PDC Energy, Inc. (NASDAQ:PDCE) Stock Position Increased by Franklin Resources Inc.

Posted by Defense World Staff on Jun 2nd, 2023

Franklin Resources Inc. lifted its position in PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) by 238.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 101,335 shares of the energy producer’s stock after buying an additional 71,399 shares during the period. Franklin Resources Inc. owned approximately 0.11% of PDC Energy worth $6,433,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. U.S. Capital Wealth Advisors LLC acquired a new position in shares of PDC Energy in the 4th quarter worth $26,000. Belpointe Asset Management LLC acquired a new position in shares of PDC Energy in the 4th quarter worth $27,000. Geneos Wealth Management Inc. grew its holdings in shares of PDC Energy by 129.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 443 shares of the energy producer’s stock worth $32,000 after acquiring an additional 250 shares during the last quarter. Janiczek Wealth Management LLC grew its holdings in shares of PDC Energy by 76.5% in the 4th 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 last quarter. Finally, Covestor Ltd grew its holdings in shares of PDC Energy by 350.7% in the 1st quarter. Covestor Ltd now owns 631 shares of the energy producer’s stock worth $46,000 after acquiring an additional 491 shares during the last quarter. Institutional investors own 96.16% of the company’s stock.

Insider Activity at PDC Energy

In related news, Director Lynn A. Peterson sold 7,000 shares of PDC Energy stock in a transaction 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 sale, the director now owns 233,167 shares of the company’s stock, valued at $14,456,354. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other PDC Energy news, CAO Troy M. Welling sold 1,200 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $63.37, for a total value of $76,044.00. Following the completion of the sale, the chief accounting officer now owns 13,269 shares of the company’s stock, valued at $840,856.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lynn A. Peterson sold 7,000 shares of the business’s stock in a transaction dated Tuesday, March 21st. The stock was sold at an average price of $62.00, for a total value of $434,000.00. Following the completion of the sale, the director now directly owns 233,167 shares of the company’s stock, valued at approximately $14,456,354. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,700 shares of company stock valued at $1,736,659. Insiders own 1.50% of the company’s stock.

Wall Street Analyst Weigh In

PDCE has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their target price on PDC Energy from $76.00 to $80.00 in a report on Thursday, April 6th. Roth Capital reiterated a “buy” rating on shares of PDC Energy in a report on Friday, February 17th. Truist Financial lifted their price target on PDC Energy from $70.00 to $77.00 and gave the company a “hold” rating in a report on Tuesday, April 11th. StockNews.com began coverage on PDC Energy in a report on Thursday. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group lifted their price target on PDC Energy from $65.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, April 21st. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $84.50.

PDC Energy Price Performance

PDCE opened at $69.33 on Friday. The stock has a market cap of $6.07 billion, a price-to-earnings ratio of 2.95, a PEG ratio of 0.14 and a beta of 2.51. PDC Energy, Inc. has a 1 year low of $51.72 and a 1 year high of $89.22. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.31. The stock has a fifty day moving average price of $65.72 and a 200 day moving average price of $66.20.

PDC Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 22nd. Investors of record on Thursday, June 8th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Wednesday, June 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.31%. PDC Energy’s payout ratio is 6.82%.

About PDC Energy

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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.

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

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