Teachers Retirement System of The State of Kentucky Takes Position in PDC Energy, Inc. (NASDAQ:PDCE)

Teachers Retirement System of The State of Kentucky acquired a new stake in shares of PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 115,779 shares of the energy producer’s stock, valued at approximately $6,690,000. Teachers Retirement System of The State of Kentucky owned 0.13% of PDC Energy at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Geneos Wealth Management Inc. increased 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 acquiring an additional 250 shares during the last quarter. Covestor Ltd increased 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 acquiring an additional 491 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in PDC Energy by 38.5% in the 3rd quarter. Quadrant Capital Group LLC now owns 831 shares of the energy producer’s stock valued at $48,000 after acquiring an additional 231 shares during the last quarter. Fifth Third Bancorp increased 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 acquiring an additional 163 shares during the last quarter. Finally, CoreCap Advisors LLC bought a new stake in PDC Energy in the 2nd quarter valued at $60,000. 96.16% of the stock is currently owned by institutional investors.

PDC Energy Price Performance

PDCE stock opened at $57.94 on Friday. PDC Energy, Inc. has a 12 month low of $51.72 and a 12 month 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 0.33. The company has a 50-day moving average price of $65.73 and a 200 day moving average price of $66.78. The stock has a market cap of $5.12 billion, a PE ratio of 3.13, a P/E/G ratio of 0.12 and a beta of 2.54.

PDC Energy (NASDAQ:PDCE – Get Rating) last announced its quarterly earnings data on Wednesday, February 22nd. The energy producer reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $3.05 by $0.17. PDC Energy had a net margin of 46.24% and a return on equity of 42.84%. The company had revenue of $879.50 million during the quarter, compared to analyst estimates of $892.11 million. During the same quarter last year, the business posted $2.86 EPS. The firm’s revenue for the quarter was down 41.8% on a year-over-year basis. Equities research analysts anticipate that PDC Energy, Inc. will post 14.01 earnings per share for the current year.

PDC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 16th. Investors of record on Thursday, March 2nd were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, March 1st. This represents a $1.60 dividend on an annualized basis and a yield of 2.76%. PDC Energy’s payout ratio is 8.65%.

Analysts Set New Price Targets

PDCE has been the subject of a number of recent research reports. Roth Capital reissued a “buy” rating on shares of PDC Energy in a research note on Friday, February 17th. Mizuho dropped their price objective on shares of PDC Energy from $97.00 to $93.00 in a research note on Friday, March 10th. Truist Financial cut shares of PDC Energy from a “buy” rating to a “hold” rating and set a $68.00 price objective for the company. in a research note on Monday, December 12th. Finally, StockNews.com initiated coverage on shares of PDC Energy in a research note on Thursday. They issued a “hold” rating for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, PDC Energy presently has a consensus rating of “Moderate Buy” and an average target price of $83.33.

Insider Activity at PDC Energy

In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of PDC Energy stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $62.49, for a total transaction of $124,980.00. Following the completion of the sale, the chief executive officer now owns 363,556 shares in the company, valued at approximately $22,718,614.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Lynn A. Peterson sold 7,000 shares of the business’s stock in a transaction dated 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 sale, the director now owns 247,167 shares in the company, valued at approximately $16,533,000.63. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of the business’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $62.49, for a total transaction of $124,980.00. Following the completion of the sale, the chief executive officer now owns 363,556 shares of the company’s stock, valued at approximately $22,718,614.44. The disclosure for this sale can be found here. Insiders sold 16,000 shares of company stock worth $1,045,995 in the last 90 days. 1.20% of the stock is owned by corporate insiders.

PDC Energy Profile

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PDC Energy, Inc engages in the exploration and production of oil and natural gas. The firm acquires, explores, and develops properties for the production of crude oil, natural gas, and natural gas liquids. Its primary operations are located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.