National Asset Management Inc. decreased its holdings in PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) by 2.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,258 shares of the energy producer’s stock after selling 248 shares during the quarter. National Asset Management Inc.’s holdings in PDC Energy were worth $674,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the business. Royce & Associates LP raised its position in shares of PDC Energy by 4,577.0% during the fourth quarter. Royce & Associates LP now owns 258,266 shares of the energy producer’s stock worth $12,598,000 after acquiring an additional 252,744 shares during the last quarter. Yousif Capital Management LLC acquired a new stake in shares of PDC Energy during the fourth quarter worth $4,423,000. Citigroup Inc. grew its stake in shares of PDC Energy by 20.0% during the fourth quarter. Citigroup Inc. now owns 175,595 shares of the energy producer’s stock worth $8,566,000 after purchasing an additional 29,323 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of PDC Energy during the fourth quarter worth $1,219,000. Finally, First Trust Advisors LP grew its stake in shares of PDC Energy by 223.8% during the fourth quarter. First Trust Advisors LP now owns 820,470 shares of the energy producer’s stock worth $40,023,000 after purchasing an additional 567,065 shares during the period.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently commented on the company. StockNews.com assumed coverage on PDC Energy in a research note on Thursday, March 31st. They set a “buy” rating for the company. TheStreet cut PDC Energy from a “b” rating to a “c+” rating in a research note on Wednesday, May 4th. Wells Fargo & Company lifted their price objective on PDC Energy from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 11th. KeyCorp boosted their target price on PDC Energy from $80.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, April 8th. Finally, The Goldman Sachs Group decreased their target price on PDC Energy from $87.00 to $77.00 and set a “buy” rating for the company in a research note on Tuesday, July 5th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, PDC Energy presently has a consensus rating of “Buy” and a consensus target price of $87.75.
Insider Activity at PDC Energy
In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the firm’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $81.84, for a total value of $163,680.00. Following the completion of the transaction, the chief executive officer now directly owns 390,201 shares of the company’s stock, valued at $31,934,049.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO R Scott Meyers sold 1,000 shares of the business’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $68.47, for a total value of $68,470.00. Following the completion of the sale, the chief financial officer now owns 118,128 shares of the company’s stock, valued at $8,088,224.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of the business’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $81.84, for a total transaction of $163,680.00. Following the completion of the sale, the chief executive officer now directly owns 390,201 shares of the company’s stock, valued at approximately $31,934,049.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 62,038 shares of company stock valued at $4,370,386. 1.20% of the stock is owned by corporate insiders.
PDC Energy Trading Down 1.6 %
NASDAQ PDCE opened at $60.97 on Wednesday. PDC Energy, Inc. has a 52 week low of $34.52 and a 52 week high of $89.22. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.58 and a current ratio of 0.58. The stock’s 50 day moving average price is $67.73 and its two-hundred day moving average price is $66.53. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 12.15 and a beta of 2.73.
PDC Energy (NASDAQ:PDCE – Get Rating) last posted its quarterly earnings data on Wednesday, May 4th. The energy producer reported $3.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.18 by $0.48. PDC Energy had a net margin of 26.48% and a return on equity of 38.99%. The company had revenue of $316.45 million for the quarter, compared to the consensus estimate of $702.98 million. During the same period last year, the company earned $1.41 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, analysts anticipate that PDC Energy, Inc. will post 18.29 earnings per share for the current fiscal year.
PDC Energy Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, June 23rd. Investors of record on Thursday, June 9th were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, June 8th. This is a boost from PDC Energy’s previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a dividend yield of 2.30%. PDC Energy’s dividend payout ratio (DPR) is currently 27.89%.
PDC Energy Profile
PDC Energy, Inc, an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. The company’s operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.
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