The Denver-based exploration and production company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids.
The stock is one of the firm's "top picks" in the exploration and production (E&P) space.
"PDCE in our view represents one of the best growth stories at a value multiple in the SMID-cap E&P space. An enviable 96,000 net acre position in the core of the Wattenberg Field in the DJ Basin of Colorado that is 100% held-by production, along with a solid base in the Utica Shale, provides the company a deep inventory to drive growth for years to come," Canaccord Genuity said in an analyst note.
Shares of PDC Energy closed at $59.29 on Wednesday.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its expanding profit margins, good cash flow from operations and solid stock price performance.
However, as a counter to these strengths, the team also finds weaknesses including deteriorating net income, disappointing return on equity and generally higher debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PDCE