PDC Energy, Inc. (NASDAQ:PDCE) to Post Q2 2023 Earnings of $3.29 Per Share, Capital One Financial Forecasts

PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) – Analysts at Capital One Financial dropped their Q2 2023 EPS estimates for shares of PDC Energy in a report released on Sunday, May 21st. Capital One Financial analyst B. Velie now expects that the energy producer will post earnings per share of $3.29 for the quarter, down from their prior estimate of $3.78. The consensus estimate for PDC Energy’s current full-year earnings is $13.34 per share. Capital One Financial also issued estimates for PDC Energy’s Q3 2023 earnings at $3.22 EPS, Q4 2023 earnings at $3.59 EPS, FY2023 earnings at $12.70 EPS, Q1 2024 earnings at $3.91 EPS, Q2 2024 earnings at $4.14 EPS, Q3 2024 earnings at $4.36 EPS, Q4 2024 earnings at $4.63 EPS, FY2024 earnings at $17.03 EPS and FY2025 earnings at $19.57 EPS.

Other analysts have also recently issued research reports about the stock. Roth Capital reiterated a “buy” rating on shares of PDC Energy in a research note on Friday, February 17th. JPMorgan Chase & Co. raised their price objective on shares of PDC Energy from $76.00 to $80.00 in a research note on Thursday, April 6th. Truist Financial raised their price objective on shares of PDC Energy from $70.00 to $77.00 and gave the company a “hold” rating in a research note on Tuesday, April 11th. Mizuho cut shares of PDC Energy from a “buy” rating to a “neutral” rating in a research report on Wednesday. Finally, The Goldman Sachs Group lifted their target price on shares of PDC Energy from $65.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, April 21st. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $84.50.

PDC Energy Trading Up 0.4 %

Shares of PDC Energy stock opened at $71.98 on Wednesday. PDC Energy has a 1 year low of $51.72 and a 1 year high of $89.22. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.43 and a current ratio of 0.43. The company has a market capitalization of $6.30 billion, a P/E ratio of 3.07, a PEG ratio of 0.14 and a beta of 2.51. The company’s fifty day moving average is $64.55 and its two-hundred day moving average is $66.49.

PDC Energy (NASDAQ:PDCE – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The energy producer reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.05 by $0.17. PDC Energy had a net margin of 49.57% and a return on equity of 35.66%. The company had revenue of $879.50 million for the quarter, compared to the consensus estimate of $892.11 million. During the same period last year, the firm posted $2.86 EPS. PDC Energy’s revenue for the quarter was down 41.8% on a year-over-year basis.

Insider Transactions at PDC Energy

In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $68.22, for a total value of $136,440.00. Following the completion of the sale, the chief executive officer now directly owns 548,070 shares in the company, valued at $37,389,335.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Troy M. Welling sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $63.37, for a total value of $76,044.00. Following the completion of the sale, the chief accounting officer now directly owns 13,269 shares in the company, valued at $840,856.53. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $68.22, for a total transaction of $136,440.00. Following the completion of the sale, the chief executive officer now owns 548,070 shares of the company’s stock, valued at $37,389,335.40. The disclosure for this sale can be found here. Insiders sold a total of 26,700 shares of company stock worth $1,736,659 over the last ninety days. 1.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PDC Energy

Several institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its stake in PDC Energy by 0.9% during the third quarter. BlackRock Inc. now owns 8,494,878 shares of the energy producer’s stock worth $490,918,000 after buying an additional 78,998 shares during the period. State Street Corp grew its stake in PDC Energy by 13.4% during the first quarter. State Street Corp now owns 4,751,860 shares of the energy producer’s stock worth $345,365,000 after buying an additional 561,339 shares during the period. Jennison Associates LLC grew its stake in PDC Energy by 5.6% during the first quarter. Jennison Associates LLC now owns 2,632,430 shares of the energy producer’s stock worth $168,949,000 after buying an additional 138,819 shares during the period. Macquarie Group Ltd. lifted its position in shares of PDC Energy by 14.8% during the third quarter. Macquarie Group Ltd. now owns 2,512,233 shares of the energy producer’s stock worth $145,274,000 after purchasing an additional 323,649 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of PDC Energy by 81.4% during the fourth quarter. First Trust Advisors LP now owns 2,344,684 shares of the energy producer’s stock worth $148,841,000 after purchasing an additional 1,052,454 shares in the last quarter. 96.16% of the stock is currently owned by hedge funds and other institutional investors.

About PDC Energy

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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.