Fmr LLC raised its holdings in PDC Energy Inc (NASDAQ:PDCE) by 12.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,805,490 shares of the energy producer’s stock after buying an additional 419,986 shares during the period. Fmr LLC owned 5.76% of PDC Energy worth $186,317,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Royal Bank of Canada grew its position in shares of PDC Energy by 994.8% in the 1st quarter. Royal Bank of Canada now owns 4,653 shares of the energy producer’s stock valued at $228,000 after acquiring an additional 4,228 shares during the period. GWM Advisors LLC bought a new position in shares of PDC Energy in the 3rd quarter valued at about $239,000. Cornerstone Wealth Management LLC bought a new position in shares of PDC Energy in the 2nd quarter valued at about $300,000. First Mercantile Trust Co. grew its position in shares of PDC Energy by 114.9% in the 3rd quarter. First Mercantile Trust Co. now owns 6,231 shares of the energy producer’s stock valued at $305,000 after acquiring an additional 3,331 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of PDC Energy by 29.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 5,092 shares of the energy producer’s stock valued at $309,000 after acquiring an additional 1,166 shares during the period.
In related news, insider Barton R. Brookman, Jr. sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $49.09, for a total transaction of $73,635.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director David C. Parke sold 700 shares of the company’s stock in a transaction that occurred on Tuesday, November 13th. The stock was sold at an average price of $40.07, for a total transaction of $28,049.00. Following the transaction, the director now owns 12,641 shares of the company’s stock, valued at $506,524.87. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,541 shares of company stock valued at $312,151. 1.00% of the stock is owned by corporate insiders.
PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings data on Monday, November 5th. The energy producer reported $0.48 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.11). The business had revenue of $280.70 million during the quarter, compared to the consensus estimate of $337.69 million. PDC Energy had a negative net margin of 10.52% and a positive return on equity of 3.64%. The business’s revenue for the quarter was up 53.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($3.85) EPS. On average, research analysts forecast that PDC Energy Inc will post 1.84 EPS for the current fiscal year.
PDCE has been the subject of a number of analyst reports. Williams Capital set a $82.00 price objective on shares of PDC Energy and gave the company a “buy” rating in a research report on Thursday, August 9th. Stifel Nicolaus decreased their price objective on shares of PDC Energy from $87.00 to $86.00 and set a “buy” rating for the company in a research report on Thursday, August 9th. TD Securities set a $79.00 target price on shares of PDC Energy and gave the stock a “buy” rating in a report on Thursday, August 9th. Imperial Capital reduced their target price on shares of PDC Energy from $90.00 to $88.00 and set an “outperform” rating for the company in a report on Friday, August 10th. Finally, BMO Capital Markets set a $62.00 target price on shares of PDC Energy and gave the stock a “hold” rating in a report on Sunday, August 12th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $70.65.
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PDC Energy Profile
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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