PDC Energy (PDCE) Received its Third Buy in a Row

After Stifel Nicolaus and Credit Suisse gave PDC Energy (NASDAQ: PDCE) a Buy rating last month, the company received another Buy, this time from Imperial Capital. Analyst Irene Haas maintained a Buy rating on PDC Energy yesterday and set a price target of $17.00. The company’s shares closed last Thursday at $8.83, close to its 52-week low of $4.52.

According to TipRanks.com, Haas has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.2% and a 38.7% success rate. Haas covers the Basic Materials sector, focusing on stocks such as Extraction Oil & Gas, Matador Resources, and Montage Resources.

Currently, the analyst consensus on PDC Energy is a Strong Buy with an average price target of $28.00, representing a 211.1% upside. In a report issued on April 14, Credit Suisse also maintained a Buy rating on the stock with a $11.00 price target.

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Based on PDC Energy’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $265 million and GAAP net loss of $20.95 million. In comparison, last year the company earned revenue of $795 million and had a net profit of $179 million.

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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. The company was founded in 1969 and is headquartered in Denver, CO.

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