MLV & Co Raises 2014 Guidance For PDC Energy

In a report published Monday, MLV & Co analyst Chad Mabry reiterated a Buy rating and $87.00 price target on

. In the report, MLV & Co noted, “PDCE reported Q2'14 adj. EPS of $0.23, missing our $0.38 estimate and the $0.34 Street consensus. CFPS of $1.95 was just shy of our $1.98 but topped consensus by a penny. Q2'14 production of 29.7 MBoe/d (40% oil, 15% NGLs) bested our forecast by 8% and guidance by >10%. The top-line beat was offset by higher-than-expected unit operating expenses. Q2'14 capex of $158 million was 3% above expectations.” PDC Energy closed on Friday at $60.92.