Canaccord Genuity Lowers PDC (PDCE) Production Estimates
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Price: $73.85 --0%
Rating Summary:
23 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
23 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintained a Buy rating on PDC Energy (NASDAQ: PDCE) but cut its price target to $34.00 (from $36.00).
"We are lowering our target price $2 to $34 per share due to our expectation that 2H12 production will be 7% below prior guidance," said analyst John Gerdes.
"The production revision is attributable to elevated Wattenberg field gathering line pressure resulting from third-party midstream capacity limitations. Unfortunately, PDC's Wattenberg field production is likely to experience midstream constraints until the 110 Mmcfpd LaSalle plant commences operation in mid '13," said Gerdes.
Canacccord Genuity's lower production outlook is not related to well/reservoir performance.
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 $29.78 yesterday.
"We are lowering our target price $2 to $34 per share due to our expectation that 2H12 production will be 7% below prior guidance," said analyst John Gerdes.
"The production revision is attributable to elevated Wattenberg field gathering line pressure resulting from third-party midstream capacity limitations. Unfortunately, PDC's Wattenberg field production is likely to experience midstream constraints until the 110 Mmcfpd LaSalle plant commences operation in mid '13," said Gerdes.
Canacccord Genuity's lower production outlook is not related to well/reservoir performance.
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 $29.78 yesterday.
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