Jefferies Remains a Buy on PDC Energy

By Austin Angelo

Jefferies analyst Mark Lear reiterated a Buy rating on PDC Energy (NASDAQ: PDCE) on July 9 and set a price target of $85. The company’s shares closed yesterday at $61.93, close to its 52-week high of $66.20.

According to TipRanks.com, Lear is a 3-star analyst with an average return of 2.8% and a 54.1% success rate. Lear covers the Basic Materials sector, focusing on stocks such as Jagged Peak Energy Inc, Whiting Petroleum Corp, and Continental Resources.

PDC Energy has an analyst consensus of Strong Buy, with a price target consensus of $75.56, representing a 22.0% upside. In a report issued on July 5, TD Securities also initiated coverage with a Buy rating on the stock with a $80 price target.

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The company has a one-year high of $66.20 and a one-year low of $36.74. Currently, PDC Energy has an average volume of 1.02M.

Based on the recent corporate insider activity of 50 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.