SCP Investment LP Buys 14,000 Shares of PDC Energy Inc (NASDAQ:PDCE)

SCP Investment LP boosted its stake in PDC Energy Inc (NASDAQ:PDCE) by 35.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 54,000 shares of the energy producer’s stock after acquiring an additional 14,000 shares during the period. PDC Energy accounts for about 1.1% of SCP Investment LP’s holdings, making the stock its 20th biggest position. SCP Investment LP owned about 0.08% of PDC Energy worth $1,947,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Quantamental Technologies LLC bought a new stake in shares of PDC Energy in the first quarter valued at approximately $63,000. Pearl River Capital LLC bought a new stake in shares of PDC Energy in the first quarter valued at approximately $92,000. Strs Ohio raised its position in shares of PDC Energy by 125.0% in the first quarter. Strs Ohio now owns 3,600 shares of the energy producer’s stock valued at $146,000 after purchasing an additional 2,000 shares during the period. Connable Office Inc. bought a new stake in shares of PDC Energy in the first quarter valued at approximately $234,000. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of PDC Energy in the first quarter valued at approximately $236,000.

PDCE stock traded down $0.27 during midday trading on Thursday, reaching $27.54. The company had a trading volume of 39,082 shares, compared to its average volume of 1,416,799. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.65 and a quick ratio of 0.65. PDC Energy Inc has a 1 year low of $24.13 and a 1 year high of $57.40. The company has a market capitalization of $1.77 billion, a P/E ratio of -9.30, a P/E/G ratio of 0.69 and a beta of 1.09. The firm has a 50-day moving average price of $29.13 and a 200-day moving average price of $35.67.

PDC Energy (NASDAQ:PDCE) last released its quarterly earnings results on Wednesday, August 7th. The energy producer reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.11). PDC Energy had a negative return on equity of 3.08% and a net margin of 7.73%. The company had revenue of $390.70 million during the quarter, compared to analysts’ expectations of $333.78 million. During the same period in the prior year, the firm earned $0.56 EPS. PDC Energy’s quarterly revenue was up 83.9% on a year-over-year basis. On average, equities analysts predict that PDC Energy Inc will post 1.68 EPS for the current year.

A number of analysts recently weighed in on the stock. MKM Partners set a $47.00 target price on shares of PDC Energy and gave the stock a “buy” rating in a report on Monday, August 12th. TD Securities decreased their target price on shares of PDC Energy from $65.00 to $59.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Williams Capital reaffirmed a “buy” rating and set a $61.00 target price on shares of PDC Energy in a report on Thursday, May 2nd. BMO Capital Markets lowered shares of PDC Energy from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $50.00 to $38.00 in a report on Thursday, July 11th. Finally, ValuEngine raised shares of PDC Energy from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $52.20.

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. Its operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc in June 2012.

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Institutional Ownership by Quarter for PDC Energy (NASDAQ:PDCE)

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