Essex Investment Management Co. LLC Buys New Stake in PDC Energy Inc (NASDAQ:PDCE)

Essex Investment Management Co. LLC bought a new stake in PDC Energy Inc (NASDAQ:PDCE) in the 4th quarter, Holdings Channel.com reports. The fund bought 15,000 shares of the energy producer’s stock, valued at approximately $393,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in PDCE. State Street Corp boosted its position in shares of PDC Energy by 30.6% during the fourth quarter. State Street Corp now owns 3,839,025 shares of the energy producer’s stock worth $100,467,000 after buying an additional 899,129 shares during the period. Barclays PLC lifted its stake in PDC Energy by 1,058.2% during the 3rd quarter. Barclays PLC now owns 1,647,999 shares of the energy producer’s stock worth $45,732,000 after acquiring an additional 1,505,711 shares in the last quarter. Millennium Management LLC acquired a new position in PDC Energy during the 3rd quarter worth about $25,886,000. Charles Schwab Investment Management Inc. boosted its holdings in PDC Energy by 6.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 541,944 shares of the energy producer’s stock valued at $14,183,000 after acquiring an additional 31,097 shares during the period. Finally, Point72 Asset Management L.P. boosted its holdings in PDC Energy by 3,510.4% during the 3rd quarter. Point72 Asset Management L.P. now owns 434,040 shares of the energy producer’s stock valued at $12,045,000 after acquiring an additional 422,018 shares during the period.

In related news, Director Anthony J. Crisafio sold 3,850 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $24.83, for a total transaction of $95,595.50. Following the completion of the transaction, the director now owns 18,280 shares in the company, valued at $453,892.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.

Shares of PDC Energy stock opened at $19.03 on Friday. PDC Energy Inc has a 52-week low of $16.37 and a 52-week high of $47.29. The company has a 50 day moving average of $22.27 and a 200 day moving average of $25.19. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $1.08 billion, a P/E ratio of 21.39, a P/E/G ratio of 0.30 and a beta of 1.28.

PDC Energy (NASDAQ:PDCE) last announced its quarterly earnings data on Wednesday, February 26th. The energy producer reported $0.60 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.24. PDC Energy had a negative net margin of 4.90% and a positive return on equity of 2.25%. The company had revenue of $265.02 million for the quarter, compared to the consensus estimate of $333.35 million. As a group, research analysts anticipate that PDC Energy Inc will post 2.4 earnings per share for the current fiscal year.

A number of analysts have issued reports on PDCE shares. Tudor Pickering upgraded shares of PDC Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, January 7th. Cfra raised shares of PDC Energy from a “hold” rating to a “buy” rating in a research report on Thursday, November 7th. Citigroup started coverage on shares of PDC Energy in a research note on Friday, February 14th. They issued a “buy” rating and a $35.00 price objective for the company. Wells Fargo & Co dropped their price objective on shares of PDC Energy from $51.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, January 9th. Finally, KeyCorp cut their target price on shares of PDC Energy from $41.00 to $37.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and sixteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $46.81.

PDC Energy Company 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. Its operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc in June 2012.

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

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