Intrinsic value of PDC Energy - PDCE

Previous Close

$39.38

  Intrinsic Value

$9.55

stock screener

  Rating & Target

str. sell

-76%

Previous close

$39.38

 
Intrinsic value

$9.55

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of PDCE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  940
  962
  986
  1,014
  1,045
  1,079
  1,115
  1,155
  1,198
  1,244
  1,293
  1,346
  1,401
  1,461
  1,524
  1,591
  1,661
  1,736
  1,815
  1,898
  1,986
  2,079
  2,177
  2,280
  2,389
  2,503
  2,623
  2,750
  2,883
  3,023
Variable operating expenses, $m
  923
  944
  969
  996
  1,026
  1,059
  1,095
  1,134
  1,176
  1,222
  1,270
  1,321
  1,376
  1,435
  1,496
  1,562
  1,631
  1,705
  1,782
  1,864
  1,951
  2,042
  2,138
  2,239
  2,346
  2,458
  2,576
  2,700
  2,831
  2,969
Fixed operating expenses, $m
  308
  314
  321
  328
  336
  343
  351
  358
  366
  374
  382
  391
  399
  408
  417
  426
  436
  445
  455
  465
  475
  486
  497
  507
  519
  530
  542
  554
  566
  578
Total operating expenses, $m
  1,231
  1,258
  1,290
  1,324
  1,362
  1,402
  1,446
  1,492
  1,542
  1,596
  1,652
  1,712
  1,775
  1,843
  1,913
  1,988
  2,067
  2,150
  2,237
  2,329
  2,426
  2,528
  2,635
  2,746
  2,865
  2,988
  3,118
  3,254
  3,397
  3,547
Operating income, $m
  -291
  -297
  -304
  -310
  -317
  -324
  -330
  -337
  -345
  -352
  -359
  -367
  -374
  -382
  -390
  -398
  -406
  -414
  -422
  -431
  -440
  -448
  -457
  -466
  -476
  -485
  -494
  -504
  -514
  -524
EBITDA, $m
  187
  192
  198
  205
  214
  225
  237
  250
  264
  281
  298
  317
  338
  361
  385
  411
  439
  468
  500
  534
  570
  609
  649
  693
  739
  787
  839
  894
  952
  1,013
Interest expense (income), $m
  43
  83
  85
  89
  92
  97
  101
  106
  112
  118
  124
  131
  138
  146
  154
  163
  173
  183
  193
  204
  216
  228
  242
  255
  270
  285
  302
  319
  337
  355
  375
Earnings before tax, $m
  -374
  -383
  -392
  -403
  -413
  -425
  -437
  -449
  -462
  -476
  -490
  -505
  -520
  -536
  -553
  -570
  -588
  -607
  -627
  -647
  -668
  -690
  -713
  -736
  -761
  -787
  -813
  -841
  -869
  -899
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -374
  -383
  -392
  -403
  -413
  -425
  -437
  -449
  -462
  -476
  -490
  -505
  -520
  -536
  -553
  -570
  -588
  -607
  -627
  -647
  -668
  -690
  -713
  -736
  -761
  -787
  -813
  -841
  -869
  -899

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,498
  4,601
  4,720
  4,852
  4,999
  5,161
  5,337
  5,527
  5,732
  5,952
  6,187
  6,438
  6,706
  6,990
  7,291
  7,611
  7,949
  8,307
  8,685
  9,084
  9,505
  9,949
  10,417
  10,910
  11,429
  11,976
  12,552
  13,157
  13,795
  14,465
Adjusted assets (=assets-cash), $m
  4,498
  4,601
  4,720
  4,852
  4,999
  5,161
  5,337
  5,527
  5,732
  5,952
  6,187
  6,438
  6,706
  6,990
  7,291
  7,611
  7,949
  8,307
  8,685
  9,084
  9,505
  9,949
  10,417
  10,910
  11,429
  11,976
  12,552
  13,157
  13,795
  14,465
Revenue / Adjusted assets
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
Average production assets, $m
  4,062
  4,155
  4,262
  4,382
  4,515
  4,661
  4,819
  4,991
  5,176
  5,375
  5,588
  5,814
  6,056
  6,312
  6,585
  6,873
  7,179
  7,502
  7,843
  8,203
  8,584
  8,985
  9,407
  9,853
  10,322
  10,816
  11,335
  11,882
  12,458
  13,063
Working capital, $m
  -201
  -206
  -211
  -217
  -224
  -231
  -239
  -247
  -256
  -266
  -277
  -288
  -300
  -313
  -326
  -340
  -356
  -372
  -388
  -406
  -425
  -445
  -466
  -488
  -511
  -536
  -561
  -588
  -617
  -647
Total debt, $m
  1,187
  1,232
  1,283
  1,341
  1,404
  1,474
  1,550
  1,633
  1,722
  1,817
  1,919
  2,027
  2,143
  2,266
  2,397
  2,535
  2,682
  2,836
  3,000
  3,173
  3,355
  3,547
  3,750
  3,964
  4,189
  4,425
  4,675
  4,937
  5,213
  5,503
Total liabilities, $m
  1,948
  1,992
  2,044
  2,101
  2,165
  2,235
  2,311
  2,393
  2,482
  2,577
  2,679
  2,788
  2,904
  3,027
  3,157
  3,295
  3,442
  3,597
  3,760
  3,933
  4,116
  4,308
  4,510
  4,724
  4,949
  5,186
  5,435
  5,697
  5,973
  6,263
Total equity, $m
  2,550
  2,609
  2,676
  2,751
  2,835
  2,926
  3,026
  3,134
  3,250
  3,375
  3,508
  3,650
  3,802
  3,963
  4,134
  4,315
  4,507
  4,710
  4,924
  5,150
  5,389
  5,641
  5,906
  6,186
  6,480
  6,790
  7,117
  7,460
  7,822
  8,202
Total liabilities and equity, $m
  4,498
  4,601
  4,720
  4,852
  5,000
  5,161
  5,337
  5,527
  5,732
  5,952
  6,187
  6,438
  6,706
  6,990
  7,291
  7,610
  7,949
  8,307
  8,684
  9,083
  9,505
  9,949
  10,416
  10,910
  11,429
  11,976
  12,552
  13,157
  13,795
  14,465
Debt-to-equity ratio
  0.470
  0.470
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
Adjusted equity ratio
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -374
  -383
  -392
  -403
  -413
  -425
  -437
  -449
  -462
  -476
  -490
  -505
  -520
  -536
  -553
  -570
  -588
  -607
  -627
  -647
  -668
  -690
  -713
  -736
  -761
  -787
  -813
  -841
  -869
  -899
Depreciation, amort., depletion, $m
  478
  489
  501
  516
  531
  548
  567
  587
  609
  632
  657
  684
  712
  743
  775
  809
  845
  883
  923
  965
  1,010
  1,057
  1,107
  1,159
  1,214
  1,272
  1,334
  1,398
  1,466
  1,537
Funds from operations, $m
  104
  106
  109
  113
  118
  124
  130
  138
  147
  157
  167
  179
  192
  206
  222
  238
  256
  275
  296
  318
  342
  367
  394
  423
  453
  486
  520
  557
  596
  638
Change in working capital, $m
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
Cash from operations, $m
  108
  111
  114
  119
  124
  131
  138
  147
  156
  166
  178
  191
  204
  219
  235
  253
  271
  291
  313
  336
  361
  387
  415
  445
  477
  510
  546
  584
  625
  668
Maintenance CAPEX, $m
  -469
  -478
  -489
  -501
  -516
  -531
  -548
  -567
  -587
  -609
  -632
  -657
  -684
  -712
  -743
  -775
  -809
  -845
  -883
  -923
  -965
  -1,010
  -1,057
  -1,107
  -1,159
  -1,214
  -1,272
  -1,334
  -1,398
  -1,466
New CAPEX, $m
  -78
  -93
  -107
  -120
  -133
  -146
  -159
  -172
  -185
  -199
  -213
  -227
  -241
  -257
  -272
  -289
  -305
  -323
  -341
  -360
  -380
  -401
  -423
  -445
  -469
  -494
  -520
  -547
  -575
  -605
Cash from investing activities, $m
  -547
  -571
  -596
  -621
  -649
  -677
  -707
  -739
  -772
  -808
  -845
  -884
  -925
  -969
  -1,015
  -1,064
  -1,114
  -1,168
  -1,224
  -1,283
  -1,345
  -1,411
  -1,480
  -1,552
  -1,628
  -1,708
  -1,792
  -1,881
  -1,973
  -2,071
Free cash flow, $m
  -439
  -460
  -481
  -502
  -524
  -546
  -569
  -592
  -616
  -641
  -667
  -694
  -721
  -750
  -780
  -811
  -843
  -876
  -911
  -947
  -985
  -1,024
  -1,065
  -1,107
  -1,152
  -1,198
  -1,246
  -1,296
  -1,349
  -1,403
Issuance/(repayment) of debt, $m
  35
  45
  51
  57
  64
  70
  76
  82
  89
  95
  102
  109
  116
  123
  131
  138
  146
  155
  164
  173
  182
  192
  203
  214
  225
  237
  249
  262
  276
  290
Issuance/(repurchase) of shares, $m
  416
  441
  459
  478
  497
  516
  536
  557
  578
  600
  623
  647
  672
  697
  724
  751
  780
  810
  841
  873
  907
  942
  978
  1,016
  1,055
  1,097
  1,139
  1,184
  1,231
  1,279
Cash from financing (excl. dividends), $m  
  451
  486
  510
  535
  561
  586
  612
  639
  667
  695
  725
  756
  788
  820
  855
  889
  926
  965
  1,005
  1,046
  1,089
  1,134
  1,181
  1,230
  1,280
  1,334
  1,388
  1,446
  1,507
  1,569
Total cash flow (excl. dividends), $m
  13
  26
  29
  33
  36
  40
  44
  47
  51
  55
  58
  62
  66
  70
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  136
  143
  150
  158
  166
Retained Cash Flow (-), $m
  -416
  -441
  -459
  -478
  -497
  -516
  -536
  -557
  -578
  -600
  -623
  -647
  -672
  -697
  -724
  -751
  -780
  -810
  -841
  -873
  -907
  -942
  -978
  -1,016
  -1,055
  -1,097
  -1,139
  -1,184
  -1,231
  -1,279
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -403
  -416
  -430
  -445
  -460
  -476
  -493
  -510
  -528
  -546
  -565
  -585
  -605
  -627
  -649
  -672
  -696
  -721
  -747
  -774
  -802
  -832
  -862
  -894
  -927
  -961
  -997
  -1,034
  -1,073
  -1,113
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -387
  -380
  -374
  -366
  -357
  -346
  -333
  -319
  -303
  -286
  -268
  -250
  -230
  -210
  -191
  -171
  -152
  -133
  -115
  -98
  -83
  -69
  -57
  -46
  -36
  -28
  -21
  -16
  -12
  -8
Current shareholders' claim on cash, %
  86.1
  73.8
  63.0
  53.7
  45.7
  38.8
  33.0
  28.0
  23.7
  20.1
  17.1
  14.5
  12.3
  10.4
  8.9
  7.5
  6.4
  5.5
  4.7
  4.0
  3.4
  2.9
  2.5
  2.1
  1.8
  1.6
  1.3
  1.2
  1.0
  0.9

PDC Energy, Inc. is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing. The Company's Oil and Gas Exploration and Production segment includes all of its crude oil and natural gas properties. The Company's Gas Marketing segment purchases, aggregates and resells natural gas. The Company's operations in the Wattenberg Field are focused on the horizontal Niobrara and Codell plays. Its Delaware Basin operations are focused in the Wolfcamp zones and its Ohio operations are focused in the Utica Shale play. As of December 31, 2016, the Company owned an interest in approximately 2,900 productive gross wells.

FINANCIAL RATIOS  of  PDC Energy (PDCE)

Valuation Ratios
P/E Ratio -10.5
Price to Sales 6.8
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow -2.5
Growth Rates
Sales Growth Rate -35.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 150.2%
Cap. Spend. - 3 Yr. Gr. Rate 30.8%
Financial Strength
Quick Ratio 244
Current Ratio 0
LT Debt to Equity 39.8%
Total Debt to Equity 39.9%
Interest Coverage -8
Management Effectiveness
Return On Assets -6.4%
Ret/ On Assets - 3 Yr. Avg. 0.1%
Return On Total Capital -8.8%
Ret/ On T. Cap. - 3 Yr. Avg. -1.1%
Return On Equity -12.6%
Return On Equity - 3 Yr. Avg. -1.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 89.3%
Gross Margin - 3 Yr. Avg. 88.7%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 36%
Operating Margin -86.7%
Oper. Margin - 3 Yr. Avg. -23.8%
Pre-Tax Margin -102.6%
Pre-Tax Margin - 3 Yr. Avg. -33.3%
Net Profit Margin -64.2%
Net Profit Margin - 3 Yr. Avg. -19.2%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 0%

PDCE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PDCE stock intrinsic value calculation we used $921.616 million for the last fiscal year's total revenue generated by PDC Energy. The default revenue input number comes from 0001 income statement of PDC Energy. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PDCE stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PDCE is calculated based on our internal credit rating of PDC Energy, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PDC Energy.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PDCE stock the variable cost ratio is equal to 98.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $301 million in the base year in the intrinsic value calculation for PDCE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.2% for PDC Energy.

Corporate tax rate of 27% is the nominal tax rate for PDC Energy. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PDCE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PDCE are equal to 432.1%.

Life of production assets of 8.5 years is the average useful life of capital assets used in PDC Energy operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PDCE is equal to -21.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2507.649 million for PDC Energy - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 65.671 million for PDC Energy is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PDC Energy at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Colorado oil companies starting to cash in on production growth   [Nov-09-18 05:02PM  American City Business Journals]
▶ PDC Energy: 3Q Earnings Snapshot   [04:46PM  Associated Press]
▶ Steven Cohen Dives Deeper Into Extraction Oil & Gas   [Sep-05-18 01:54PM  GuruFocus.com]
▶ Colorado oil and gas stocks hit hard by anti-fracking ballot initiative news   [Aug-10-18 04:48PM  American City Business Journals]
▶ PDC Energy Inc to Host Earnings Call   [Aug-09-18 09:00AM  ACCESSWIRE]
▶ PDC Energy: 2Q Earnings Snapshot   [05:02PM  Associated Press]
▶ Top Ranked Growth Stocks to Buy for July 31st   [Jul-31-18 10:14AM  Zacks]
▶ As America's hiring spree continues, these Denver companies are leading the charge   [Jul-16-18 04:35PM  American City Business Journals]
▶ Data dive: A look at CEO-worker pay ratios at Colorado public companies   [Jul-02-18 07:30AM  American City Business Journals]
▶ PDC Energy: 1Q Earnings Snapshot   [May-02-18 06:01PM  Associated Press]
▶ An E&P Pair Trade Idea From Goldman Sachs   [Apr-15-18 04:59PM  Benzinga]
▶ PDC Energy Incs (NASDAQ:PDCE) Path To Profitability   [Apr-11-18 06:39PM  Simply Wall St.]
▶ PDC Energy Inc to Host Earnings Call   [Feb-27-18 09:45AM  ACCESSWIRE]
▶ PDC Energy tops 4Q profit forecasts   [Feb-26-18 05:30PM  Associated Press]
▶ Should You Buy PDC Energy Inc (NASDAQ:PDCE)?   [07:13AM  Simply Wall St.]
▶ PDC Energys Performance: What Happened to the Stock in 2017?   [Jan-17-18 10:31AM  Market Realist]
▶ US Gasoline Inventories: More Concerns for Oil in 2018?   [Jan-11-18 10:35AM  Market Realist]
▶ Will US Crude Oil Production Undermine Crude Oil Futures?   [Jan-05-18 08:17AM  Market Realist]
▶ PDC Energy Appoints New Chief Financial Officer   [Jan-04-18 09:00AM  GlobeNewswire]
▶ Investment Banks Estimates for Crude Oil Prices in 2018   [Jan-03-18 11:00AM  Market Realist]
▶ Will US Crude Oil Futures Test a 3-Year High?   [Jan-02-18 10:56AM  Market Realist]
▶ US Crude Oil Inventories Have Fallen ~10.6% in 2017   [Dec-29-17 05:20PM  Market Realist]
▶ PDC Energy Announces New Director Appointment   [Dec-21-17 12:48PM  GlobeNewswire]
▶ Global Crude Oil Supply Outage Is near 2012 Low   [Dec-20-17 10:00AM  Market Realist]
▶ Where Whiting Petroleum Stands Next to Peers   [12:26PM  Market Realist]
▶ Is OPEC Underestimating US Crude Oil Production?   [Dec-07-17 11:10AM  Market Realist]
▶ How Could US Tax Bill Affect Dollar and Crude Oil Prices?   [Dec-04-17 12:50PM  Market Realist]
▶ Will OPECs Meeting Disappoint Crude Oil Traders?   [Nov-29-17 11:00AM  Market Realist]
▶ Crude Oil Futures: What Could Drive Volatility This Week?   [Nov-27-17 09:57AM  Market Realist]
▶ How US Distillate Inventory Levels Affect Oil Prices   [Nov-23-17 03:15PM  Market Realist]
▶ Stocks Already Have the Holiday Spirit   [Nov-22-17 09:15AM  Zacks]
▶ US Crude Oil Production Could Hit a Record   [Nov-21-17 08:34AM  Market Realist]
▶ Which Energy Stocks Underperformed Weak Oil Last Week?   [Nov-20-17 05:55PM  Market Realist]
▶ Will US Gasoline Demand Help Oil Bulls or Bears?   [Nov-15-17 08:15AM  Market Realist]
▶ PDC Energy Announces Pricing of 5.75% Senior Notes Offering   [Nov-14-17 05:15PM  GlobeNewswire]
▶ PDC Energy -- Moody's upgrades PDC Energy to Ba3   [Nov-13-17 12:59PM  Moody's]
▶ PDC Energy reports 3Q loss   [06:05AM  Associated Press]
▶ PDC Energy settles federal, state lawsuit over oil and gas pollution in Colorado   [Oct-31-17 04:05PM  American City Business Journals]

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