Shares of PDC Energy Inc. (NASDAQ:PDCE) traded at a new 52-week high today of $73.85. Approximately 197,000 shares have changed hands today, as compared to an average 30-day volume of 2.2 million shares.
PDC Energy Inc. (NASDAQ:PDCE) is currently priced 5.3% above its average consensus analyst price target of $69.81.
PDC Energy Inc. share prices have moved between a 52-week high of $73.85 and a 52-week low of $30.25 and are now trading 144% above that low price at $73.75 per share.
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.
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