Investing.com - Shares of PDC Energy Inc (NASDAQ:PDCE) fell on Tuesday despite the release of solid second quarter results as traders focused on the company's reduced guidance.
While the company easily beat expectations in the second quarter, the company said that it now sees its full year 2017 production coming in at the lower end of its guidance of 32 million - 33 million boe. "As we manage the capital investment program, we are also adjusting the timing of completions, resulting in full-year estimated production towards the bottom of our 32-33 MMBoe range, [which] takes into account our updated turn-in-line schedule, anticipated midstream constraints in Wattenberg, and our updated production forecast from our Delaware assets," the company said.
For the second quarter, PDC Energy's production totaled 8 million boe, up 54% year-over-year. For the quarter earned 19 cents per share, above the 17 cents per share analysts were expecting. Revenue was $275.2 million, topping the consensus analyst forecast by $62.7 million.
Shares were down almost 12% near closing bell.