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UPDATE: Canaccord Genuity Downgrades PDC Energy to Hold, Reiterates $34 PT

In a report published Wednesday, Canaccord Genuity downgraded its rating on PDC Energy (NASDAQ: PDCE) from Buy to Hold, and reiterated its $34.00 price target.

Canaccord Genuity noted, “Over the past month, PDC shares have risen 20%+ driven by investor enthusiasm as to the company's Utica Shale leasehold in Ohio. As a consequence, PDC shares approximate our $34 target price and accordingly we are downgrading PDCE from a Buy to HOLD rating...PDC has ~45,000 net acres prospective in the Ohio Utica Shale. About 25% of acreage is in southern Guernsey and northern Noble Counties and ~75% is in southern Noble, eastern Morgan and northern Washington, Counties. Limited petrophysical/well data suggest the volatile/movable oil content (i.e., productivity) of the Point Pleasant formation across the southern ~75% of PDC's Utica leasehold is highly uncertain.”

PDC Energy closed on Tuesday at $34.92.

Latest Ratings for PDCE

DateFirmActionFromTo
Jul 2014Howard WeilUpgradesSector PerformSector Outperform
Jul 2014Capital One FinancialInitiates Coverage onOverweight
Jun 2014GMP SecuritiesInitiates Coverage onBuy

View More Analyst Ratings for PDCE
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Downgrades Analyst Ratings

 

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