PDC Energy, Inc. (PDCE) Position Cut by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan reduced its position in shares of PDC Energy, Inc. (NASDAQ:PDCE) by 0.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,720 shares of the energy producer’s stock after selling 40 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in PDC Energy were worth $793,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in PDCE. Tudor Investment Corp Et Al acquired a new position in PDC Energy during the fourth quarter valued at $331,000. Caxton Associates LP purchased a new position in shares of PDC Energy during the fourth quarter valued at approximately $1,344,000. GSA Capital Partners LLP purchased a new position in shares of PDC Energy during the fourth quarter valued at approximately $1,019,000. Fred Alger Management Inc. boosted its position in shares of PDC Energy by 25.8% in the fourth quarter. Fred Alger Management Inc. now owns 22,459 shares of the energy producer’s stock valued at $1,630,000 after buying an additional 4,610 shares during the last quarter. Finally, A.R.T. Advisors LLC purchased a new position in shares of PDC Energy during the fourth quarter valued at approximately $1,052,000.
PDC Energy, Inc. (PDCE) traded up 1.65% during mid-day trading on Friday, hitting $45.52. The stock had a trading volume of 2,065,784 shares. The company’s 50 day moving average is $51.05 and its 200-day moving average is $65.15. The stock’s market capitalization is $2.97 billion. PDC Energy, Inc. has a 52 week low of $44.01 and a 52 week high of $84.88.
PDC Energy (NASDAQ:PDCE) last posted its earnings results on Friday, May 5th. The energy producer reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.03) by $0.03. PDC Energy had a negative return on equity of 0.20% and a negative net margin of 22.67%. The business had revenue of $273.70 million for the quarter, compared to analysts’ expectations of $182.05 million. During the same quarter in the previous year, the firm earned ($0.89) earnings per share. PDC Energy’s quarterly revenue was up 201.4% compared to the same quarter last year. On average, analysts expect that PDC Energy, Inc. will post $0.30 EPS for the current fiscal year.
A number of analysts have recently issued reports on PDCE shares. Canaccord Genuity set a $85.00 price target on shares of PDC Energy and gave the stock a “buy” rating in a research report on Tuesday, February 28th. Hilliard Lyons upgraded PDC Energy from a “neutral” rating to a “buy” rating in a report on Wednesday, March 1st. Zacks Investment Research upgraded PDC Energy from a “hold” rating to a “buy” rating and set a $72.00 price target on the stock in a report on Thursday, March 16th. Williams Capital reiterated a “buy” rating and set a $94.00 price target on shares of PDC Energy in a report on Monday, April 10th. Finally, Barclays PLC reiterated a “buy” rating and set a $80.00 price target (down previously from $89.00) on shares of PDC Energy in a report on Thursday, April 20th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $78.67.
In related news, Director Joseph E. Casabona sold 1,000 shares of the business’s stock in a transaction dated Monday, April 17th. The stock was sold at an average price of $63.29, for a total transaction of $63,290.00. Following the completion of the transaction, the director now directly owns 30,456 shares in the company, valued at $1,927,560.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Barton R. Brookman, Jr. sold 1,700 shares of the business’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $62.27, for a total value of $105,859.00. Following the transaction, the chief executive officer now owns 176,681 shares of the company’s stock, valued at $11,001,925.87. The disclosure for this sale can be found here. 1.80% of the stock is owned by insiders.
About PDC Energy
PDC Energy, Inc is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing.
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