Canaccord Genuity Maintains a 'Hold' on PDC Energy (PETD); Adjusting PT on Positive Niobara Activity
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Price: $25.57 +1.91%
Rating Summary:
9 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
9 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Hold' on PDC Energy (NASDAQ: PETD) price target raised from $38 to $42.
Analyst, John Gerdes, said, "We are raising our target due to a higher liquids composition and lower operating expense partly offset by the removal of a Utica joint venture. The company prudently shifted ~5% of capital from the Marcellus to the Niobrara, and we lowered our operating expense assumption ~10%...Conversely, we removed $6/share related to a Utica Shale transaction. The company appears on track to achieve 40,000 net acres. Yet, a joint venture seems unlikely to price above $5,000/acre, which calls into question the logic of lowering exposure to a second liquids play."
For an analyst ratings summary and ratings history on PDC Energy click here. For more ratings news on PDC Energy click here.
Shares of PDC Energy closed at $36.01 yesterday.
Analyst, John Gerdes, said, "We are raising our target due to a higher liquids composition and lower operating expense partly offset by the removal of a Utica joint venture. The company prudently shifted ~5% of capital from the Marcellus to the Niobrara, and we lowered our operating expense assumption ~10%...Conversely, we removed $6/share related to a Utica Shale transaction. The company appears on track to achieve 40,000 net acres. Yet, a joint venture seems unlikely to price above $5,000/acre, which calls into question the logic of lowering exposure to a second liquids play."
For an analyst ratings summary and ratings history on PDC Energy click here. For more ratings news on PDC Energy click here.
Shares of PDC Energy closed at $36.01 yesterday.
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