Nuveen Asset Management LLC Decreases Stake in PDC Energy, Inc. (NASDAQ:PDCE)

Posted by Defense World Staff on Mar 8th, 2023

Nuveen Asset Management LLC lowered its stake in shares of PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) by 29.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 223,952 shares of the energy producer’s stock after selling 91,407 shares during the period. Nuveen Asset Management LLC owned 0.24% of PDC Energy worth $12,943,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Money Concepts Capital Corp increased its stake in shares of PDC Energy by 1.9% during the 3rd quarter. Money Concepts Capital Corp now owns 7,406 shares of the energy producer’s stock worth $428,000 after purchasing an additional 137 shares during the last quarter. Apollon Wealth Management LLC increased its stake in shares of PDC Energy by 2.3% during the 3rd quarter. Apollon Wealth Management LLC now owns 6,355 shares of the energy producer’s stock worth $367,000 after purchasing an additional 143 shares during the last quarter. Securian Asset Management Inc. increased its stake in shares of PDC Energy by 1.8% during the 3rd quarter. Securian Asset Management Inc. now owns 8,794 shares of the energy producer’s stock worth $508,000 after purchasing an additional 154 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of PDC Energy by 23.6% during the 3rd quarter. Fifth Third Bancorp now owns 853 shares of the energy producer’s stock worth $49,000 after purchasing an additional 163 shares during the last quarter. Finally, Van Hulzen Asset Management LLC increased its stake in shares of PDC Energy by 4.6% during the 3rd quarter. Van Hulzen Asset Management LLC now owns 4,915 shares of the energy producer’s stock worth $284,000 after purchasing an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 96.16% of the company’s stock.

Insider Activity

In other news, Director Lynn A. Peterson sold 7,000 shares of the firm’s stock in a transaction on Thursday, December 15th. The shares were sold at an average price of $64.08, for a total transaction of $448,560.00. Following the sale, the director now owns 254,167 shares in the company, valued at approximately $16,287,021.36. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of PDC Energy stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $62.49, for a total value of $124,980.00. Following the transaction, 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 filing with the SEC, which is available through the SEC website. Also, Director Lynn A. Peterson sold 7,000 shares of the business’s stock in a transaction dated Thursday, December 15th. The shares were sold at an average price of $64.08, for a total transaction of $448,560.00. Following the completion of the transaction, the director now owns 254,167 shares in the company, valued at approximately $16,287,021.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,500 shares of company stock worth $1,344,555. 1.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PDCE has been the subject of several analyst reports. Truist Financial downgraded shares of PDC Energy from a “buy” rating to a “hold” rating and set a $68.00 price objective for the company. in a report on Monday, December 12th. Roth Capital reaffirmed a “buy” rating on shares of PDC Energy in a report on Friday, February 17th. Mizuho initiated coverage on shares of PDC Energy in a report on Monday, January 9th. They issued a “buy” rating and a $97.00 price objective for the company. Finally, StockNews.com downgraded shares of PDC Energy from a “buy” rating to a “hold” rating in a report on Saturday. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $84.00.

PDC Energy Stock Down 1.8 %

Shares of NASDAQ:PDCE opened at $68.71 on Wednesday. The firm has a fifty day moving average price of $65.39 and a two-hundred day moving average price of $66.98. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.42 and a quick ratio of 0.42. 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 $6.07 billion, a price-to-earnings ratio of 3.71, a PEG ratio of 0.13 and a beta of 2.54.

PDC Energy (NASDAQ:PDCE – Get Rating) last posted its quarterly earnings data on Wednesday, February 22nd. The energy producer reported $3.22 earnings per share for the quarter, beating the consensus estimate of $3.05 by $0.17. The firm had revenue of $879.50 million for the quarter, compared to analysts’ expectations of $892.11 million. PDC Energy had a net margin of 46.24% and a return on equity of 42.84%. The business’s quarterly revenue was down 41.8% on a year-over-year basis. During the same quarter last year, the company posted $2.86 EPS. Analysts anticipate that PDC Energy, Inc. will post 14.45 EPS for the current fiscal year.

PDC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 16th. Stockholders of record on Thursday, March 2nd will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Wednesday, March 1st. PDC Energy’s dividend payout ratio (DPR) is currently 8.65%.

PDC Energy Company 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.