Analysts at Goldman Sachs initiated coverage on PDC Energy Inc (NASDAQ: PDCE) with a Conviction Buy rating.

The target price for PDC Energy is set to $77.

PDC Energy shares have dropped 10.33 percent over the past 52 weeks, while the S&P 500 index has surged 12.61 percent in the same period.

PDC Energy shares rose 0.40 percent to close at $55.06 on Friday.