PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) – Equities researchers at Seaport Res Ptn raised their Q4 2022 EPS estimates for shares of PDC Energy in a research report issued on Wednesday, August 31st. Seaport Res Ptn analyst N. Pope now anticipates that the energy producer will post earnings per share of $5.17 for the quarter, up from their prior forecast of $5.01. The consensus estimate for PDC Energy’s current full-year earnings is $16.62 per share.
Several other research analysts have also commented on the stock. Truist Financial dropped their price objective on shares of PDC Energy from $105.00 to $97.00 and set a “buy” rating for the company in a research note on Monday, August 15th. The Goldman Sachs Group cut their price target on shares of PDC Energy from $87.00 to $77.00 and set a “buy” rating on the stock in a report on Tuesday, July 5th. Wells Fargo & Company raised their price objective on shares of PDC Energy from $102.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 11th. TheStreet upgraded PDC Energy from a “c+” rating to a “b” rating in a research report on Wednesday, August 3rd. Finally, MKM Partners reiterated a “buy” rating and issued a $76.00 price target on shares of PDC Energy in a report on Wednesday, July 20th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $86.75.
PDC Energy Price Performance
Shares of PDC Energy stock opened at $65.23 on Friday. The stock has a 50 day moving average price of $61.36 and a 200-day moving average price of $67.46. PDC Energy has a one year low of $40.41 and a one year high of $89.22. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of 5.16 and a beta of 2.63. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.42 and a current ratio of 0.42.
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PDC Energy (NASDAQ:PDCE – Get Rating) last released its quarterly earnings results on Wednesday, August 3rd. The energy producer reported $5.11 EPS for the quarter, topping the consensus estimate of $4.57 by $0.54. PDC Energy had a return on equity of 47.13% and a net margin of 44.67%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.10 billion.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in PDCE. Millennium Management LLC boosted its position 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 valued at $116,294,000 after purchasing an additional 1,660,926 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of PDC Energy in the 4th quarter worth approximately $74,067,000. Principal Financial Group Inc. raised its stake in shares of PDC Energy by 88.3% during the 4th quarter. Principal Financial Group Inc. now owns 1,830,697 shares of the energy producer’s stock worth $89,301,000 after acquiring an additional 858,561 shares in the last quarter. Invesco Ltd. lifted its position in PDC Energy by 133.0% during the first 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 last quarter. Finally, FMR LLC boosted its stake in PDC Energy by 14.9% in the second 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 in the last quarter. 96.91% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, Director Lynn A. Peterson sold 7,000 shares of the stock in a transaction on Wednesday, June 15th. The stock was sold at an average price of $80.55, for a total transaction of $563,850.00. Following the transaction, the director now owns 296,167 shares of the company’s stock, valued at approximately $23,856,251.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $61.85, for a total value of $123,700.00. Following the completion of the transaction, the chief executive officer now owns 388,201 shares of the company’s stock, valued at $24,010,231.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lynn A. Peterson sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $80.55, for a total transaction of $563,850.00. Following the completion of the transaction, the director now directly owns 296,167 shares of the company’s stock, valued at approximately $23,856,251.85. The disclosure for this sale can be found here. Insiders have sold 27,000 shares of company stock worth $1,809,240 in the last ninety days. 1.20% of the stock is owned by company insiders.
PDC Energy Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, September 8th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $1.40 annualized dividend and a yield of 2.15%. PDC Energy’s dividend payout ratio (DPR) is currently 11.08%.
PDC Energy Company 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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