Vanguard Group Inc. increased its position in shares of PDC Energy Inc. (NASDAQ:PDCE) by 3.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,762,880 shares of the company’s stock after buying an additional 124,751 shares during the period. Vanguard Group Inc. owned about 8.24% of PDC Energy worth $216,780,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in PDCE. Rafferty Asset Management LLC bought a new position in shares of PDC Energy during the first quarter worth about $305,000. GSA Capital Partners LLP bought a new position in shares of PDC Energy during the second quarter worth about $302,000. Avalon Advisors LLC increased its position in shares of PDC Energy by 42.9% in the first quarter. Avalon Advisors LLC now owns 5,732 shares of the company’s stock worth $341,000 after buying an additional 1,721 shares during the period. Teacher Retirement System of Texas increased its position in shares of PDC Energy by 29.4% in the second quarter. Teacher Retirement System of Texas now owns 6,362 shares of the company’s stock worth $367,000 after buying an additional 1,447 shares during the period. Finally, Virginia Retirement System bought a new position in shares of PDC Energy during the first quarter worth about $386,000. Institutional investors own 93.50% of the company’s stock.
Shares of PDC Energy Inc. (NASDAQ:PDCE) opened at 63.06 on Friday. The firm has a 50-day moving average price of $65.53 and a 200-day moving average price of $60.29. PDC Energy Inc. has a 1-year low of $42.68 and a 1-year high of $71.00. The stock’s market capitalization is $2.94 billion.
PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings data on Tuesday, August 9th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by $0.05. The firm earned $20.10 million during the quarter, compared to analysts’ expectations of $160.18 million. PDC Energy had a negative net margin of 40.23% and a negative return on equity of 1.07%. PDC Energy’s quarterly revenue was down 60.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 EPS. On average, equities research analysts forecast that PDC Energy Inc. will post ($0.36) earnings per share for the current year.
A number of research analysts recently issued reports on the company. RBC Capital Markets reiterated an “outperform” rating and set a $70.00 price objective (up from $67.00) on shares of PDC Energy in a research note on Thursday, August 11th. Canaccord Genuity dropped their price target on PDC Energy from $80.00 to $77.00 and set a “buy” rating for the company in a research note on Monday, September 12th. Wunderlich dropped their price target on PDC Energy from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Monday, September 12th. KLR Group restated a “buy” rating and issued a $80.00 price target (down from $87.00) on shares of PDC Energy in a research note on Monday, September 12th. Finally, Zacks Investment Research downgraded PDC Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 27th. Nine investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $72.54.
In related news, Director David C. Parke sold 500 shares of the business’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $61.84, for a total value of $30,920.00. Following the sale, the director now owns 17,717 shares in the company, valued at approximately $1,095,619.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is owned by corporate insiders.
About PDC Energy