Seaport Global Securities Weighs in on PDC Energy Inc’s Q3 2019 Earnings (PDCE)

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PDC Energy Inc (NASDAQ:PDCE) – Equities research analysts at Seaport Global Securities raised their Q3 2019 earnings per share estimates for shares of PDC Energy in a research note issued to investors on Monday, May 6th. Seaport Global Securities analyst M. Kelly now expects that the energy producer will post earnings per share of $0.76 for the quarter, up from their prior estimate of $0.73. Seaport Global Securities also issued estimates for PDC Energy’s Q4 2019 earnings at $0.80 EPS, Q1 2020 earnings at $0.82 EPS and Q2 2020 earnings at $0.76 EPS.

A number of other analysts have also recently commented on the stock. Zacks Investment Research cut shares of PDC Energy from a “buy” rating to a “hold” rating in a report on Wednesday. Imperial Capital reaffirmed an “outperform” rating and set a $68.00 target price (up from $66.00) on shares of PDC Energy in a report on Friday, May 3rd. BidaskClub cut shares of PDC Energy from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Bank of America set a $54.00 target price on shares of PDC Energy and gave the company a “neutral” rating in a report on Thursday, May 2nd. Finally, Williams Capital reaffirmed a “buy” rating and set a $61.00 target price on shares of PDC Energy in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. PDC Energy currently has an average rating of “Buy” and a consensus price target of $60.94.

Shares of PDCE stock opened at $36.96 on Thursday. PDC Energy has a 12 month low of $26.59 and a 12 month high of $66.20. The company has a market cap of $2.47 billion, a price-to-earnings ratio of -12.49, a price-to-earnings-growth ratio of 0.32 and a beta of 0.78. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.43 and a quick ratio of 0.43.

PDC Energy (NASDAQ:PDCE) last announced its earnings results on Wednesday, May 1st. The energy producer reported $0.27 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.29). PDC Energy had a negative net margin of 7.38% and a negative return on equity of 2.50%. The business had revenue of $134.50 million for the quarter, compared to analysts’ expectations of $325.83 million. During the same period in the prior year, the company posted $0.05 earnings per share. The firm’s quarterly revenue was down 48.4% on a year-over-year basis.

In related news, COO Scott J. Reasoner sold 1,300 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $40.00, for a total transaction of $52,000.00. Following the completion of the transaction, the chief operating officer now owns 91,827 shares in the company, valued at $3,673,080. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Scott J. Reasoner sold 1,714 shares of the company’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $44.01, for a total transaction of $75,433.14. Following the transaction, the chief operating officer now owns 90,113 shares of the company’s stock, valued at approximately $3,965,873.13. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,514 shares of company stock valued at $284,708. Corporate insiders own 1.00% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Oregon Public Employees Retirement Fund bought a new position in PDC Energy during the fourth quarter valued at $25,000. Dubuque Bank & Trust Co. bought a new position in PDC Energy during the fourth quarter valued at $26,000. Quantamental Technologies LLC bought a new position in PDC Energy during the first quarter valued at $63,000. Versant Capital Management Inc lifted its position in PDC Energy by 47.0% during the first quarter. Versant Capital Management Inc now owns 1,627 shares of the energy producer’s stock valued at $66,000 after purchasing an additional 520 shares during the last quarter. Finally, Pearl River Capital LLC bought a new position in PDC Energy during the first quarter valued at $92,000.

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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Earnings History and Estimates for PDC Energy (NASDAQ:PDCE)

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