Analysts Anticipate PDC Energy, Inc. (NASDAQ:PDCE) Will Post Quarterly Sales of $1.02 Billion

Analysts expect PDC Energy, Inc. (NASDAQ:PDCEGet Rating) to announce sales of $1.02 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for PDC Energy’s earnings, with the lowest sales estimate coming in at $839.00 million and the highest estimate coming in at $1.24 billion. PDC Energy reported sales of $537.12 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 89.9%. The business is expected to report its next earnings report on Monday, January 1st.

On average, analysts expect that PDC Energy will report full year sales of $3.98 billion for the current financial year, with estimates ranging from $3.27 billion to $4.77 billion. For the next year, analysts expect that the company will report sales of $4.09 billion, with estimates ranging from $3.86 billion to $4.51 billion. Zacks’ sales averages are an average based on a survey of analysts that follow PDC Energy.

PDC Energy (NASDAQ:PDCEGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The energy producer reported $3.66 EPS for the quarter, beating analysts’ consensus estimates of $3.18 by $0.48. The business had revenue of $316.45 million during the quarter, compared to the consensus estimate of $702.98 million. PDC Energy had a return on equity of 38.99% and a net margin of 26.48%. PDC Energy’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.41 earnings per share.

A number of research analysts have issued reports on the company. Truist Financial lifted their target price on PDC Energy from $80.00 to $96.00 in a research report on Thursday, April 21st. TheStreet cut PDC Energy from a “b” rating to a “c+” rating in a research report on Wednesday, May 4th. MKM Partners lifted their target price on PDC Energy from $72.00 to $84.00 and gave the company a “buy” rating in a research report on Tuesday, March 1st. BMO Capital Markets lifted their target price on PDC Energy from $65.00 to $73.00 in a research report on Tuesday, March 1st. Finally, StockNews.com assumed coverage on PDC Energy in a research report on Thursday, March 31st. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $81.78.

In related news, CFO R Scott Meyers sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 1st. The stock was sold at an average price of $65.72, for a total value of $65,720.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lynn A. Peterson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 15th. The shares were sold at an average price of $64.07, for a total value of $320,350.00. The disclosure for this sale can be found here. Insiders sold 56,421 shares of company stock worth $3,871,704 over the last quarter. 1.20% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of PDCE. O Shaughnessy Asset Management LLC lifted its stake in PDC Energy by 258.8% in the third quarter. O Shaughnessy Asset Management LLC now owns 1,019 shares of the energy producer’s stock valued at $48,000 after buying an additional 735 shares during the period. First Republic Investment Management Inc. lifted its stake in PDC Energy by 6.3% in the third quarter. First Republic Investment Management Inc. now owns 19,123 shares of the energy producer’s stock valued at $906,000 after buying an additional 1,130 shares during the period. The Manufacturers Life Insurance Company lifted its stake in PDC Energy by 43.6% in the third quarter. The Manufacturers Life Insurance Company now owns 592,191 shares of the energy producer’s stock valued at $28,064,000 after buying an additional 179,804 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its stake in PDC Energy by 15.0% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 475,442 shares of the energy producer’s stock valued at $22,531,000 after buying an additional 61,920 shares during the period. Finally, Greenleaf Trust acquired a new position in PDC Energy in the third quarter valued at approximately $204,000.

PDCE stock opened at $77.99 on Friday. The company has a market cap of $7.44 billion, a PE ratio of 15.54 and a beta of 2.75. The business has a 50-day simple moving average of $71.95 and a 200 day simple moving average of $61.89. PDC Energy has a 52 week low of $34.52 and a 52 week high of $79.39. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.34.

The company also recently declared a quarterly dividend, which was paid on Friday, March 25th. Stockholders of record on Friday, March 11th were issued a dividend of $0.25 per share. This is a boost from PDC Energy’s previous quarterly dividend of $0.12. This represents a $1.00 annualized dividend and a dividend yield of 1.28%. The ex-dividend date was Thursday, March 10th. PDC Energy’s payout ratio is 19.92%.

PDC Energy Company Profile (Get Rating)

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. The company's operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.

Further Reading

Get a free copy of the Zacks research report on PDC Energy (PDCE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates 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.