PDC Energy: 2Q Earnings Snapshot
DENVER (AP) _ PDC Energy Inc. (PDCE) on Wednesday reported second-quarter net income of $68.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Denver-based company said it had net income of $1.04. Earnings, adjusted for non-recurring gains, came to 34 cents per share.
The results fell short of Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.
The independent oil and gas company posted revenue of $390.7 million in the period, topping Street forecasts. Ten analysts surveyed by Zacks expected $339.5 million.
PDC Energy shares have dropped almost 9% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.21, a drop of 50% in the last 12 months.