Canaccord Genuity Reiterates a 'Buy' on PDC Energy (PDCE); Codell Test Competitive with Niobrara Wells

Canaccord Genuity reiterates a 'Buy' on PDC Energy (NASDAQ: PDCE) price target of $36.00 (from $39.00).

Analyst, John Gerdes, said, "We are lowering our PDCE target price $3 to $36 per share due to 8% lower expected ’12 production and higher operating expense. The production revision is related to elevated Wattenberg field line pressure resulting from third-party midstream facilities issues and poor compressor performance given exceptionally hot summer weather...Importantly, the lower production outlook is not related to well/reservoir performance, and we reiterate our rating."

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 $27.70 yesterday.

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