PDC Energy, Inc. (NASDAQ:PDCE) Expected to Earn Q2 2023 Earnings of $3.29 Per Share

PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) – Research analysts at Capital One Financial decreased their Q2 2023 earnings per share (EPS) estimates for shares of PDC Energy in a report issued on Sunday, May 21st. Capital One Financial analyst B. Velie now expects that the energy producer will post earnings of $3.29 per share for the quarter, down from their previous estimate of $3.78. The consensus estimate for PDC Energy’s current full-year earnings is $12.87 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.

A number of other brokerages have also commented on PDCE. The Goldman Sachs Group upped their target price on PDC Energy from $65.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, April 21st. StockNews.com assumed coverage on PDC Energy in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. JPMorgan Chase & Co. upped their price target on PDC Energy from $76.00 to $80.00 in a research report on Thursday, April 6th. Roth Capital reiterated a “buy” rating on shares of PDC Energy in a research report on Friday, February 17th. Finally, Mizuho cut PDC Energy from a “buy” rating to a “neutral” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $84.50.

PDC Energy Stock Performance

Shares of NASDAQ PDCE opened at $70.63 on Wednesday. The business has a fifty day simple moving average of $64.76 and a 200 day simple moving average of $66.52. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $6.18 billion, a price-to-earnings ratio of 3.01, a PEG ratio of 0.15 and a beta of 2.51. PDC Energy has a one year low of $51.72 and a one year high of $89.22.

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

Insider Buying and Selling at PDC Energy

In other PDC Energy news, CFO R Scott Meyers sold 2,500 shares of the stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $69.70, for a total value of $174,250.00. Following the transaction, the chief financial officer now owns 162,410 shares of the company’s stock, valued at $11,319,977. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Troy M. Welling sold 1,200 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $63.37, for a total transaction of $76,044.00. Following the sale, the chief accounting officer now owns 13,269 shares of the company’s stock, valued at $840,856.53. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO R Scott Meyers sold 2,500 shares of the firm’s stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $69.70, for a total value of $174,250.00. Following the sale, the chief financial officer now directly owns 162,410 shares in the company, valued at approximately $11,319,977. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,700 shares of company stock valued at $1,736,659. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PDCE. Natixis bought a new position in PDC Energy in the fourth quarter valued at approximately $25,000. U.S. Capital Wealth Advisors LLC bought a new position in PDC Energy in the fourth quarter valued at approximately $26,000. Belpointe Asset Management LLC bought a new position in PDC Energy in the fourth quarter valued at approximately $27,000. Geneos Wealth Management Inc. grew its stake in PDC Energy by 129.5% in the first quarter. Geneos Wealth Management Inc. now owns 443 shares of the energy producer’s stock valued at $32,000 after purchasing an additional 250 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in PDC Energy by 2,600.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 459 shares of the energy producer’s stock valued at $29,000 after purchasing an additional 442 shares in the last quarter. 96.16% of the stock is currently owned by 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.