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PDC Energy (PDCE) Stock Tumbles, Q1 Loss Wider Than Expected

NEW YORK (TheStreet) -- Shares of PDC Energy (PDCE - Get Report) are dropping by 8.39% to $55 on Friday morning, after the Denver-based company reported lower-than-expected results for the 2016 first quarter.

Before the opening bell, the independent oil and gas company reported an adjusted loss of 89 cents per diluted share, much wider than the loss of 11 cents per share that analysts had expected.

Revenue for the quarter was $90.8 million, which fell short of analysts' estimates of $151.2 million. Last year, the company reported revenue of $144.6 million.

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