California Public Employees Retirement System lifted its position in shares of PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) by 0.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 222,846 shares of the energy producer’s stock after purchasing an additional 353 shares during the period. California Public Employees Retirement System owned about 0.24% of PDC Energy worth $14,146,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Illinois Municipal Retirement Fund lifted its position in PDC Energy by 61.7% in the third quarter. Illinois Municipal Retirement Fund now owns 11,503 shares of the energy producer’s stock valued at $665,000 after acquiring an additional 4,388 shares during the last quarter. Bailard Inc. purchased a new stake in PDC Energy in the fourth quarter valued at $362,000. U.S. Capital Wealth Advisors LLC purchased a new stake in PDC Energy in the fourth quarter valued at $26,000. Ronald Blue Trust Inc. lifted its position in PDC Energy by 1,007.1% in the fourth quarter. Ronald Blue Trust Inc. now owns 941 shares of the energy producer’s stock valued at $54,000 after acquiring an additional 856 shares during the last quarter. Finally, Psagot Value Holdings Ltd. Israel purchased a new stake in PDC Energy in the fourth quarter valued at $190,000. 96.16% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
PDCE has been the subject of a number of research reports. The Goldman Sachs Group boosted their price target on shares of PDC Energy from $65.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, April 21st. JPMorgan Chase & Co. upped their target price on shares of PDC Energy from $76.00 to $80.00 in a report on Thursday, April 6th. Roth Capital reaffirmed a “buy” rating on shares of PDC Energy in a report on Friday, February 17th. StockNews.com assumed coverage on shares of PDC Energy in a report on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Mizuho reiterated a “buy” rating and set a $93.00 price target on shares of PDC Energy in a research note on Tuesday, April 11th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $84.50.
PDC Energy Trading Up 1.9 %
PDC Energy (NASDAQ:PDCE – Get Rating) last posted its quarterly earnings results on Wednesday, February 22nd. The energy producer reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.05 by $0.17. PDC Energy had a net margin of 49.57% and a return on equity of 35.66%. The company had revenue of $879.50 million during the quarter, compared to the consensus estimate of $892.11 million. During the same period last year, the firm earned $2.86 EPS. The company’s revenue for the quarter was down 41.8% on a year-over-year basis. On average, research analysts predict that PDC Energy, Inc. will post 13.39 earnings per share for the current fiscal year.
PDC Energy Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, March 16th. Stockholders of record on Thursday, March 2nd were given 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 dividend yield of 2.56%. PDC Energy’s payout ratio is 6.82%.
Insider Activity
In other news, CFO R Scott Meyers sold 2,500 shares of PDC Energy stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $60.00, for a total transaction of $150,000.00. Following the completion of the sale, the chief financial officer now directly owns 164,910 shares in the company, valued at approximately $9,894,600. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Lynn A. Peterson sold 7,000 shares of PDC Energy stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $62.00, for a total transaction of $434,000.00. Following the completion of the transaction, the director now directly owns 233,167 shares in the company, valued at approximately $14,456,354. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO R Scott Meyers sold 2,500 shares of PDC Energy stock in a transaction that occurred on Wednesday, March 15th. The stock was sold at an average price of $60.00, for a total value of $150,000.00. Following the transaction, the chief financial officer now owns 164,910 shares of the company’s stock, valued at $9,894,600. The disclosure for this sale can be found here. In the last three months, insiders sold 23,000 shares of company stock worth $1,502,990. Company insiders own 1.50% of the company’s stock.
PDC Energy Company Profile
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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