Assenagon Asset Management S.A. acquired a new position in PDC Energy, Inc. (NASDAQ:PDCE – Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 160,163 shares of the energy producer’s stock, valued at approximately $10,279,000. Assenagon Asset Management S.A. owned approximately 0.18% of PDC Energy as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of PDCE. Raymond James & Associates raised its stake in shares of PDC Energy by 155.4% in the 1st quarter. Raymond James & Associates now owns 24,528 shares of the energy producer’s stock worth $1,783,000 after buying an additional 14,924 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of PDC Energy by 6.4% in the 1st quarter. Private Advisor Group LLC now owns 8,383 shares of the energy producer’s stock worth $609,000 after buying an additional 502 shares in the last quarter. Allianz Asset Management GmbH raised its stake in shares of PDC Energy by 2,181.5% in the 1st quarter. Allianz Asset Management GmbH now owns 193,906 shares of the energy producer’s stock worth $14,093,000 after buying an additional 185,407 shares in the last quarter. Baird Financial Group Inc. raised its position in shares of PDC Energy by 7.8% during 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 period. Finally, Covestor Ltd raised its position in shares of PDC Energy by 350.7% during 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 period. Institutional investors own 95.18% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on PDCE shares. The Goldman Sachs Group boosted their target price on PDC Energy from $65.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, April 21st. Mizuho lowered PDC Energy from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 24th. StockNews.com started coverage on PDC Energy in a research report on Sunday, June 25th. They set a “hold” rating on the stock. JPMorgan Chase & Co. boosted their target price on PDC Energy from $76.00 to $80.00 in a research report on Thursday, April 6th. Finally, Truist Financial upped their price target on PDC Energy from $70.00 to $77.00 and gave the company a “hold” rating in a research report on Tuesday, April 11th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $84.50.
Insider Buying and Selling at PDC Energy
In other PDC Energy news, CFO R Scott Meyers sold 2,500 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was 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 in the company, valued at $10,082,325.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 544,070 shares in the company, valued at approximately $37,383,049.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO R Scott Meyers sold 2,500 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $63.05, for a total value of $157,625.00. Following the sale, the chief financial officer now owns 159,910 shares of the company’s stock, valued at approximately $10,082,325.50. The disclosure for this sale can be found here. Insiders have sold 21,700 shares of company stock worth $1,467,429 over the last 90 days. 1.50% of the stock is currently owned by corporate insiders.
PDC Energy Stock Performance
Shares of NASDAQ PDCE opened at $71.14 on Friday. The business’s 50-day moving average price is $67.70 and its two-hundred day moving average price is $65.94. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.43 and a quick ratio of 0.43. PDC Energy, Inc. has a one year low of $51.72 and a one year high of $82.24. The company has a market capitalization of $6.19 billion, a P/E ratio of 3.03, a price-to-earnings-growth ratio of 0.14 and a beta of 2.51.
PDC Energy (NASDAQ:PDCE – Free Report) last issued its earnings results on Wednesday, May 3rd. The energy producer reported $2.61 EPS for the quarter, missing analysts’ consensus estimates of $2.91 by ($0.30). PDC Energy had a net margin of 49.57% and a return on equity of 35.66%. The firm had revenue of $957.67 million during the quarter, compared to analysts’ expectations of $776.86 million. Analysts anticipate that PDC Energy, Inc. will post 12.77 earnings per share for the current fiscal year.
PDC Energy Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th were paid a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, June 7th. This represents a $1.60 dividend on an annualized basis and a yield of 2.25%. PDC Energy’s dividend payout ratio (DPR) is currently 6.82%.
About PDC Energy
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.
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