Illinois Municipal Retirement Fund Boosts Holdings in PDC Energy, Inc. (NASDAQ:PDCE)

Illinois Municipal Retirement Fund raised its holdings in PDC Energy, Inc. (NASDAQ:PDCEGet Rating) by 61.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,503 shares of the energy producer’s stock after buying an additional 4,388 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in PDC Energy were worth $665,000 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 the business. Stock Yards Bank & Trust Co. grew its holdings in shares of PDC Energy by 92.9% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 21,012 shares of the energy producer’s stock worth $1,214,000 after purchasing an additional 10,120 shares during the period. Teacher Retirement System of Texas grew its holdings in shares of PDC Energy by 225.7% during the 3rd quarter. Teacher Retirement System of Texas now owns 50,365 shares of the energy producer’s stock worth $2,911,000 after purchasing an additional 34,902 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of PDC Energy by 14.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 622,699 shares of the energy producer’s stock worth $35,986,000 after purchasing an additional 80,891 shares during the period. Rockefeller Capital Management L.P. grew its holdings in shares of PDC Energy by 93.2% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 1,387 shares of the energy producer’s stock worth $80,000 after purchasing an additional 669 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in PDC Energy by 5.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 445,424 shares of the energy producer’s stock worth $25,741,000 after acquiring an additional 22,008 shares in the last quarter. Hedge funds and other institutional investors own 96.16% of the company’s stock.

Insider Buying and Selling

In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the company’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $73.28, for a total transaction of $146,560.00. Following the completion of the transaction, the chief executive officer now directly owns 380,201 shares in the company, valued at approximately $27,861,129.28. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Nicole L. Martinet sold 7,000 shares of the stock in a transaction on Monday, November 7th. The stock was sold at an average price of $82.00, for a total value of $574,000.00. Following the completion of the transaction, the senior vice president now owns 44,066 shares of the company’s stock, valued at $3,613,412. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $73.28, for a total value of $146,560.00. Following the completion of the transaction, the chief executive officer now directly owns 380,201 shares of the company’s stock, valued at approximately $27,861,129.28. The disclosure for this sale can be found here. Insiders sold a total of 66,339 shares of company stock worth $4,978,981 in the last three months. 1.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PDCE has been the topic of several recent research reports. The Goldman Sachs Group lowered PDC Energy from a “buy” rating to a “neutral” rating and set a $74.00 price target on the stock. in a research report on Tuesday, October 18th. StockNews.com lowered PDC Energy from a “buy” rating to a “hold” rating in a research report on Friday, November 4th. Truist Financial lowered PDC Energy from a “buy” rating to a “hold” rating and set a $68.00 price target on the stock. in a research report on Monday, December 12th. Finally, Mizuho started coverage on PDC Energy in a research report on Monday, January 9th. They issued a “buy” rating and a $97.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $84.33.

PDC Energy Stock Performance

PDCE stock opened at $68.67 on Wednesday. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.35. The firm has a market cap of $6.33 billion, a P/E ratio of 3.52 and a beta of 2.51. PDC Energy, Inc. has a 12-month low of $51.72 and a 12-month high of $89.22. The stock’s 50 day simple moving average is $67.00 and its 200 day simple moving average is $65.71.

PDC Energy (NASDAQ:PDCEGet Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The energy producer reported $3.77 EPS for the quarter, missing analysts’ consensus estimates of $4.13 by ($0.36). The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.06 billion. PDC Energy had a return on equity of 45.90% and a net margin of 49.76%. As a group, equities research analysts predict that PDC Energy, Inc. will post 15.63 EPS for the current year.

PDC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 28th. Investors of record on Monday, December 19th were paid a dividend of $1.00 per share. This is an increase from PDC Energy’s previous quarterly dividend of $0.35. This represents a $4.00 dividend on an annualized basis and a yield of 5.82%. The ex-dividend date of this dividend was Friday, December 16th. PDC Energy’s dividend payout ratio is presently 7.18%.

About PDC Energy

(Get Rating)

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

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