Louisiana State Employees Retirement System Has $1.57 Million Stock Position in PDC Energy, Inc. (NASDAQ:PDCE)

Posted by Defense World Staff on Apr 5th, 2023

Louisiana State Employees Retirement System trimmed its position in PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) by 3.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,700 shares of the energy producer’s stock after selling 900 shares during the quarter. Louisiana State Employees Retirement System’s holdings in PDC Energy were worth $1,568,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Quantamental Technologies LLC lifted its stake in shares of PDC Energy by 16.5% in the second quarter. Quantamental Technologies LLC now owns 5,357 shares of the energy producer’s stock worth $330,000 after buying an additional 759 shares during the last quarter. Illinois Municipal Retirement Fund increased its position in PDC Energy by 61.7% during the third quarter. Illinois Municipal Retirement Fund now owns 11,503 shares of the energy producer’s stock worth $665,000 after acquiring an additional 4,388 shares during the period. Ronald Blue Trust Inc. increased its position in PDC Energy by 1,007.1% during the fourth quarter. Ronald Blue Trust Inc. now owns 941 shares of the energy producer’s stock worth $54,000 after acquiring an additional 856 shares during the period. Janiczek Wealth Management LLC increased its position in PDC Energy by 76.5% during the fourth quarter. Janiczek Wealth Management LLC now owns 579 shares of the energy producer’s stock worth $38,000 after acquiring an additional 251 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new position in PDC Energy during the third quarter worth $84,000. 96.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Roth Capital reaffirmed a “buy” rating on shares of PDC Energy in a research report on Friday, February 17th. StockNews.com assumed coverage on shares of PDC Energy in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Truist Financial lowered shares of PDC Energy from a “buy” rating to a “hold” rating and set a $68.00 target price on the stock. in a research report on Monday, December 12th. Finally, Mizuho lowered their price target on shares of PDC Energy from $97.00 to $93.00 in a report on Friday, March 10th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, PDC Energy has a consensus rating of “Moderate Buy” and a consensus target price of $83.33.

PDC Energy Trading Down 1.6 %

Shares of PDC Energy stock opened at $67.65 on Wednesday. The firm has a market capitalization of $5.98 billion, a PE ratio of 3.66, a price-to-earnings-growth ratio of 0.12 and a beta of 2.51. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.42 and a quick ratio of 0.42. The company’s fifty day moving average price is $64.95 and its two-hundred day moving average price is $66.57. PDC Energy, Inc. has a 52-week low of $51.72 and a 52-week high of $89.22.

PDC Energy (NASDAQ:PDCE – Get Rating) last posted its earnings results on Wednesday, February 22nd. The energy producer reported $3.22 earnings per share for the quarter, topping the consensus estimate of $3.05 by $0.17. PDC Energy had a net margin of 46.24% and a return on equity of 42.84%. The business had revenue of $879.50 million for the quarter, compared to analyst estimates of $892.11 million. During the same quarter in the prior year, the firm earned $2.86 EPS. The firm’s quarterly revenue was down 41.8% compared to the same quarter last year. On average, analysts expect that PDC Energy, Inc. will post 13.62 EPS for the current year.

PDC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Thursday, March 2nd were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Wednesday, March 1st. PDC Energy’s payout ratio is 8.65%.

Insider Transactions at PDC Energy

In other news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $68.22, for a total value of $136,440.00. Following the sale, the chief executive officer now owns 548,070 shares of the company’s stock, valued at approximately $37,389,335.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO R Scott Meyers sold 2,500 shares of the company’s stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $67.45, for a total transaction of $168,625.00. Following the transaction, the chief financial officer now owns 166,690 shares in the company, valued at approximately $11,243,240.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Barton R. Brookman, Jr. sold 2,000 shares of the company’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $68.22, for a total transaction of $136,440.00. Following the transaction, the chief executive officer now owns 548,070 shares in the company, valued at approximately $37,389,335.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,000 shares of company stock valued at $1,491,455. 1.20% of the stock is owned by insiders.

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.

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

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