UPDATE: Stifel Nicolaus Downgrades PDC Energy to Hold on Valuation
Stifel Nicolaus downgraded PDC Energy (NASDAQ: PDCE) from Buy to Hold and removed the price target of $50.00.
Stifel Nicolaus analyst Michael Scialla noted, "Year-to-date, the stock (+57%) has significantly outperformed our peer group (+14%) and is now valued at a 5% premium (38% premium on EV/2013 EBITDA and 28% discount on price/NAV). While the company's high quality assets justify a premium valuation, balance sheet and infrastructure constraints are likely to weigh on potential multiple expansion, in our view."
PDC Energy closed at $52.06 on Monday.
Latest Ratings for PDCE
|Sep 2016||Canaccord Genuity||Maintains||Buy|
|Aug 2016||Seaport Global||Upgrades||Neutral||Buy|
|Aug 2016||Williams Capital Group||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.