Assetmark Inc. Sells 251,278 Shares of PDC Energy, Inc. (NASDAQ:PDCE)

Posted by Defense World Staff on Aug 11th, 2023

Assetmark Inc. cut its stake in shares of PDC Energy, Inc. (NASDAQ:PDCE – Free Report) by 94.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,433 shares of the energy producer’s stock after selling 251,278 shares during the period. Assetmark Inc.’s holdings in PDC Energy were worth $926,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PDCE. Raymond James & Associates increased its position in shares of PDC Energy by 155.4% during the first quarter. Raymond James & Associates now owns 24,528 shares of the energy producer’s stock valued at $1,783,000 after buying an additional 14,924 shares during the period. Private Advisor Group LLC increased its position in shares of PDC Energy by 6.4% in the first quarter. Private Advisor Group LLC now owns 8,383 shares of the energy producer’s stock worth $609,000 after purchasing an additional 502 shares during the last quarter. Allianz Asset Management GmbH increased its position in shares of PDC Energy by 2,181.5% in the first quarter. Allianz Asset Management GmbH now owns 193,906 shares of the energy producer’s stock worth $14,093,000 after purchasing an additional 185,407 shares during the last quarter. Baird Financial Group Inc. increased its position in shares of PDC Energy by 7.8% in the first quarter. Baird Financial Group Inc. now owns 7,852 shares of the energy producer’s stock worth $571,000 after purchasing an additional 570 shares during the last quarter. Finally, Covestor Ltd increased its position in shares of PDC Energy by 350.7% in the first quarter. Covestor Ltd now owns 631 shares of the energy producer’s stock worth $46,000 after purchasing an additional 491 shares during the last quarter. 95.18% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other PDC Energy news, CFO R Scott Meyers sold 2,500 shares of the stock in a transaction on Monday, May 15th. The stock was sold at an average price of $63.05, for a total value of $157,625.00. Following the completion of the transaction, the chief financial officer now owns 159,910 shares in the company, valued at $10,082,325.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $68.71, for a total transaction of $137,420.00. Following the completion of the transaction, the chief executive officer now directly owns 544,070 shares in the company, valued at $37,383,049.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO R Scott Meyers sold 2,500 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $63.05, for a total value of $157,625.00. Following the transaction, the chief financial officer now owns 159,910 shares of the company’s stock, valued at $10,082,325.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,700 shares of company stock worth $725,614. 1.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PDCE has been the topic of several research analyst reports. Seaport Res Ptn cut shares of PDC Energy from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 18th. The Goldman Sachs Group upped their price objective on shares of PDC Energy from $65.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, April 21st. Mizuho cut shares of PDC Energy from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 24th. StockNews.com initiated coverage on shares of PDC Energy in a research report on Friday, August 4th. They issued a “hold” rating on the stock. Finally, Truist Financial decreased their price objective on shares of PDC Energy from $77.00 to $74.00 in a research report on Monday, July 24th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $80.75.

Read Our Latest Stock Report on PDCE

PDC Energy Stock Performance

NASDAQ:PDCE opened at $73.85 on Friday. The firm has a market cap of $6.42 billion, a PE ratio of 3.15, a price-to-earnings-growth ratio of 0.16 and a beta of 2.47. PDC Energy, Inc. has a fifty-two week low of $51.85 and a fifty-two week high of $82.24. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.49 and a current ratio of 0.49. The business has a 50 day moving average price of $71.98 and a 200-day moving average price of $67.76.

PDC Energy (NASDAQ:PDCE – Get Free Report) last announced its quarterly earnings results on Tuesday, August 1st. The energy producer reported $2.65 EPS for the quarter, missing analysts’ consensus estimates of $2.95 by ($0.30). PDC Energy had a return on equity of 28.47% and a net margin of 43.85%. The business had revenue of $871.81 million during the quarter, compared to analysts’ expectations of $801.61 million. Equities research analysts predict that PDC Energy, Inc. will post 12.27 earnings per share for the current year.

PDC Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th were issued a $0.40 dividend. The ex-dividend date was Wednesday, June 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.17%. PDC Energy’s dividend payout ratio (DPR) is 6.82%.

PDC Energy Company Profile

(Free Report)

PDC Energy, Inc, an independent exploration and production company, acquires, explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the United States. The company's operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.