PDCE - Why PDC Energy Stock Is Surging Today
Shares of PDC Energy (NASDAQ: PDCE) rallied as much as 16.4% by 10:30 a.m. EST on Thursday. Fueling the oil stock was its fourth-quarter results and its plan to return cash to shareholders later this year.
PDC Energy posted a fourth-quarter adjusted profit of $1.10 per share, which beat analysts' expectations by $0.21 per share. The company also generated $270 million of adjusted cash from operations, enabling it to fund its $110 million capital program while producing $160 million in free cash flow. That pushed its full-year free cash total to more than $400 million, enabling it to reduce debt by $300 million since closing its acquisition of SRC Energy .
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Why PDC Energy Stock Is Surging Today