Gradient Investments LLC increased its position in shares of PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) by 43.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,305 shares of the energy producer’s stock after acquiring an additional 2,230 shares during the quarter. Gradient Investments LLC’s holdings in PDC Energy were worth $464,000 as of its most recent filing with the SEC.
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Other hedge funds have also recently bought and sold shares of the company. Millennium Management LLC raised its stake in PDC Energy by 732.8% during the second quarter. Millennium Management LLC now owns 1,887,582 shares of the energy producer’s stock worth $116,294,000 after purchasing an additional 1,660,926 shares during the period. Invesco Ltd. raised its stake in shares of PDC Energy by 133.0% in the 1st quarter. Invesco Ltd. now owns 1,487,666 shares of the energy producer’s stock valued at $108,123,000 after acquiring an additional 849,289 shares during the period. FMR LLC raised its stake in shares of PDC Energy by 14.9% in the 2nd quarter. FMR LLC now owns 5,805,913 shares of the energy producer’s stock valued at $357,703,000 after acquiring an additional 753,500 shares during the period. UBS Group AG raised its stake in shares of PDC Energy by 426.4% in the 2nd quarter. UBS Group AG now owns 818,091 shares of the energy producer’s stock valued at $50,403,000 after acquiring an additional 662,688 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of PDC Energy by 61.0% in the 1st quarter. Wellington Management Group LLP now owns 1,652,103 shares of the energy producer’s stock valued at $120,075,000 after acquiring an additional 625,845 shares during the period. Institutional investors and hedge funds own 96.16% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have recently commented on PDCE shares. Roth Capital reissued a “buy” rating on shares of PDC Energy in a research note on Friday, February 17th. Truist Financial downgraded shares of PDC Energy from a “buy” rating to a “hold” rating and set a $68.00 price target on the stock. in a research note on Monday, December 12th. Mizuho dropped their price target on shares of PDC Energy from $97.00 to $93.00 in a research note on Friday, March 10th. Finally, StockNews.com initiated coverage on shares of PDC Energy in a research note on Thursday. They set a “hold” rating on the stock. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $83.33.
Insider Activity
In other news, CFO R Scott Meyers sold 2,500 shares of PDC Energy stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $60.00, for a total value of $150,000.00. Following the completion of the transaction, the chief financial officer now directly owns 164,910 shares of the company’s stock, valued at approximately $9,894,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO R Scott Meyers sold 2,500 shares of PDC Energy stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $60.00, for a total value of $150,000.00. Following the completion of the transaction, the chief financial officer now directly owns 164,910 shares of the company’s stock, valued at approximately $9,894,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of PDC Energy stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $62.49, for a total transaction of $124,980.00. Following the completion of the transaction, the chief executive officer now directly owns 363,556 shares of the company’s stock, valued at $22,718,614.44. The disclosure for this sale can be found here. In the last three months, insiders sold 16,000 shares of company stock valued at $1,045,995. Company insiders own 1.20% of the company’s stock.
PDC Energy Price Performance
Shares of PDCE stock opened at $57.94 on Friday. The firm has a market cap of $5.12 billion, a P/E ratio of 3.13, a P/E/G ratio of 0.11 and a beta of 2.54. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.42 and a quick ratio of 0.42. PDC Energy, Inc. has a 1-year low of $51.72 and a 1-year high of $89.22. The firm has a fifty day moving average of $65.73 and a two-hundred day moving average of $66.79.
PDC Energy (NASDAQ:PDCE – Get Rating) last announced its quarterly earnings data on Wednesday, February 22nd. The energy producer reported $3.22 earnings per share for the quarter, topping the consensus estimate of $3.05 by $0.17. The company had revenue of $879.50 million during the quarter, compared to analyst estimates of $892.11 million. PDC Energy had a net margin of 46.24% and a return on equity of 42.84%. The firm’s revenue for the quarter was down 41.8% compared to the same quarter last year. During the same period last year, the business earned $2.86 EPS. As a group, research analysts anticipate that PDC Energy, Inc. will post 14.01 earnings per share for the current fiscal year.
PDC Energy Cuts Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 16th. Shareholders of record on Thursday, March 2nd were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.76%. The ex-dividend date was Wednesday, March 1st. PDC Energy’s dividend payout ratio is currently 8.65%.
About PDC Energy
PDC Energy, Inc engages in the exploration and production of oil and natural gas. The firm acquires, explores, and develops properties for the production of crude oil, natural gas, and natural gas liquids. Its primary operations are located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.
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