Gradient Investments LLC Grows Position in PDC Energy, Inc. (NASDAQ:PDCE)

Gradient Investments LLC boosted its holdings in PDC Energy, Inc. (NASDAQ:PDCEGet Rating) by 53.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 4,847 shares of the energy producer’s stock after acquiring an additional 1,689 shares during the quarter. Gradient Investments LLC’s holdings in PDC Energy were worth $299,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Synovus Financial Corp grew its holdings in PDC Energy by 1.5% in the fourth quarter. Synovus Financial Corp now owns 11,902 shares of the energy producer’s stock valued at $583,000 after purchasing an additional 177 shares during the last quarter. FinTrust Capital Advisors LLC grew its holdings in PDC Energy by 68.7% in the first quarter. FinTrust Capital Advisors LLC now owns 437 shares of the energy producer’s stock valued at $32,000 after purchasing an additional 178 shares during the last quarter. Eaton Vance Management grew its holdings in PDC Energy by 2.9% in the first quarter. Eaton Vance Management now owns 8,320 shares of the energy producer’s stock valued at $605,000 after purchasing an additional 237 shares during the last quarter. Advisor Partners LLC grew its holdings in PDC Energy by 2.8% in the first quarter. Advisor Partners LLC now owns 8,773 shares of the energy producer’s stock valued at $638,000 after purchasing an additional 238 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in PDC Energy by 129.5% in the first quarter. Geneos Wealth Management Inc. now owns 443 shares of the energy producer’s stock valued at $32,000 after purchasing an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 96.91% of the company’s stock.

Analysts Set New Price Targets

PDCE has been the topic of several research reports. Truist Financial lowered their target price on PDC Energy from $105.00 to $97.00 and set a “buy” rating on the stock in a report on Monday, August 15th. Wells Fargo & Company upped their target price on PDC Energy from $102.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, July 11th. TheStreet raised PDC Energy from a “c+” rating to a “b” rating in a report on Wednesday, August 3rd. The Goldman Sachs Group decreased their price objective on PDC Energy from $87.00 to $77.00 and set a “buy” rating on the stock in a research note on Tuesday, July 5th. Finally, KeyCorp initiated coverage on PDC Energy in a research note on Monday. They set a “sector weight” rating on the stock. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, PDC Energy currently has an average rating of “Moderate Buy” and an average price target of $86.75.

PDC Energy Stock Up 0.4 %

PDCE opened at $62.63 on Tuesday. The business’s fifty day simple moving average is $62.64 and its 200 day simple moving average is $68.03. PDC Energy, Inc. has a 52 week low of $41.27 and a 52 week high of $89.22. The firm has a market cap of $6.03 billion, a P/E ratio of 4.95 and a beta of 2.57. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.49.

PDC Energy (NASDAQ:PDCEGet Rating) last released its earnings results on Wednesday, August 3rd. The energy producer reported $5.11 earnings per share for the quarter, topping the consensus estimate of $4.57 by $0.54. PDC Energy had a return on equity of 47.13% and a net margin of 44.67%. The firm 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 16.52 EPS for the current fiscal year.

PDC Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, September 8th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $1.40 annualized dividend and a yield of 2.24%. PDC Energy’s dividend payout ratio (DPR) is presently 11.08%.

Insider Buying and Selling

In related news, Director Lynn A. Peterson sold 7,000 shares of the stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $65.86, for a total transaction of $461,020.00. Following the transaction, the director now directly owns 275,167 shares in the company, valued at $18,122,498.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Lynn A. Peterson sold 7,000 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $65.86, for a total value of $461,020.00. Following the transaction, the director now directly owns 275,167 shares in the company, valued at approximately $18,122,498.62. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $61.85, for a total value of $123,700.00. Following the completion of the transaction, the chief executive officer now owns 388,201 shares in the company, valued at $24,010,231.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,000 shares of company stock worth $1,706,410. 1.20% of the stock is owned by company insiders.

PDC Energy Profile

(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.

Further Reading

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

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