PDC Energy (PDCE) = Growth + income in 2023
Posted: Thu May 18, 2023 1:37 pm
It might be a good time to add PDCE because the Company is going to report a significant production increase from Q1 to Q2.
PDC reported Q1 production of 244,131 Boepd with 77,089 bpd of crude oil.
Here is what they told us in their Q1 conference call:
"For the second quarter, the Company increased the midpoint of its prior guidance and now expects total production to be in a range of 265,000-277,000 Boe per day and 87,000-92,000 Bbls per day of oil production. The increase is primarily a result of timing of turn-in-line activity from two large pads in the Wattenberg Field at the end of the first quarter that will now contribute more to the second quarter."
At the mid-point that is a that will be more than a 26,000 Boepd increase in production Q over Q.
At the time of this post PDCE was trading for $63.97, TipRanks price target is $85.17 and my valuation is $102.00
PDCE pays a based dividend of $0.40/Qtr and is aggressively buying back shares.
PDC reported Q1 production of 244,131 Boepd with 77,089 bpd of crude oil.
Here is what they told us in their Q1 conference call:
"For the second quarter, the Company increased the midpoint of its prior guidance and now expects total production to be in a range of 265,000-277,000 Boe per day and 87,000-92,000 Bbls per day of oil production. The increase is primarily a result of timing of turn-in-line activity from two large pads in the Wattenberg Field at the end of the first quarter that will now contribute more to the second quarter."
At the mid-point that is a that will be more than a 26,000 Boepd increase in production Q over Q.
At the time of this post PDCE was trading for $63.97, TipRanks price target is $85.17 and my valuation is $102.00
PDCE pays a based dividend of $0.40/Qtr and is aggressively buying back shares.