| Over a month ago | ||||
Oil & Gas Exploration… Oil & Gas Exploration & Production Analysts Jayaram and Parham provide a fall update on natural gas fundamentals and discuss the reinstatement of coverage of PDCE Energy (PDCE) on an Analyst/Industry conference call to be held on September 25 at 10 am. | ||||
Oil & Gas Exploration… Oil & Gas Exploration & Production Analysts Jayaram and Parham provide a fall update on natural gas fundamentals and discuss the reinstatement of coverage of PDCE Energy (PDCE) on an Analyst/Industry conference call to be held on September 24 at 10 am. | ||||
JPMorgan analyst Arun… JPMorgan analyst Arun Jayaram reinstated coverage of PDC Energy with an Overweight rating and $23 price target after a period of restriction and added the shares to the firm's Analyst Focus List as a value pick. PDC is one of the best positioned operators among the SMid cap Exploration and Production companies given that it "pairs a strong free cash flow profile and relatively clean balance sheet with a cheap multiple," Jayaram tells investors in a research note. | ||||
Stifel analyst Michael… Stifel analyst Michael Scialla lowered the firm's price target on PDC Energy to $20 from $26 to reflect a potential reduction in the company's drilling inventory after the Colorado Oil and Gas Conservation Commission last week supported increasing the setback for new oil and gas drilling in the state. While a final vote on the decision is not expected until next month, he anticipates a rule change, Scialla tells investors. However, he reiterates a Buy rating on the shares, citing the company's free cash flow yield and debt-adjusted production growth per share. | ||||
PDC Energy announced… PDC Energy announced publication of its 2020 Sustainability Report, highlighting the Company's efforts and commitments to responsibly develop oil and natural gas in 2019 and beyond. The report builds on PDC's core values of emphasizing integrity and respect for the environment and the health, safety, and well-being of our employees and communities. Highlights and achievements from this report include: Responsible Operations: Year-over-year improvements in both Total Recordable Incident Rate and Reportable Spill Rate of 52% and 37%, respectively. Environmental Stewardship: Use of emission control technology to reduce carbon dioxide and methane emissions per barrel of oil equivalent by more than 80% between 2016 and 2019. Social Impact: Sustained emphasis on community engagement demonstrated through more than 2,000 employee volunteer hours and donations to approximately 90 organizations in 2019. Corporate Governance: Continued efforts to establish best-in-class governance practices including board refreshment and changes to executive compensation to more closely align with key stakeholders. In an effort to provide greater alignment with reporting standards, PDC has focused on reporting in accordance with the Sustainability Accounting Standards Board guidance. The full 2020 Sustainability Report can be found on the Company's website, www.pdce.com. | ||||
Goldman Sachs analyst… Goldman Sachs analyst Umang Choudhary initiated coverage of PDC Energy with a Buy rating and $20 price target. He views the shares' valuation as attractive, even considering a potential overhang around Colorado regulation, and has confidence in his "above consensus" free cash flow forecasts for PDC, the analyst tells investors. | |
Reports Q2 revenue $174M,… Reports Q2 revenue $174M, consensus $251.96M.President and Chief Executive Officer Bart Brookman commented, "The second quarter presented multiple challenges, but I am extremely proud of our ability to quickly adapt our business plan while never losing sight of our corporate values and strategy. Our operational excellence and ability to execute are more apparent than ever, and were clearly reflected in our results and updated guidance. As PDC stands today with our substantial projected free cash flow, I am proud of our differentiating outlook. "From a risk perspective, we are experiencing a much improved midstream, operating and regulatory backdrop in Colorado that enhances our confidence in achieving our business objectives. I echo Governor Polis' recent remarks around the need for collaboration as we collectively strive to safely deliver clean, affordable energy in Colorado and I look forward to working with his administration on this mission." |
| Over a quarter ago | ||||
Catch up on today's… Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Lowe's upgraded to Buy from Hold at Stifel with analyst John Baugh saying the company had an impressive April quarter, with 20.4% comps in the final month and continued strong trends in May driven by online sales. 2. Las Vegas Sands (LVS) upgraded an Outperform from Neutral at Credit Suisse with analyst Ben Combes saying the company's "strong" liquidity position suggests a 1.5 year runway in a zero revenue environment, and it is still making substantial discretionary capital investments. 3. PDC Energy (PDCE) upgraded to Buy from Hold at Stifel with analyst Michael Scialla saying the recent oil price rally reduces concern over the company's potential reliance on its credit facility to fund a near-term debt maturity. 4. Avis Budget (CAR) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Adam Jonas saying the company's $500M secured bond issuance was "critical" to giving it time to "de-fleet in a more orderly way," while it has also achieved in excess of $2B of run-rate annualized cost savings. 5. Honeywell (HON) upgraded to Buy from Hold at HSBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
Stifel analyst Michael… Stifel analyst Michael Scialla upgraded PDC Energy to Buy from Hold with a price target of $21, up from $14. The recent oil price rally reduces concern over the company's potential reliance on its credit facility to fund a near-term debt maturity, Scialla tells investors in a research note. "Strong" free cash flow generation should fund an upcoming maturity, bolster a "solid" balance sheet, and cause the stock's 40% discount to mid-cap peers to narrow, adds the analyst. | ||||
The Company's… The Company's preliminary 2021 Outlook contemplates total capital investment between $500 million and $600 million with approximately $100 million of projected free cash flow assuming $30 per Bbl WTI oil, $2.50 per Mcf NYMEX natural gas and NGL realizations of approximately $7.50 per barrel. Additionally, the Company projects to grow both total and oil production by five to ten percent compared to 2020 while further improving its cost structure as it projects G&A of approximately $120 million to $125 million, which includes approximately $25 million of stock-based compensation. | ||||