Emerald Acquisition Ltd. acquired a new stake in PDC Energy Inc. (NASDAQ:PDCE) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 40,054 shares of the company’s stock, valued at approximately $2,307,000. Emerald Acquisition Ltd. owned approximately 0.09% of PDC Energy at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PDCE. Norges Bank acquired a new stake in PDC Energy during the fourth quarter valued at about $12,507,000. Texas Permanent School Fund boosted its stake in PDC Energy by 9.2% in the first quarter. Texas Permanent School Fund now owns 36,227 shares of the company’s stock valued at $2,154,000 after buying an additional 3,040 shares during the last quarter. Aperio Group LLC boosted its stake in PDC Energy by 5.8% in the first quarter. Aperio Group LLC now owns 12,329 shares of the company’s stock valued at $733,000 after buying an additional 673 shares during the last quarter. Nisa Investment Advisors L.L.C. boosted its stake in PDC Energy by 70.8% in the first quarter. Nisa Investment Advisors L.L.C. now owns 23,400 shares of the company’s stock valued at $1,391,000 after buying an additional 9,700 shares during the last quarter. Finally, Virginia Retirement System purchased a new stake in PDC Energy during the first quarter valued at $386,000. Hedge funds and other institutional investors own 95.50% of the company’s stock.
Shares of PDC Energy Inc. (NASDAQ:PDCE) traded up 1.55% during midday trading on Thursday, hitting $66.76. 1,367,542 shares of the stock were exchanged. PDC Energy Inc. has a 12 month low of $42.68 and a 12 month high of $71.00. The stock’s market cap is $3.11 billion. The firm’s 50-day moving average is $64.84 and its 200-day moving average is $59.59.
PDC Energy (NASDAQ:PDCE) last announced its earnings results on Tuesday, August 9th. The company reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by $0.05. The firm earned $20.10 million during the quarter, compared to analyst estimates of $160.18 million. PDC Energy had a negative net margin of 40.23% and a negative return on equity of 1.07%. PDC Energy’s revenue was down 60.6% on a year-over-year basis. During the same quarter last year, the business earned $0.27 earnings per share. Equities research analysts predict that PDC Energy Inc. will post ($0.34) earnings per share for the current year.
Several research firms have weighed in on PDCE. Zacks Investment Research raised PDC Energy from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research report on Wednesday, July 13th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of PDC Energy in a research report on Wednesday, August 10th. BMO Capital Markets cut PDC Energy from an “outperform” rating to a “market perform” rating and set a $58.00 price objective on the stock. in a research report on Monday, August 8th. Barclays PLC lifted their price objective on PDC Energy from $78.00 to $80.00 and gave the company an “overweight” rating in a research report on Thursday, August 25th. Finally, KeyCorp reaffirmed a “buy” rating and set a $72.00 price objective on shares of PDC Energy in a research report on Tuesday, August 23rd. Eight research 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. The stock currently has an average rating of “Buy” and an average price target of $72.67.
In other PDC Energy news, Director David C. Parke sold 500 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $61.84, for a total value of $30,920.00. Following the completion of the sale, the director now directly owns 17,717 shares in the company, valued at $1,095,619.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.80% of the stock is currently owned by company insiders.
PDC Energy Company Profile
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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