|Bid||39.00 x 800|
|Ask||39.15 x 1000|
|Day's Range||38.41 - 41.91|
|52 Week Range||4.51 - 41.91|
|Beta (5Y Monthly)||3.47|
|PE Ratio (TTM)||N/A|
|Earnings Date||May 05, 2021 - May 10, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||38.63|
PDC Energy (PDCE) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
Oil prices shot as much as 5% higher on Thursday as OPEC and its allies agreed to extend most of their production cuts through April, a sign that high prices could be here to stay. Oil company stocks jumped, too, often much more than the commodity, because prices this high will give many of them operating leverage. Because capital costs are high in the industry, oil company margins expand considerably once prices rise above $50 and companies have fully paid for the cost of the equipment and labor they need to extract oil.
There has been a growing consensus on Wall Street that oil prices will stay high, and that energy stocks can continue their upward swing. “Anything less than 1.5 million barrels per day will bring into question whether OPEC has left it too late to add oil onto the market before the summer demand surge.”