PDCE - PDC Energy Inc. Looks to Continue to Trade Above its Annual-High Share Price Today
Shares of PDC Energy Inc. (NASDAQ:PDCE) traded at a new 52-week high today of $54.35. So far today approximately 110,000 shares have been exchanged, as compared to an average 30-day volume of 857,000 shares.
Over the past year, PDC Energy Inc. has traded in a range of $10.61 to $54.35 and is now at $54.24, 411% above that low.
PDC Energy is an exploration and production company in the crude oil, natural gas, and natural gas liquids industries. The company has an operation in the Wattenberg Field in Colorado and an operation in the Delaware Basin in Texas. The company remains flexible in terms of rig activity and capital deployment because of short-term rig contracts and held-by-production acreage. Through a technology focus, PDC implements multiwell drilling, extended laterals, increased frac stage density, enhanced frac design, and drilling efficiencies. The acquisition of SRC led to an increase in net acres to the company's asset portfolio. Natural gas production is the biggest contributor to the company's revenue, with production greatest in the Wattenberg Field.
PDC Energy Inc. (NASDAQ:PDCE) has potential upside of 452.5% based on a current price of $54.24 and analysts' consensus price target of $299.65.
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