LLC now owns 101,701 shares of the energy producer’s stock valued at $7,381,000 after buying an additional 18,675 shares during the last quarter.

About PDC Energy

PDC Energy, Inc is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing.