Great West Life Assurance Co. Can Invests $3.33 Million in PDC Energy, Inc. (NASDAQ:PDCE)

Great West Life Assurance Co. Can purchased a new position in shares of PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 57,675 shares of the energy producer’s stock, valued at approximately $3,332,000.

Other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. raised its holdings in PDC Energy by 129.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 443 shares of the energy producer’s stock valued at $32,000 after buying an additional 250 shares during the period. Covestor Ltd raised its holdings in PDC Energy by 350.7% in the 1st quarter. Covestor Ltd now owns 631 shares of the energy producer’s stock valued at $46,000 after buying an additional 491 shares during the period. Fifth Third Bancorp raised its holdings in PDC Energy by 23.6% in the 3rd quarter. Fifth Third Bancorp now owns 853 shares of the energy producer’s stock valued at $49,000 after buying an additional 163 shares during the period. Parallel Advisors LLC raised its holdings in PDC Energy by 88.2% in the 2nd quarter. Parallel Advisors LLC now owns 813 shares of the energy producer’s stock valued at $50,000 after buying an additional 381 shares during the period. Finally, CoreCap Advisors LLC purchased a new stake in PDC Energy in the 2nd quarter valued at about $60,000. Hedge funds and other institutional investors own 96.16% of the company’s stock.

PDC Energy Stock Performance

Shares of PDC Energy stock opened at $68.67 on Wednesday. PDC Energy, Inc. has a one year low of $51.72 and a one year high of $89.22. The company has a market cap of $6.33 billion, a PE ratio of 3.52 and a beta of 2.51. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.48 and a current ratio of 0.48. The business has a 50-day simple moving average of $67.00 and a 200-day simple moving average of $65.71.

PDC Energy (NASDAQ:PDCE – Get Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The energy producer reported $3.77 EPS for the quarter, missing analysts’ consensus estimates of $4.13 by ($0.36). PDC Energy had a return on equity of 45.90% and a net margin of 49.76%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.06 billion. On average, equities research analysts forecast that PDC Energy, Inc. will post 15.73 EPS for the current fiscal year.

PDC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 28th. Stockholders of record on Monday, December 19th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, December 16th. This is an increase from PDC Energy’s previous quarterly dividend of $0.35. This represents a $4.00 dividend on an annualized basis and a dividend yield of 5.82%. PDC Energy’s payout ratio is currently 7.18%.

Analysts Set New Price Targets

Several analysts recently issued reports on PDCE shares. Truist Financial lowered shares of PDC Energy from a “buy” rating to a “hold” rating and set a $68.00 price objective on the stock. in a report on Monday, December 12th. Mizuho initiated coverage on shares of PDC Energy in a research note on Monday, January 9th. They set a “buy” rating and a $97.00 price target on the stock. The Goldman Sachs Group lowered shares of PDC Energy from a “buy” rating to a “neutral” rating and set a $74.00 price target on the stock. in a research note on Tuesday, October 18th. Finally, StockNews.com lowered shares of PDC Energy from a “buy” rating to a “hold” rating in a research note on Friday, November 4th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $84.33.

Insider Transactions at PDC Energy

In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $73.28, for a total value of $146,560.00. Following the completion of the transaction, the chief executive officer now directly owns 380,201 shares of the company’s stock, valued at $27,861,129.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $73.28, for a total value of $146,560.00. Following the completion of the transaction, the chief executive officer now directly owns 380,201 shares of the company’s stock, valued at $27,861,129.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lynn A. Peterson sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $66.89, for a total value of $468,230.00. Following the completion of the transaction, the director now directly owns 247,167 shares of the company’s stock, valued at $16,533,000.63. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,339 shares of company stock valued at $4,978,981. 1.20% of the stock is currently owned by corporate insiders.

PDC Energy Profile

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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.