Harbor Investment Advisory LLC cut its holdings in PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) by 34.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,776 shares of the energy producer's stock after selling 921 shares during the quarter. Harbor Investment Advisory LLC's holdings in PDC Energy were worth $109,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of PDCE. Private Advisor Group LLC acquired a new stake in PDC Energy during the fourth quarter worth approximately $384,000. Geode Capital Management LLC boosted its position in PDC Energy by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 1,795,517 shares of the energy producer's stock worth $87,585,000 after acquiring an additional 50,504 shares during the last quarter. Invesco Ltd. boosted its position in PDC Energy by 13.8% during the fourth quarter. Invesco Ltd. now owns 638,377 shares of the energy producer's stock worth $31,141,000 after acquiring an additional 77,625 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in PDC Energy by 169.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 810 shares of the energy producer's stock worth $39,000 after acquiring an additional 509 shares during the last quarter. Finally, Credit Suisse AG boosted its position in PDC Energy by 11.4% during the fourth quarter. Credit Suisse AG now owns 166,704 shares of the energy producer's stock worth $8,131,000 after acquiring an additional 17,034 shares during the last quarter. 96.91% of the stock is currently owned by institutional investors and hedge funds.
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Insider Buying and Selling
In related news, CFO R Scott Meyers sold 1,000 shares of PDC Energy stock in a transaction on Friday, July 1st. The shares were sold at an average price of $61.87, for a total transaction of $61,870.00. Following the sale, the chief financial officer now owns 116,128 shares of the company's stock, valued at approximately $7,184,839.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO R Scott Meyers sold 1,000 shares of PDC Energy stock in a transaction on Friday, July 1st. The shares were sold at an average price of $61.87, for a total transaction of $61,870.00. Following the sale, the chief financial officer now owns 116,128 shares of the company's stock, valued at approximately $7,184,839.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of PDC Energy stock in a transaction on Friday, July 1st. The stock was sold at an average price of $61.85, for a total transaction of $123,700.00. Following the sale, the chief executive officer now directly owns 388,201 shares in the company, valued at approximately $24,010,231.85. The disclosure for this sale can be found here. Insiders have sold 27,000 shares of company stock valued at $1,706,410 in the last quarter. Company insiders own 1.20% of the company's stock.
Wall Street Analysts Forecast Growth
PDCE has been the topic of a number of analyst reports. The Goldman Sachs Group decreased their target price on shares of PDC Energy from $87.00 to $77.00 and set a "buy" rating on the stock in a research report on Tuesday, July 5th. KeyCorp initiated coverage on shares of PDC Energy in a research note on Monday, September 19th. They set a "sector weight" rating on the stock. Truist Financial cut their price target on shares of PDC Energy from $105.00 to $97.00 and set a "buy" rating on the stock in a research note on Monday, August 15th. Wells Fargo & Company increased their price target on shares of PDC Energy from $102.00 to $105.00 and gave the stock an "overweight" rating in a research note on Monday, July 11th. Finally, TheStreet raised shares of PDC Energy from a "c+" rating to a "b" rating in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, PDC Energy presently has an average rating of "Moderate Buy" and a consensus price target of $86.75.
PDC Energy Stock Performance
Shares of PDCE stock opened at $52.20 on Wednesday. The company's fifty day simple moving average is $62.70 and its 200-day simple moving average is $67.54. PDC Energy, Inc. has a 52 week low of $43.22 and a 52 week high of $89.22. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.49. The company has a market cap of $5.03 billion, a PE ratio of 4.13 and a beta of 2.57.
PDC Energy (NASDAQ:PDCE – Get Rating) last issued its earnings results on Wednesday, August 3rd. The energy producer reported $5.11 EPS for the quarter, beating analysts' consensus estimates of $4.57 by $0.54. PDC Energy had a net margin of 44.67% and a return on equity of 47.13%. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.10 billion. As a group, equities research analysts anticipate that PDC Energy, Inc. will post 16.63 EPS for the current year.
PDC Energy Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date was Wednesday, September 7th. PDC Energy's dividend payout ratio is presently 11.08%.
About PDC Energy
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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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