PDC Energy Inc (PDCE) is Downgraded by Wells Fargo to Market Perform

PDC Energy Inc (PDCE) was Downgraded by Wells Fargo to ” Market Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Wells Fargo advised their investors in a research report released on May 23, 2016.

Many Wall Street Analysts have commented on PDC Energy Inc. Company shares were Reiterated by Wunderlich on May 9, 2016 to “Buy”, Firm has raised the Price Target to $ 72 from a previous price target of $66 .PDC Energy Inc was Initiated by Nomura to “Neutral” on Apr 13, 2016. Company shares were Reiterated by Scotia Howard Weil on Apr 11, 2016 to “Sector Outperform”, Firm has raised the Price Target to $ 80 from a previous price target of $75 .

On the company’s financial health, PDC Energy Inc reported $-0.89 EPS for the quarter, missing the analyst consensus estimate by $ -0.78 based on the information available during the earnings call on May 6, 2016. Analyst had a consensus of $-0.11. The company had revenue of $90.80 million for the quarter, compared to analysts expectations of $151.14 million. The company’s revenue was down -37.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.19 EPS.

PDC Energy Inc closed down -0.57 points or -0.92% at $61.48 with 8,00,153 shares getting traded on Friday. Post opening the session at $62.26, the shares hit an intraday low of $60.95 and an intraday high of $62.8038 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on May 20, 2016, Gysle R. Shellum (CFO) sold 2,438 shares at $63.98 per share price. According to the SEC, on May 19, 2016, Kimberly Luff Wakim (director) sold 3,834 shares at $64.02 per share price. On May 18, 2016, Daniel Willson Amidon (Sr. VP, General Counsel & Sec.) sold 5,463 shares at $62.60 per share price, according to the Form-4 filing with the securities and exchange commission.

PDC Energy Inc. is a domestic independent exploration and production Company which produces develops acquires and explores for crude oil natural gas and natural gas liquids (NGLs). The Company operates in two segments: Oil and Gas Exploration and Production and Gas Marketing. The Company’s Oil and Gas Exploration and Production segment primarily reflects revenues and expenses from the production and sale of crude oil natural gas and NGLs commodity price risk management net and well operations and pipeline income. The Company’s Gas Marketing segment comprises the operating activities of its wholly owned subsidiary Riley Natural Gas. The Company operates in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. Its operations in the Wattenberg Field are focused on the liquid-rich horizontal Niobrara and Codell plays. It owns an interest in approximately 2900 gross producing wells of which 350 are horizontal.

PDC Energy Inc

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