PDC Energy: 2Q Earnings Snapshot
Aug. 08, 2018
DENVER (AP) _ PDC Energy Inc. (PDCE) on Wednesday reported a second-quarter loss of $160.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Denver-based company said it had a loss of $2.43. Earnings, adjusted for asset impairment costs and non-recurring costs, were 56 cents per share.
The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The independent oil and gas company posted revenue of $212.5 million in the period, which also missed Street forecasts. Seven analysts surveyed by Zacks expected $302.7 million.
PDC Energy shares have risen almost 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $55.04, a climb of 39 percent in the last 12 months.