NEW YORK (TheStreet) -- Shares of PDC Energy (PDCE - Get Report) are dropping by 8.39% to $55 on Friday morning, after the Denver-based company reported lower-than-expected results for the 2016 first quarter.

Before the opening bell, the independent oil and gas company reported an adjusted loss of 89 cents per diluted share, much wider than the loss of 11 cents per share that analysts had expected.

Revenue for the quarter was $90.8 million, which fell short of analysts' estimates of $151.2 million. Last year, the company reported revenue of $144.6 million.

"I am very pleased with the first quarter and our ability to deliver results in-line with our internal expectations despite weather-related challenges in late March," CEO Bart Brookman said in a statement.

"Our operations and marketing teams continue to focus on improving margins by driving down costs and reducing our oil differentials," he added.

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. 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, the team also finds weaknesses including deteriorating net income, generally higher debt management risk and disappointing return on equity.

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