Mangrove Partners bought a new position in shares of PDC Energy Inc (NASDAQ:PDCE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 899,252 shares of the energy producer’s stock, valued at approximately $46,347,000. PDC Energy comprises 6.3% of Mangrove Partners’ portfolio, making the stock its 5th biggest holding.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. boosted its position in PDC Energy by 4.5% during the fourth quarter. BlackRock Inc. now owns 8,643,984 shares of the energy producer’s stock worth $445,509,000 after acquiring an additional 374,797 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of PDC Energy by 4.6% in the 4th quarter. Victory Capital Management Inc. now owns 3,158,037 shares of the energy producer’s stock valued at $162,766,000 after purchasing an additional 139,748 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of PDC Energy by 2.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,793,761 shares of the energy producer’s stock valued at $92,451,000 after purchasing an additional 45,612 shares during the last quarter. Caymus Capital Partners L.P. boosted its holdings in shares of PDC Energy by 33.3% in the 3rd quarter. Caymus Capital Partners L.P. now owns 1,525,300 shares of the energy producer’s stock valued at $74,785,000 after purchasing an additional 380,900 shares during the last quarter. Finally, Schf GPE LLC acquired a new position in shares of PDC Energy in the 4th quarter valued at $55,125,000.
In other news, CEO Barton R. Brookman, Jr. sold 1,500 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $51.86, for a total value of $77,790.00. Following the transaction, the chief executive officer now owns 173,473 shares of the company’s stock, valued at approximately $8,996,309.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey C. Swoveland sold 3,500 shares of the firm’s stock in a transaction on Tuesday, March 6th. The shares were sold at an average price of $55.07, for a total transaction of $192,745.00. Following the completion of the transaction, the director now directly owns 21,454 shares in the company, valued at approximately $1,181,471.78. The disclosure for this sale can be found here. In the last three months, insiders sold 14,700 shares of company stock worth $790,616. Insiders own 0.91% of the company’s stock.
PDCE has been the topic of a number of research analyst reports. BidaskClub upgraded shares of PDC Energy from a “sell” rating to a “hold” rating in a report on Friday, December 15th. Barclays lifted their price target on shares of PDC Energy from $63.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, November 20th. Stifel Nicolaus decreased their price target on shares of PDC Energy from $83.00 to $81.00 and set a “buy” rating on the stock in a report on Wednesday, December 13th. Zacks Investment Research upgraded shares of PDC Energy from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Friday, February 9th. Finally, Mizuho reiterated a “buy” rating and issued a $66.00 price target on shares of PDC Energy in a report on Wednesday, January 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $66.50.
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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.
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