PDC Energy Inc.
), an independent energy firm, reported the closure of its
previously declared public offering of 5.175 million common
shares. After eliminating compensation of the underwriter, the
company received net proceeds of roughly $276.0 million.
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The proceeds will be utilized by PDC Energy in order to finance a
part of its extended capital expenditure program for the
remaining period of 2013 and for 2014. Moreover, the company also
plans to use the realizations to add a fourth rig for drilling
activities in the Wattenberg Field, for corporate issues and to
buy an extra acreage in the Utica Shale.
Recently, PDC Energy announced second-quarter 2013 adjusted
earnings per share of 23 cents, failing to beat the Zacks
Consensus Estimate of 26 cents due to significant increase in
overall production cost. However, the company improved from
adjusted loss per share of 6 cents incurred in the year-ago
period. The year over year result was aided by substantial
increase in production.
Denver, Colo.-based PDC Energy is primarily involved in the
exploration, development and production of liquid and gas. The
company operates mainly in the liquid-rich Wattenberg Field. Oil
and Gas Exploration and Production and Gas Marketing are the two
segments of PDC Energy.
PDC Energy currently carries a Zacks Rank #2 (Buy), implying that
it is expected to outperform the broader U.S. equity market over
the next one-to-three months.
Apart from PDC Energy, there are other oil and gas exploration
and production firms like
Cabot Oil & Gas Corporation
Range Resources Corporation
VOC Energy Trust
) that are expected to significantly outperform the broader U.S.
equity market over the next one-to-three months. All the firms
currently sport a Zacks Rank #1 (Strong Buy).