PDC Energy (NASDAQ:PDCE) PT Raised to $63.00 at Wells Fargo & Company

PDC Energy (NASDAQ:PDCE) had its price target hoisted by stock analysts at Wells Fargo & Company from $58.00 to $63.00 in a report released on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the energy producer’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 27.43% from the company’s previous close.

PDCE has been the topic of a number of other research reports. KeyCorp raised their target price on shares of PDC Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 21st. Truist cut their price target on shares of PDC Energy from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, October 1st. Truist Securities cut their price target on shares of PDC Energy from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Friday, October 1st. Zacks Investment Research downgraded shares of PDC Energy from a “buy” rating to a “hold” rating and set a $48.00 price target on the stock. in a research note on Friday, September 17th. Finally, TD Securities increased their price target on shares of PDC Energy from $59.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, August 5th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $53.44.

Shares of PDC Energy stock opened at $49.44 on Thursday. PDC Energy has a 12-month low of $10.61 and a 12-month high of $51.81. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.50. The stock has a market cap of $4.88 billion, a PE ratio of -36.62 and a beta of 3.44. The company has a 50-day moving average of $42.92 and a two-hundred day moving average of $41.50.

PDC Energy (NASDAQ:PDCE) last released its quarterly earnings results on Wednesday, August 4th. The energy producer reported $1.66 EPS for the quarter, beating the consensus estimate of $1.19 by $0.47. PDC Energy had a negative net margin of 12.81% and a positive return on equity of 20.28%. The business had revenue of $229.00 million for the quarter, compared to analyst estimates of $475.59 million. During the same period in the prior year, the business earned $0.14 earnings per share. The company’s quarterly revenue was up 321.0% on a year-over-year basis. On average, sell-side analysts forecast that PDC Energy will post 5.99 EPS for the current fiscal year.

In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of PDC Energy stock in a transaction on Monday, August 2nd. The shares were sold at an average price of $39.29, for a total transaction of $78,580.00. Following the sale, the chief executive officer now owns 361,082 shares of the company’s stock, valued at approximately $14,186,911.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lynn A. Peterson sold 15,000 shares of PDC Energy stock in a transaction on Thursday, September 16th. The stock was sold at an average price of $45.00, for a total transaction of $675,000.00. Following the sale, the director now directly owns 210,377 shares in the company, valued at approximately $9,466,965. The disclosure for this sale can be found here. In the last three months, insiders sold 19,000 shares of company stock worth $843,040. Insiders own 0.97% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System grew its holdings in PDC Energy by 6.0% during the 3rd quarter. Louisiana State Employees Retirement System now owns 47,500 shares of the energy producer’s stock worth $2,251,000 after acquiring an additional 2,700 shares in the last quarter. Harbor Investment Advisory LLC grew its holdings in PDC Energy by 14.9% during the 3rd quarter. Harbor Investment Advisory LLC now owns 2,670 shares of the energy producer’s stock worth $127,000 after acquiring an additional 346 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in PDC Energy by 4.7% during the 3rd quarter. State of Alaska Department of Revenue now owns 71,983 shares of the energy producer’s stock worth $3,411,000 after acquiring an additional 3,260 shares in the last quarter. Bank of America Corp DE grew its holdings in PDC Energy by 3.8% during the 2nd quarter. Bank of America Corp DE now owns 988,371 shares of the energy producer’s stock worth $45,257,000 after acquiring an additional 35,918 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its holdings in PDC Energy by 3.7% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 546,467 shares of the energy producer’s stock worth $25,023,000 after acquiring an additional 19,279 shares in the last quarter.

About PDC Energy

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.

Recommended Story: What is the S&P/ASX 200 Index?

Analyst Recommendations for PDC Energy (NASDAQ:PDCE)

Receive News & Ratings for PDC Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PDC Energy and related companies with MarketBeat.com's FREE daily email newsletter.