PDC Energy (NASDAQ:PDCE) Issues Earnings Results, Beats Estimates By $0.54 EPS

PDC Energy (NASDAQ:PDCE – Get Rating) posted its earnings results on Wednesday. The energy producer reported $5.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.57 by $0.54, reports. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.10 billion. PDC Energy had a net margin of 44.67% and a return on equity of 47.13%.

PDC Energy Stock Up 0.3 %

Shares of NASDAQ PDCE opened at $55.11 on Friday. PDC Energy has a 12-month low of $34.52 and a 12-month high of $89.22. The stock has a market cap of $5.26 billion, a PE ratio of 4.36 and a beta of 2.63. The company has a current ratio of 0.42, a quick ratio of 0.58 and a debt-to-equity ratio of 0.49. The company has a 50-day moving average of $66.45 and a 200 day moving average of $66.82.

PDC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 23rd. Investors of record on Thursday, June 9th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.54%. The ex-dividend date was Wednesday, June 8th. This is a boost from PDC Energy’s previous quarterly dividend of $0.25. PDC Energy’s dividend payout ratio is currently 11.08%.

Insider Activity at PDC Energy

In other PDC Energy news, Director Pamela R. Butcher acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The stock was bought at an average price of $63.91 per share, with a total value of $63,910.00. Following the purchase, the director now owns 2,008 shares in the company, valued at $128,331.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other PDC Energy news, Director Pamela R. Butcher acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The stock was bought at an average price of $63.91 per share, with a total value of $63,910.00. Following the purchase, the director now owns 2,008 shares in the company, valued at $128,331.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David C. Parke sold 4,278 shares of the stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $69.91, for a total transaction of $299,074.98. Following the completion of the sale, the director now directly owns 24,448 shares of the company’s stock, valued at approximately $1,709,159.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,038 shares of company stock valued at $4,357,536. Corporate insiders own 1.20% of the company’s stock.

Institutional Trading of PDC Energy

Several hedge funds have recently made changes to their positions in the company. Quadrant Capital Group LLC lifted its holdings in shares of PDC Energy by 55.8% in the 4th quarter. Quadrant Capital Group LLC now owns 511 shares of the energy producer’s stock worth $25,000 after acquiring an additional 183 shares during the last quarter. Prospera Financial Services Inc acquired a new position in shares of PDC Energy in the 1st quarter worth approximately $29,000. FinTrust Capital Advisors LLC lifted its holdings in shares of PDC Energy by 68.7% in the 1st quarter. FinTrust Capital Advisors LLC now owns 437 shares of the energy producer’s stock worth $32,000 after acquiring an additional 178 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of PDC Energy by 129.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 443 shares of the energy producer’s stock worth $32,000 after acquiring an additional 250 shares during the last quarter. Finally, Oliver Lagore Vanvalin Investment Group acquired a new position in shares of PDC Energy in the 1st quarter worth approximately $36,000.

Analyst Ratings Changes

PDCE has been the subject of a number of analyst reports. TheStreet upgraded shares of PDC Energy from a “c+” rating to a “b” rating in a research report on Wednesday. KeyCorp upped their price objective on shares of PDC Energy from $80.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday, April 8th. The Goldman Sachs Group decreased their price objective on shares of PDC Energy from $87.00 to $77.00 and set a “buy” rating for the company in a research report on Tuesday, July 5th. Truist Financial upped their price objective on shares of PDC Energy from $94.00 to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, July 19th. Finally, Wells Fargo & Company upped their price objective on shares of PDC Energy from $102.00 to $105.00 and gave the stock an “overweight” rating in a research report on Monday, July 11th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, PDC Energy currently has an average rating of “Buy” and an average target price of $87.75.

About PDC Energy

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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.