A.R.T. Advisors LLC lifted its stake in shares of PDC Energy Inc (NASDAQ:PDCE) by 7.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,400 shares of the energy producer’s stock after purchasing an additional 2,500 shares during the period. A.R.T. Advisors LLC owned 0.05% of PDC Energy worth $1,240,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. purchased a new stake in shares of PDC Energy during the second quarter worth approximately $230,000. Tower Research Capital LLC TRC raised its position in PDC Energy by 111,462.5% during the second quarter. Tower Research Capital LLC TRC now owns 8,925 shares of the energy producer’s stock valued at $322,000 after purchasing an additional 8,917 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC acquired a new position in PDC Energy during the second quarter valued at approximately $4,776,000. Northern Trust Corp raised its position in PDC Energy by 1.7% during the second quarter. Northern Trust Corp now owns 1,389,279 shares of the energy producer’s stock valued at $50,097,000 after purchasing an additional 23,318 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of PDC Energy by 15.1% during the second quarter. Canada Pension Plan Investment Board now owns 100,419 shares of the energy producer’s stock worth $3,621,000 after buying an additional 13,159 shares in the last quarter.
NASDAQ:PDCE opened at $28.18 on Friday. The company’s 50-day simple moving average is $29.92 and its 200 day simple moving average is $34.67. PDC Energy Inc has a one year low of $24.13 and a one year high of $53.50. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.65 and a quick ratio of 0.65.
PDC Energy (NASDAQ:PDCE) last issued its earnings results on Wednesday, August 7th. The energy producer reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.11). PDC Energy had a negative return on equity of 3.08% and a net margin of 7.73%. The firm had revenue of $390.70 million during the quarter, compared to the consensus estimate of $333.78 million. During the same quarter in the prior year, the company posted $0.56 EPS. The company’s quarterly revenue was up 83.9% on a year-over-year basis. On average, equities research analysts anticipate that PDC Energy Inc will post 1.61 EPS for the current year.
In other news, Director Anthony J. Crisafio sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $35.09, for a total transaction of $52,635.00. Following the completion of the transaction, the director now directly owns 22,130 shares of the company’s stock, valued at $776,541.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is owned by insiders.
Several brokerages have recently issued reports on PDCE. BidaskClub downgraded shares of PDC Energy from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 9th. MKM Partners increased their price objective on shares of PDC Energy from $47.00 to $48.00 and gave the stock a “buy” rating in a research report on Tuesday, August 27th. Barclays started coverage on shares of PDC Energy in a research report on Friday, August 30th. They set an “overweight” rating and a $42.00 price objective on the stock. Credit Suisse Group raised shares of PDC Energy from a “neutral” rating to an “outperform” rating and raised their price target for the company from $36.00 to $39.00 in a research report on Tuesday, August 27th. Finally, Mitsubishi UFJ Financial Group raised their price target on shares of PDC Energy to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $49.65.
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. Its operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc in June 2012.
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