PDC Energy (PDCE)

PDC Energy, Inc. is a domestic independent exploration and production company that acquires, explores and develops properties for the production of crude oil, natural gas and NGLs, with operations in the Wattenberg Field in Colorado and Delaware Basin in west Texas. Its operations in the Wattenberg Field are focused in the horizontal Niobrara and Codell plays and its Delaware Basin operations are primarily focused in the horizontal Wolfcamp zones.

Company profile

Ticker

PDCE

Exchange

NASDAQ

Website

www.pdce.com

CEO

Barton Brookman

Incorporated

Delaware

Location

Colorado

Fiscal year end

Dec 31

Sector

Mining, Quarrying, and Oil and Gas Extraction > Crude Petroleum and Natural Gas Extraction

Industry (SIC)

Crude Petroleum & Natural Gas

Petroleo Brasileiro S.A. Petrobras • Occidental Petroleum • Anadarko Petroleum • Apache • Chesapeake Energy • Devon Energy • Marathon Oil • EOG Resources • Pressburg • Ovintiv ...

Former names

PETROLEUM DEVELOPMENT CORP

SEC CIK

0000077877

Corporate docs

Articles of Incorporation & Bylaws

Underwriting Agreements

Plans of Reorganization

Indentures

Material Contracts & Credit Agreements

Subsidiaries Lists

Subsidiaries

PDC Permian, Inc. ...

IRS number

952636730

PDCE stock data

1M 1Y 5Y

News

From Benzinga Pro

Expert Ratings for PDC Energy

10 May 22

Analysts have provided the following ratings for PDC Energy (NASDAQ:PDCE) within the last quarter:

Wells Fargo Maintains Overweight on PDC Energy, Raises Price Target to $102

10 May 22

Wells Fargo analyst Nitin Kumar maintains PDC Energy (NASDAQ:PDCE) with a Overweight and raises the price target from $98 to $102.

PDC Energy: Q1 Earnings Insights

4 May 22

PDC Energy (NASDAQ:PDCE) reported its Q1 earnings results on Wednesday, May 4, 2022 at 04:00 PM. Here's what investors need to know about the announcement. Earnings PDC Energy beat estimated earnings by 18.45%, reporting an EPS of $3.66 versus an estimate of $3.09.

PDC Energy Q1 EPS $3.66 Beats $3.09 Estimate, Sales $316.45M Miss $705.13M Estimate

4 May 22

Earnings Scheduled For May 4, 2022

4 May 22

Press releases

From Benzinga Pro

PDC Energy, Inc. Completes Great Western Acquisition

6 May 22

DENVER, May 06, 2022 (GLOBE NEWSWIRE) -- PDC Energy, Inc. (NASDAQ:PDCE) ("PDC" or the "Company") today announced that it has completed its acquisition of Great Western Petroleum, LLC ("Great Western"), a privately held

PDC Energy, Inc. Announces 2022 First Quarter Financial and Operating Results

4 May 22

DENVER, May 04, 2022 (GLOBE NEWSWIRE) -- PDC Energy, Inc. ("PDC" or the "Company") (NASDAQ:PDCE) today announced its 2022 first quarter financial and operating results. 2022 First Quarter Highlights: Net cash from

This Small-Cap Green Oil Play has Multiple Catalysts in Hot Market Space (EOG, PQEFF, DVN, PDCE, XOM, PTEN, MTDR, XLE)

28 Apr 22

With Germany out yesterday professing its support for a gradual EU ban on Russian oil, the stage is set for another supply-driven rally in the price of oil and gas around the world. Over the longer-term, the backdrop for

PDC Energy Announces 2022 First Quarter Conference Call – Thursday May 5, 2022

1 Apr 22

PDC Energy Announces $1.3 Billion Core Wattenberg Acquisition, Establishes Enhanced Return of Capital Framework, Provides 2021 Results and 2022 Guidance

28 Feb 22

Analyst ratings and price targets

Last 3 months

Average target

$90.00

Low target

$84.00

High target

$102.00

Calendar

4 May 22

20 May 22

31 Dec 22

Financial summary

Financial statements Chart PDCE financial data

Quarter (USD)	Mar 22	Dec 21	Sep 21	Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Annual (USD)	Dec 21	Dec 20	Dec 19	Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	171.16M	171.16M	171.16M	171.16M	171.16M	171.16M
Cash burn (monthly)	(no burn)	(no burn)	5.94M	(no burn)	(no burn)	(no burn)
Cash used (since last report)	n/a	n/a	9.85M	n/a	n/a	n/a
Cash remaining	n/a	n/a	161.31M	n/a	n/a	n/a
Runway (months of cash)	n/a	n/a	27.2	n/a	n/a	n/a

Beta Read what these cash burn values mean

Financial data from PDC Energy earnings reports.

Recent insider trades

PDCE insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
18 May 22	Butcher Pamela R	Common Stock	Buy	Acquire P	No	No	63.91	1,000	63.91K	2,008
16 May 22	Lynn A Peterson	Common Stock	Sell	Dispose S	No	No	67.54	3,221	217.55K	300,499
16 May 22	Lynn A Peterson	Common Stock	Sell	Dispose S	No	No	67.01	3,779	253.23K	303,720
11 May 22	Martinet Nicole L	Common Stock	Sell	Dispose S	No	No	70	7,150	500.5K	51,066
11 May 22	David C Parke	Common Stock	Sell	Dispose S	No	No	69.89	1,300	90.86K	24,448
11 May 22	David C Parke	Common Stock	Sell	Dispose S	No	No	69.92	2,978	208.22K	25,748
2 May 22	Barton R Brookman JR	Common Stock	Sell	Dispose S	No	No	68.85	700	48.19K	402,201
2 May 22	Barton R Brookman JR	Common Stock	Sell	Dispose S	No	No	68.07	700	47.65K	402,901
2 May 22	Barton R Brookman JR	Common Stock	Sell	Dispose S	No	No	67.27	600	40.36K	403,601

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.

Institutional ownership, Q1 2022

PDCE institutional ownership history Ownership history

97.6% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	341	300	+13.7%
Opened positions	81	53	+52.8%
Closed positions	40	40	–
Increased positions	107	82	+30.5%
Reduced positions	126	127	-0.8%

13F shares	Current	Prev Q	Change
Total value	6.77B	4.77B	+41.8%
Total shares	93.12M	97.79M	-4.8%
Total puts	284.3K	155.8K	+82.5%
Total calls	995K	346.1K	+187.5%
Total put/call ratio	0.3	0.5	-36.5%

Largest owners	Shares	Value	Change
BLK Blackrock	11.12M	$807.98M	-26.8%
Vanguard	9.54M	$693.41M	-10.7%
Dimensional Fund Advisors	5.41M	$392.9M	-5.6%
FMR	5.05M	$367.21M	+29.5%
STT State Street	4.75M	$345.37M	+13.4%
Victory Capital Management	3.72M	$270.4M	-8.8%
MCQEF Macquarie	3.05M	$221.54M	+10.2%
Jennison Associates	2.41M	$175.3M	-8.8%
Harris Associates L P	2.17M	$157.82M	-11.3%
Geode Capital Management	1.98M	$143.82M	+10.2%

Largest transactions	Shares	Bought/sold	Change
BLK Blackrock	11.12M	-4.08M	-26.8%
Fred Alger Management	1.84M	+1.84M	NEW
FMR	5.05M	+1.15M	+29.5%
Vanguard	9.54M	-1.14M	-10.7%
IVZ Invesco	1.49M	+849.29K	+133.0%
New York State Common Retirement Fund	202.14K	-794.07K	-79.7%
Manufacturers Life Insurance Company, The	0	-631.41K	EXIT
Wellington Management	1.65M	+625.85K	+61.0%
Thomist Capital Management	0	-591.34K	EXIT
STT State Street	4.75M	+561.34K	+13.4%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Financial report summary

Management Discussion

The crude oil and natural gas industry is cyclical and commodity prices are inherently volatile. Commodity prices reflect global supply and demand dynamics as well as the geopolitical and macroeconomic environment.
In 2021, the global economy continued to recover due to the containment of COVID-19 and related emerging variants, which resulted to an increase in crude oil demand. Overall production from OPEC+ has not increased at the same pace of the demand, creating upward pressure on crude oil prices and tightening of global oil inventories. In February 2022, Russia, a major global crude oil exporter, attacked and invaded Ukraine, driving the United States (“U.S.”) and other Western countries to apply sanctions over crude oil imports from Russia. Additionally, many crude oil purchasers are boycotting Russian crude oil in response to the attacks on Ukraine. All of these factors have led to lower global oil supply and significantly higher crude oil prices in the first quarter of 2022 when compared to 2021.
The commodity price environment may remain volatile for an extended period due to, among other things, the continued invasion in Ukraine, outbreaks caused by coronavirus variants, the recovery of the economy, unexpected supply disruptions in key producing countries including the potential for higher U.S. crude oil production, historically low storage inventories of petroleum products, geopolitical disputes, weather conditions, and ongoing investor and regulatory pressure to replace fossil fuel consumption with lower carbon emission alternatives.

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. freshman Good

New words: aforementioned, assumption, attacked, bankruptcy, baseline, boardroom, boycotting, bringing, called, certification, charitable, chemical, cleaner, communication, comparison, conclusion, dashboard, deposit, deposited, disproportionately, earlier, electrical, eligible, emerging, escrow, exact, feedback, garner, GHG, Great, greenhouse, hand, inflation, invaded, invasion, lessen, liquified, LLC, local, Membership, met, methane, mile, noise, orphan, outline, outlined, overseen, overview, power, preceding, priority, professional, profile, properly, Ranger, reach, reinvestment, reset, rest, robust, rule, Russia, Russian, safer, simulated, slightly, sound, spread, standalone, storage, surety, tier, tightening, track, traffic, Ukraine, unexpected, upward, WAHA, Western, worker, workover

Removed: aided, allocation, assumed, assuming, cancellation, charge, concurrent, conversion, convert, corroborating, delivered, developmental, documentation, DTA, exceeded, exercisable, exercise, expensed, extension, finalized, forma, half, identifiable, improvement, integration, interbank, intrinsic, invested, land, LIBOR, London, long, lowered, merged, merger, MRL, negatively, older, operate, original, pro, product, PSU, realizability, reflecting, reinstated, repay, represented, reviewing, sequential, SRL, successful, supporting, transition, unconventional, validate, vertical, XRL

From filing 10-Q 2022 Q1

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