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
|Aug 2015||Credit Suisse||Maintains||Outperform|
|Aug 2015||Global Hunter||Downgrades||Buy||Accumulate|
|Aug 2015||Bank of America||Upgrades||Neutral||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.