PDC Energy, Inc. (PDCE) Holdings Boosted by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System boosted its stake in shares of PDC Energy, Inc. (NASDAQ:PDCE) by 37.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,778 shares of the energy producer’s stock after purchasing an additional 12,572 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.07% of PDC Energy worth $1,973,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Comerica Bank raised its stake in PDC Energy by 1.4% during the second quarter. Comerica Bank now owns 66,958 shares of the energy producer’s stock worth $3,004,000 after purchasing an additional 895 shares during the period. Legal & General Group Plc raised its stake in PDC Energy by 12.1% during the second quarter. Legal & General Group Plc now owns 112,008 shares of the energy producer’s stock worth $4,828,000 after purchasing an additional 12,072 shares during the period. Bank of New York Mellon Corp raised its stake in PDC Energy by 10.5% during the second quarter. Bank of New York Mellon Corp now owns 1,487,852 shares of the energy producer’s stock worth $64,142,000 after purchasing an additional 141,570 shares during the period. Denver Investment Advisors LLC raised its stake in PDC Energy by 68.9% during the second quarter. Denver Investment Advisors LLC now owns 14,930 shares of the energy producer’s stock worth $644,000 after purchasing an additional 6,090 shares during the period. Finally, Rhumbline Advisers raised its stake in PDC Energy by 8.7% during the second quarter. Rhumbline Advisers now owns 129,684 shares of the energy producer’s stock worth $5,591,000 after purchasing an additional 10,360 shares during the period.

Shares of PDC Energy, Inc. (PDCE) opened at 41.56 on Wednesday. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 294.75 and a beta of 0.83. PDC Energy, Inc. has a 12-month low of $36.74 and a 12-month high of $84.88. The company’s 50-day moving average is $41.47 and its 200-day moving average is $51.19.

PDC Energy (NASDAQ:PDCE) last posted its earnings results on Tuesday, August 8th. The energy producer reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.20. The firm had revenue of $275.20 million during the quarter, compared to analysts’ expectations of $218.90 million. PDC Energy had a net margin of 1.03% and a return on equity of 0.53%. The company’s revenue was up 1269.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.11) earnings per share. On average, equities analysts forecast that PDC Energy, Inc. will post $0.20 earnings per share for the current fiscal year.

A number of research firms have weighed in on PDCE. Seaport Global Securities downgraded shares of PDC Energy from a “buy” rating to a “neutral” rating and cut their price target for the stock from $89.00 to $46.00 in a research note on Wednesday, June 21st. Mitsubishi UFJ Financial Group reaffirmed a “neutral” rating on shares of PDC Energy in a research note on Monday, August 21st. Imperial Capital began coverage on shares of PDC Energy in a research note on Friday, August 18th. They set an “outperform” rating and a $66.00 price target on the stock. Zacks Investment Research raised shares of PDC Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, BidaskClub downgraded shares of PDC Energy from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $71.14.

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About PDC Energy

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.

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

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