UPDATE: Hilliard Lyons Raises PDC Energy's PT

According to a research report published this morning, Hilliard Lyons has increased PDC Energy's

PT from $40 to $44. In the report, Hilliard Lyons said, "PDC reported Q1'12 adjusted operating EPS of $0.06 vs. a loss of $0.12 a year ago. Our estimate was for EPS of $0.15 while consensus was for $0.25. Adjusted EBITDDA was $62M in the quarter (excluding the gain from discontinued operations) vs. $34M a year ago and exceeded our $55M forecast. Production increased 20% yr/yr to 13.1Bcfe. The gas/liquids mix shifted to 64%/36% from 71%/29% a year ago as oil production increased 31% yr/yr and NGLs grew 56%. Gas production was up 12% yr/yr." Hilliard Lyons maintains its Buy rating on PDC Energy, which closed yesterday at $31.79.