Los Angeles Capital Management & Equity Research Inc. decreased its position in shares of PDC Energy Inc. (NASDAQ:PDCE) by 19.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,450 shares of the company’s stock after selling 2,000 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in PDC Energy were worth $487,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in PDCE. BlackRock Institutional Trust Company N.A. increased its stake in shares of PDC Energy by 13.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,198,372 shares of the company’s stock worth $71,243,000 after buying an additional 141,484 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of PDC Energy by 13.4% in the first quarter. BlackRock Fund Advisors now owns 2,861,483 shares of the company’s stock worth $170,115,000 after buying an additional 338,577 shares in the last quarter. BlackRock Group LTD increased its stake in shares of PDC Energy by 123.6% in the first quarter. BlackRock Group LTD now owns 141,053 shares of the company’s stock worth $8,387,000 after buying an additional 77,984 shares in the last quarter. BlackRock Inc. increased its stake in shares of PDC Energy by 561.9% in the first quarter. BlackRock Inc. now owns 7,618 shares of the company’s stock worth $453,000 after buying an additional 6,467 shares in the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of PDC Energy by 16.8% in the first quarter. Prudential Financial Inc. now owns 109,046 shares of the company’s stock worth $6,483,000 after buying an additional 15,660 shares in the last quarter. 95.50% of the stock is owned by institutional investors and hedge funds.
PDC Energy Inc. (NASDAQ:PDCE) traded down 2.59% during mid-day trading on Friday, hitting $65.02. 2,711,025 shares of the company traded hands. PDC Energy Inc. has a one year low of $42.68 and a one year high of $71.00. The company’s 50-day moving average is $64.19 and its 200-day moving average is $59.32. The stock’s market capitalization is $3.03 billion.
PDC Energy (NASDAQ:PDCE) last released its quarterly earnings data on Tuesday, August 9th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.06) by $0.05. PDC Energy had a negative return on equity of 1.07% and a negative net margin of 40.23%. The firm had revenue of $20.10 million for the quarter, compared to the consensus estimate of $160.18 million. During the same period in the previous year, the business earned $0.27 EPS. The firm’s revenue was down 60.6% compared to the same quarter last year. Analysts predict that PDC Energy Inc. will post ($0.33) EPS for the current year.
Several research analysts have commented on PDCE shares. KLR Group restated a “buy” rating and issued a $80.00 target price (down previously from $87.00) on shares of PDC Energy in a research report on Monday, September 12th. Royal Bank Of Canada upped their target price on shares of PDC Energy from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 10th. Wells Fargo & Co. restated a “market perform” rating on shares of PDC Energy in a research report on Wednesday, July 6th. Credit Suisse Group AG restated a “buy” rating and issued a $83.00 target price on shares of PDC Energy in a research report on Thursday, August 25th. Finally, BMO Capital Markets cut shares of PDC Energy from an “outperform” rating to a “market perform” rating and set a $58.00 target price for the company. in a research report on Monday, August 8th. Eight analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. PDC Energy has an average rating of “Buy” and a consensus target price of $72.67.
In related news, Director David C. Parke sold 500 shares of PDC Energy stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $61.84, for a total transaction of $30,920.00. Following the transaction, the director now owns 17,717 shares of the company’s stock, valued at approximately $1,095,619.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.80% of the company’s stock.
About PDC Energy
PDC Energy, Inc is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing.
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