SCP Investment LP Makes New Investment in PDC Energy, Inc. (NASDAQ:PDCE)

SCP Investment LP purchased a new position in shares of PDC Energy, Inc. (NASDAQ:PDCE) in the first quarter, Holdings Channel.com reports. The firm purchased 6,800 shares of the energy producer’s stock, valued at approximately $234,000. PDC Energy makes up about 0.1% of SCP Investment LP’s investment portfolio, making the stock its 17th largest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Parkside Financial Bank & Trust lifted its holdings in shares of PDC Energy by 142.1% in the 1st quarter. Parkside Financial Bank & Trust now owns 925 shares of the energy producer’s stock valued at $32,000 after purchasing an additional 543 shares during the last quarter. Arlington Partners LLC purchased a new stake in shares of PDC Energy in the 1st quarter valued at about $33,000. Captrust Financial Advisors lifted its holdings in shares of PDC Energy by 1,520.9% in the 4th quarter. Captrust Financial Advisors now owns 2,399 shares of the energy producer’s stock valued at $49,000 after purchasing an additional 2,251 shares during the last quarter. KBC Group NV purchased a new stake in shares of PDC Energy in the 1st quarter valued at about $49,000. Finally, Gradient Investments LLC lifted its holdings in shares of PDC Energy by 615.6% in the 1st quarter. Gradient Investments LLC now owns 2,841 shares of the energy producer’s stock valued at $98,000 after purchasing an additional 2,444 shares during the last quarter.

Several analysts have recently weighed in on the company. Zacks Investment Research downgraded PDC Energy from a “strong-buy” rating to a “hold” rating and set a $39.00 target price for the company. in a report on Tuesday, March 2nd. KeyCorp boosted their target price on PDC Energy from $49.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday. TheStreet raised PDC Energy from a “d+” rating to a “c-” rating in a report on Tuesday, March 16th. Seaport Global Securities reaffirmed a “buy” rating on shares of PDC Energy in a research note on Monday, April 5th. Finally, Wells Fargo & Company upped their price objective on PDC Energy from $51.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, May 19th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $33.08.

NASDAQ PDCE traded up $0.01 on Friday, hitting $47.19. 7,227 shares of the company’s stock were exchanged, compared to its average volume of 1,015,267. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $39.15. PDC Energy, Inc. has a fifty-two week low of $10.60 and a fifty-two week high of $47.99. The stock has a market cap of $4.59 billion, a price-to-earnings ratio of -17.47 and a beta of 3.41.

PDC Energy (NASDAQ:PDCE) last released its quarterly earnings results on Wednesday, May 5th. The energy producer reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.58. The business had revenue of $286.04 million for the quarter, compared to analysts’ expectations of $396.93 million. PDC Energy had a positive return on equity of 14.11% and a negative net margin of 30.91%. As a group, equities analysts expect that PDC Energy, Inc. will post 4.3 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 24th. Investors of record on Thursday, June 10th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date is Wednesday, June 9th.

In other PDC Energy news, Director Randy S. Nickerson sold 7,298 shares of the stock in a transaction on Wednesday, May 12th. The stock was sold at an average price of $41.55, for a total transaction of $303,231.90. Following the sale, the director now owns 14,479 shares in the company, valued at approximately $601,602.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lynn A. Peterson sold 5,000 shares of the stock in a transaction on Wednesday, June 9th. The shares were sold at an average price of $46.65, for a total value of $233,250.00. Following the sale, the director now owns 225,377 shares in the company, valued at approximately $10,513,837.05. The disclosure for this sale can be found here. Corporate insiders own 0.97% of the company’s stock.

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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Institutional Ownership by Quarter for PDC Energy (NASDAQ:PDCE)

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