PDC Energy, Inc. (NASDAQ:PDCE- Get a rating) – Capital One Financial research analysts raised their first-quarter 2022 earnings per share estimates for PDC Energy in a report released Sunday, April 10. Capital One Financial analyst B. Velie now expects the energy producer to post earnings of $2.96 per share for the quarter, up from its previous forecast of $2.84. Capital One Financial also released estimates for PDC Energy Q2 2022 earnings at $3.71, Q3 2022 earnings at $4.22, Q4 2022 earnings at $4.67, earnings for fiscal year 2022 at $15.56 and earnings for fiscal year 2023 at $18.35.
The PDCE has been the subject of several other reports. Zacks Investment Research downgraded PDC Energy from a “strong buy” rating to a “hold” rating and set a price target of $55.00 for the stock. in a research report on Tuesday, January 4. TD Securities raised its price target on PDC Energy from $85.00 to $95.00 and gave the company a “buy” rating in a Wednesday, March 2 research report. Stifel Nicolaus raised his price target on PDC Energy from $82.00 to $87.00 in a Monday, February 28 research report. MKM Partners raised its price target on PDC Energy from $72.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday, March 1. Finally, KeyCorp raised its price target on PDC Energy from $80.00 to $84.00 and gave the company an “overweight” rating in a Friday, April 8 research report. One analyst rated the stock with a hold rating and eight rated the company’s stock with a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $79.44.
NASDAQ:PDCE shares opened at $77.49 on Tuesday. The stock has a market capitalization of $7.46 billion, a PE ratio of 14.73 and a beta of 2.92. PDC Energy has a 1-year low of $32.17 and a 1-year high of $78.13. The company has a fifty-day moving average price of $66.31 and a 200-day moving average price of $57.27. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt ratio of 0.32. PDC Energy (NASDAQ:PDCE- Get a rating) last released its quarterly earnings data on Monday, February 28. The energy producer reported earnings per share (EPS) of $2.86 for the quarter, beating the Zacks consensus estimate of $2.40 by $0.46. The company posted revenue of $854.64 million in the quarter, compared to $691.65 million expected by analysts. PDC Energy had a net margin of 28.15% and a return on equity of 31.34%.
A number of institutional investors and hedge funds have recently changed their positions in the company. Wedge Capital Management LLP NC increased its stake in PDC Energy by 271.2% during the first quarter. Wedge Capital Management LLP NC now owns 414,539 shares of the energy producer worth $30,129,000 after purchasing an additional 302,860 shares during the period. The New Mexico Educational Retirement Board acquired a new stake in shares of PDC Energy during the first quarter worth approximately $1,468,000. Evergreen Capital Management LLC acquired a new stake in shares of PDC Energy during the fourth quarter worth approximately $211,000. First Citizens Bank & Trust Co. increased its stake in PDC Energy shares by 5.5% during the fourth quarter. First Citizens Bank & Trust Co. now owns 7,074 shares of the energy producer worth $345,000 after buying 368 more shares last quarter. Finally, Westwood Holdings Group Inc. increased its stake in PDC Energy shares by 31.9% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,676,851 shares of the energy producer worth $81,797,000 after purchasing an additional 405,088 shares last quarter.
In other PDC Energy news, Director David C. Parke sold 1,900 shares of the company in a trade dated Thursday, March 3. The shares were sold at an average price of $68.29, for a total transaction of $129,751.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available at this link. Also, CFO R Scott Meyers sold 1,000 shares of the company in a trade dated Friday, April 1. The stock was sold at an average price of $73.14, for a total transaction of $73,140.00. Disclosure of this sale can be found here. Last quarter, insiders sold 35,383 shares of the company valued at $2,275,919. 0.97% of the shares are held by insiders.
The company also recently announced a quarterly dividend, which was paid on Friday, March 25. Investors of record on Friday, March 11 received a dividend of $0.25. This represents an annualized dividend of $1.00 and a dividend yield of 1.29%. The ex-dividend date was Thursday, March 10. This is a boost from PDC Energy’s previous quarterly dividend of $0.12. PDC Energy’s dividend payout ratio (DPR) is currently 19.01%.
PDC Energy Company Profile (Get a rating)
PDC Energy, Inc, an independent exploration and production company, acquires, explores, 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.
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