Lynn A. Peterson Sells 7,000 Shares of PDC Energy, Inc. (NASDAQ:PDCE) Stock

PDC Energy, Inc. (NASDAQ:PDCEGet Rating) Director Lynn A. Peterson sold 7,000 shares of PDC Energy stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $80.12, for a total transaction of $560,840.00. Following the transaction, the director now directly owns 261,167 shares of the company’s stock, valued at $20,924,700.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

PDC Energy Price Performance

PDC Energy stock opened at $77.36 on Friday. The stock has a market capitalization of $7.13 billion, a price-to-earnings ratio of 3.97 and a beta of 2.52. PDC Energy, Inc. has a 52-week low of $44.00 and a 52-week high of $89.22. The stock’s 50 day moving average price is $68.08 and its two-hundred day moving average price is $67.00. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.48 and a current ratio of 0.48.

PDC Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date was Wednesday, September 7th. PDC Energy’s payout ratio is 7.18%.

Hedge Funds Weigh In On PDC Energy

A number of institutional investors and hedge funds have recently modified their holdings of PDCE. Millennium Management LLC boosted its holdings in shares of PDC Energy by 732.8% during the 2nd quarter. Millennium Management LLC now owns 1,887,582 shares of the energy producer’s stock worth $116,294,000 after buying an additional 1,660,926 shares in the last quarter. Invesco Ltd. raised its position in shares of PDC Energy by 133.0% during the first quarter. Invesco Ltd. now owns 1,487,666 shares of the energy producer’s stock worth $108,123,000 after purchasing an additional 849,289 shares during the period. FMR LLC raised its position in shares of PDC Energy by 14.9% during the second quarter. FMR LLC now owns 5,805,913 shares of the energy producer’s stock worth $357,703,000 after purchasing an additional 753,500 shares during the period. UBS Group AG raised its position in shares of PDC Energy by 426.4% during the second quarter. UBS Group AG now owns 818,091 shares of the energy producer’s stock worth $50,403,000 after purchasing an additional 662,688 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of PDC Energy by 61.0% during the first quarter. Wellington Management Group LLP now owns 1,652,103 shares of the energy producer’s stock worth $120,075,000 after purchasing an additional 625,845 shares during the period. 96.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PDCE has been the subject of a number of research analyst reports. KeyCorp assumed coverage on shares of PDC Energy in a research report on Monday, September 19th. They set a “sector weight” rating for the company. Truist Financial lifted their target price on PDC Energy from $97.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, October 7th. TheStreet raised PDC Energy from a “c+” rating to a “b” rating in a report on Wednesday, August 3rd. StockNews.com downgraded PDC Energy from a “buy” rating to a “hold” rating in a research note on Friday, November 4th. Finally, The Goldman Sachs Group downgraded PDC Energy from a “buy” rating to a “neutral” rating and set a $74.00 price target for the company. in a research note on Tuesday, October 18th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, PDC Energy has an average rating of “Moderate Buy” and a consensus price target of $86.75.

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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