Mizuho analyst Nitin Kumar lowered the firm’s price target on PDC Energy to $93 from $97 and keeps a Buy rating on the shares. The analyst reduced net asset values by 5% for the firm’s U.S. oil and gas coverage. This largely reflects lower capital efficiencies for 2023 that are then carried forward over the longer term, the analyst tells investors in a research note. The firm’s top picks in the sector remain Diamondback Energy (FANG), Exxon Mobil (XOM) and Coterra Energy (CTRA). It also removed Pioneer Natural Resources (PXD) from "strong buy" and added PDC Energy (PDCE) to the list, alongside ConocoPhillips (COP), Valero Energy (VLO), Devon Energy (DVN) and Chesapeake Energy (CHK).
Published first on TheFly
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Read More on PDCE:
- PDC Energy reports Q4 adjusted EPS $3.22, consensus $3.08
- PDC Energy, Inc. Announces Full-Year and Fourth Quarter 2022 Financial and Operating Results; Provides 2023 Guidance
- PDC Energy increases quarterly dividend, share repurchase program
- PDC Energy Declares Increased Quarterly Cash Dividend on Common Shares and Announces $750 Million Increase to Share Buyback Authorization
- PDC Energy Announces 2022 Fourth Quarter and Year-End Conference Call – Thursday February 23, 2023
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