Wall Street brokerages forecast that PDC Energy Inc (NASDAQ:PDCE) will announce $339.92 million in sales for the current quarter, Zacks reports. Nine analysts have made estimates for PDC Energy’s earnings, with estimates ranging from $316.50 million to $364.00 million. PDC Energy posted sales of $280.72 million in the same quarter last year, which suggests a positive year over year growth rate of 21.1%. The firm is scheduled to announce its next quarterly earnings report on Monday, November 4th.
On average, analysts expect that PDC Energy will report full year sales of $1.28 billion for the current financial year, with estimates ranging from $1.20 billion to $1.36 billion. For the next fiscal year, analysts forecast that the firm will report sales of $2.18 billion, with estimates ranging from $2.03 billion to $2.34 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow PDC Energy.
PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings results on Wednesday, August 7th. The energy producer reported $0.34 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.11). PDC Energy had a net margin of 7.73% and a negative return on equity of 3.08%. The firm had revenue of $390.70 million during the quarter, compared to analyst estimates of $333.78 million. During the same period last year, the company earned $0.56 EPS. The company’s revenue was up 83.9% on a year-over-year basis.
A number of brokerages have recently issued reports on PDCE. Mitsubishi UFJ Financial Group increased their target price on PDC Energy to $66.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Zacks Investment Research cut PDC Energy from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. BidaskClub cut PDC Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 9th. BMO Capital Markets cut PDC Energy from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $50.00 to $38.00 in a report on Thursday, July 11th. Finally, Imperial Capital reissued an “outperform” rating and issued a $50.00 target price on shares of PDC Energy in a report on Tuesday, August 27th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $49.65.
Shares of PDCE traded up $1.20 during mid-day trading on Tuesday, reaching $32.68. The company had a trading volume of 1,575,400 shares, compared to its average volume of 1,273,285. PDC Energy has a twelve month low of $24.13 and a twelve month high of $53.50. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.65 and a quick ratio of 0.65. The company’s 50-day moving average is $28.69 and its 200-day moving average is $35.17. The company has a market capitalization of $2.03 billion, a P/E ratio of -11.04, a P/E/G ratio of 0.88 and a beta of 1.01.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP grew its position in PDC Energy by 72.2% during the 2nd quarter. First Trust Advisors LP now owns 180,909 shares of the energy producer’s stock worth $6,524,000 after acquiring an additional 75,864 shares during the last quarter. Aperio Group LLC grew its position in PDC Energy by 16.0% during the 2nd quarter. Aperio Group LLC now owns 21,707 shares of the energy producer’s stock worth $783,000 after acquiring an additional 2,990 shares during the last quarter. HITE Hedge Asset Management LLC bought a new stake in PDC Energy during the 1st quarter worth approximately $502,000. Quantamental Technologies LLC bought a new stake in PDC Energy during the 1st quarter worth approximately $63,000. Finally, Arizona State Retirement System boosted its position in PDC Energy by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 102,819 shares of the energy producer’s stock valued at $3,708,000 after buying an additional 777 shares during the last quarter.
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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