PDC Energy: 3Q Earnings Snapshot
DENVER (AP) _ PDC Energy Inc. (PDCE) on Wednesday reported third-quarter net income of $15.9 million, after reporting a loss in the same period a year earlier.
The Denver-based company said it had net income of 25 cents per share. Losses, adjusted for non-recurring gains, were 39 cents per share.
The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The independent oil and gas company posted revenue of $365.9 million in the period, exceeding Street forecasts. Eight analysts surveyed by Zacks expected $332 million.
PDC Energy shares have dropped 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.91, a drop of 51% in the last 12 months.