$351.43 Million in Sales Expected for PDC Energy Inc (PDCE) This Quarter

Wall Street brokerages expect PDC Energy Inc (NASDAQ:PDCE) to report sales of $351.43 million for the current quarter, Zacks reports. Nine analysts have made estimates for PDC Energy’s earnings, with estimates ranging from $315.00 million to $380.00 million. PDC Energy reported sales of $212.53 million during the same quarter last year, which indicates a positive year over year growth rate of 65.4%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, August 14th.

According to Zacks, analysts expect that PDC Energy will report full year sales of $1.37 billion for the current year, with estimates ranging from $1.21 billion to $1.55 billion. For the next year, analysts anticipate that the business will report sales of $1.70 billion, with estimates ranging from $1.62 billion to $1.88 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover PDC Energy.

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

A number of equities analysts have issued reports on PDCE shares. Williams Capital reiterated a “buy” rating and issued a $55.00 price objective on shares of PDC Energy in a report on Monday, February 11th. JPMorgan Chase & Co. set a $35.00 price objective on PDC Energy and gave the stock a “buy” rating in a report on Friday, January 25th. Citigroup started coverage on PDC Energy in a report on Wednesday, January 23rd. They issued a “buy” rating and a $45.00 price objective for the company. MKM Partners set a $55.00 price objective on PDC Energy and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, BidaskClub upgraded PDC Energy from a “hold” rating to a “buy” rating in a report on Saturday, March 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $60.94.

In other news, COO Scott J. Reasoner sold 1,300 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was 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 directly owns 91,827 shares in the company, valued at $3,673,080. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Barton R. Brookman, Jr. sold 1,500 shares of the firm’s stock in a transaction on Friday, April 12th. The shares were sold at an average price of $45.10, for a total value of $67,650.00. Following the transaction, the insider now owns 248,687 shares of the company’s stock, valued at $11,215,783.70. The disclosure for this sale can be found here. Insiders have sold 6,514 shares of company stock valued at $284,708 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Large investors have recently modified their holdings of the company. Quantamental Technologies LLC bought a new position in shares of PDC Energy during the first quarter valued at $63,000. Versant Capital Management Inc increased its holdings in shares of 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 acquiring an additional 520 shares in the last quarter. Pearl River Capital LLC bought a new position in shares of PDC Energy during the first quarter valued at $92,000. PNC Financial Services Group Inc. increased its holdings in shares of PDC Energy by 63.7% during the first quarter. PNC Financial Services Group Inc. now owns 3,412 shares of the energy producer’s stock valued at $139,000 after acquiring an additional 1,328 shares in the last quarter. Finally, Strs Ohio increased its holdings in shares of PDC Energy by 125.0% during the first quarter. Strs Ohio now owns 3,600 shares of the energy producer’s stock valued at $146,000 after acquiring an additional 2,000 shares in the last quarter.

PDCE opened at $36.67 on Friday. 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 has a 12-month low of $26.59 and a 12-month high of $66.20.

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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