PDC Energy Receives a Buy from Williams Capital

In a report issued on May 21, Gabriele Sorbara from Williams Capital reiterated a Buy rating on PDC Energy (NASDAQ: PDCE), with a price target of $86. The company’s shares closed yesterday at $63.99, close to its 52-week high of $66.20.

According to TipRanks.com, Sorbara is a 4-star analyst with an average return of 4.7% and a 56.1% success rate. Sorbara covers the Basic Materials sector, focusing on stocks such as Gulfport Energy Corp, Extraction Oil & Gas, and Oasis Petroleum Inc.

Currently, the analyst consensus on PDC Energy is Strong Buy and the average price target is $71.11, representing an 11.1% upside.

In a report issued on May 14, Johnson Rice also upgraded the stock to Buy with a $67 price target.

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Based on PDC Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $13.14 million. In comparison, last year the company had a net profit of $46.15 million.

Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock.

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PDC Energy, Inc. engages in the exploration and production of oil and natural gas. It 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.