American International Group Inc. cut its stake in PDC Energy, Inc. (NASDAQ:PDCE) by 4.0% during the first quarter, Holdings Channel reports. The institutional investor owned 33,896 shares of the energy producer’s stock after selling 1,417 shares during the period. American International Group Inc.’s holdings in PDC Energy were worth $2,113,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Flinton Capital Management LLC acquired a new position in shares of PDC Energy during the fourth quarter valued at approximately $106,000. Israel Discount Bank of New York GFN acquired a new position in shares of PDC Energy during the fourth quarter valued at approximately $120,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of PDC Energy by 42.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,186 shares of the energy producer’s stock valued at $136,000 after buying an additional 649 shares in the last quarter. Dubuque Bank & Trust Co. acquired a new position in shares of PDC Energy during the first quarter valued at approximately $147,000. Finally, Meadow Creek Investment Management LLC increased its position in shares of PDC Energy by 19.8% in the first quarter. Meadow Creek Investment Management LLC now owns 2,398 shares of the energy producer’s stock valued at $150,000 after buying an additional 396 shares in the last quarter.
Shares of PDC Energy, Inc. (NASDAQ:PDCE) opened at 44.75 on Tuesday. The company has a 50-day moving average price of $50.79 and a 200 day moving average price of $64.88. The firm’s market cap is $2.92 billion. PDC Energy, Inc. has a 52 week low of $44.01 and a 52 week high of $84.88.
PDC Energy (NASDAQ:PDCE) last released its quarterly earnings data on Friday, May 5th. The energy producer reported ($0.06) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.03. PDC Energy had a negative net margin of 22.67% and a negative return on equity of 0.20%. The firm had revenue of $273.70 million for the quarter, compared to analyst estimates of $182.05 million. During the same period last year, the business earned ($0.89) EPS. The company’s revenue was up 201.4% compared to the same quarter last year. Analysts expect that PDC Energy, Inc. will post $0.30 EPS for the current fiscal year.
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Several research analysts have commented on the company. Deutsche Bank AG dropped their price target on PDC Energy from $86.00 to $79.00 and set a “hold” rating on the stock in a research report on Tuesday, March 7th. Barclays PLC reaffirmed a “buy” rating and issued a $80.00 price target (down from $89.00) on shares of PDC Energy in a research report on Thursday, April 20th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $82.00 price target on shares of PDC Energy in a research report on Tuesday, April 25th. BMO Capital Markets reaffirmed a “hold” rating and issued a $70.00 price target on shares of PDC Energy in a research report on Sunday, March 12th. Finally, Zacks Investment Research raised PDC Energy from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a research report on Wednesday, March 29th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $78.67.
In related news, Director Joseph E. Casabona sold 1,000 shares of the firm’s stock in a transaction on Monday, April 17th. The stock was sold at an average price of $63.29, for a total transaction of $63,290.00. Following the sale, the director now owns 30,456 shares of the company’s stock, valued at approximately $1,927,560.24. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Barton R. Brookman, Jr. sold 1,700 shares of the firm’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $62.27, for a total value of $105,859.00. Following the sale, the chief executive officer now directly owns 176,681 shares in the company, valued at approximately $11,001,925.87. The disclosure for this sale can be found here. Company insiders own 1.80% of the company’s stock.
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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