GWM Advisors LLC acquired a new stake in shares of PDC Energy Inc (NASDAQ:PDCE) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,872 shares of the energy producer’s stock, valued at approximately $239,000.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. FMR LLC raised its position in shares of PDC Energy by 7.9% in the second quarter. FMR LLC now owns 3,385,504 shares of the energy producer’s stock valued at $204,653,000 after purchasing an additional 246,713 shares during the period. Castleark Management LLC raised its position in shares of PDC Energy by 2,017.1% in the second quarter. Castleark Management LLC now owns 232,880 shares of the energy producer’s stock valued at $14,078,000 after purchasing an additional 221,880 shares during the period. Rothschild Asset Management Inc. raised its position in shares of PDC Energy by 44.8% in the second quarter. Rothschild Asset Management Inc. now owns 700,470 shares of the energy producer’s stock valued at $42,343,000 after purchasing an additional 216,876 shares during the period. Renaissance Technologies LLC bought a new position in shares of PDC Energy in the second quarter valued at approximately $11,579,000. Finally, Frontier Capital Management Co. LLC raised its position in shares of PDC Energy by 28.8% in the second quarter. Frontier Capital Management Co. LLC now owns 819,364 shares of the energy producer’s stock valued at $49,531,000 after purchasing an additional 183,041 shares during the period.
In other PDC Energy news, insider Barton R. Brookman, Jr. sold 1,500 shares of PDC Energy stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $52.71, for a total transaction of $79,065.00. Following the sale, the insider now owns 203,526 shares in the company, valued at $10,727,855.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Scott J. Reasoner sold 1,341 shares of PDC Energy stock in a transaction on Monday, October 15th. The stock was sold at an average price of $50.43, for a total transaction of $67,626.63. Following the sale, the chief operating officer now owns 73,379 shares in the company, valued at approximately $3,700,502.97. The disclosure for this sale can be found here. Insiders have sold 11,941 shares of company stock worth $619,665 in the last quarter. Corporate insiders own 1.00% of the company’s stock.
PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings results on Monday, November 5th. The energy producer reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.11). PDC Energy had a positive return on equity of 2.52% and a negative net margin of 43.37%. The business had revenue of $280.70 million for the quarter, compared to analyst estimates of $337.69 million. During the same quarter in the prior year, the firm earned ($3.85) EPS. The firm’s quarterly revenue was up 53.2% on a year-over-year basis. On average, sell-side analysts anticipate that PDC Energy Inc will post 2.2 EPS for the current fiscal year.
PDCE has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on shares of PDC Energy from $70.00 to $72.00 and gave the company a “$60.95” rating in a research report on Monday, July 23rd. Zacks Investment Research raised shares of PDC Energy from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research report on Wednesday, August 1st. Stephens reaffirmed a “buy” rating and set a $78.00 target price on shares of PDC Energy in a research report on Thursday, July 26th. Jefferies Financial Group set a $86.00 target price on shares of PDC Energy and gave the stock a “buy” rating in a research report on Thursday, July 19th. Finally, TD Securities set a $79.00 target price on shares of PDC Energy and gave the stock a “buy” rating in a research report on Thursday, August 9th. Eight equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. PDC Energy currently has a consensus rating of “Buy” and an average price target of $71.25.
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About PDC Energy
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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