AQR Capital Management LLC increased its position in shares of PDC Energy, Inc. (NASDAQ:PDCE) by 47.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 19,526 shares of the energy producer’s stock after purchasing an additional 6,320 shares during the quarter. AQR Capital Management LLC’s holdings in PDC Energy were worth $242,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of PDCE. Deep Basin Capital LP lifted its stake in shares of PDC Energy by 74.8% during the third quarter. Deep Basin Capital LP now owns 4,240,670 shares of the energy producer’s stock valued at $52,563,000 after acquiring an additional 1,814,564 shares during the period. Fisher Asset Management LLC increased its holdings in shares of PDC Energy by 179.0% in the third quarter. Fisher Asset Management LLC now owns 1,755,523 shares of the energy producer’s stock worth $21,760,000 after acquiring an additional 1,126,245 shares in the last quarter. Segall Bryant & Hamill LLC increased its holdings in shares of PDC Energy by 55.8% in the third quarter. Segall Bryant & Hamill LLC now owns 893,186 shares of the energy producer’s stock worth $11,073,000 after acquiring an additional 319,899 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of PDC Energy by 188.9% in the third quarter. Jennison Associates LLC now owns 414,550 shares of the energy producer’s stock worth $5,138,000 after acquiring an additional 271,073 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in shares of PDC Energy in the second quarter worth about $3,258,000.
PDCE has been the subject of a number of research reports. TD Securities increased their price objective on PDC Energy from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, November 5th. Stifel Nicolaus decreased their price objective on PDC Energy from $26.00 to $20.00 in a report on Tuesday, September 15th. JPMorgan Chase & Co. increased their price target on PDC Energy from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Wednesday, December 16th. BidaskClub raised PDC Energy from a “sell” rating to a “hold” rating in a research report on Monday, November 2nd. Finally, ValuEngine raised PDC Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, December 1st. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $22.80.
Shares of NASDAQ:PDCE opened at $20.53 on Friday. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of -2.83, a P/E/G ratio of 0.38 and a beta of 3.13. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.82 and a quick ratio of 0.82. The business’s 50-day moving average is $18.34 and its 200-day moving average is $14.84. PDC Energy, Inc. has a 1 year low of $4.51 and a 1 year high of $27.84.
PDC Energy (NASDAQ:PDCE) last posted its quarterly earnings results on Wednesday, November 4th. The energy producer reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.42. PDC Energy had a negative return on equity of 2.57% and a negative net margin of 47.97%. The business had revenue of $249.22 million for the quarter, compared to the consensus estimate of $385.30 million. During the same period in the prior year, the business earned ($0.39) EPS. The firm’s revenue for the quarter was down 31.9% on a year-over-year basis. Analysts anticipate that PDC Energy, Inc. will post 0.88 EPS for the current year.
In other PDC Energy news, EVP Lance Lauck sold 3,498 shares of the business’s stock in a transaction that occurred on Wednesday, November 25th. The stock was sold at an average price of $18.50, for a total transaction of $64,713.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul Korus bought 2,500 shares of PDC Energy stock in a transaction dated Wednesday, December 9th. The stock was acquired at an average cost of $18.63 per share, with a total value of $46,575.00. Following the completion of the acquisition, the director now owns 17,036 shares of the company’s stock, valued at $317,380.68. The disclosure for this purchase can be found here. 0.93% of the stock is currently owned by corporate insiders.
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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