Barclays PLC decreased its stake in PDC Energy Inc (NASDAQ:PDCE) by 96.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 42,786 shares of the energy producer’s stock after selling 1,300,255 shares during the quarter. Barclays PLC owned about 0.06% of PDC Energy worth $2,099,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Centaurus Financial Inc. bought a new stake in shares of PDC Energy during the 1st quarter worth approximately $107,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of PDC Energy by 50.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,596 shares of the energy producer’s stock worth $185,000 after acquiring an additional 1,201 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of PDC Energy during the 1st quarter worth approximately $192,000. Pitcairn Co. bought a new stake in shares of PDC Energy during the 1st quarter worth approximately $205,000. Finally, ETRADE Capital Management LLC bought a new stake in shares of PDC Energy during the 4th quarter worth approximately $212,000.
In other news, Director Larry F. Mazza sold 4,000 shares of the business’s stock in a transaction on Thursday, June 7th. The stock was sold at an average price of $61.00, for a total value of $244,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lance Lauck sold 1,000 shares of the business’s stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $48.92, for a total value of $48,920.00. Following the completion of the transaction, the executive vice president now directly owns 99,228 shares of the company’s stock, valued at $4,854,233.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 19,545 shares of company stock valued at $1,155,768. Corporate insiders own 1.00% of the company’s stock.
PDC Energy (NASDAQ:PDCE) last released its quarterly earnings results on Wednesday, May 2nd. The energy producer reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.34). The company had revenue of $260.60 million during the quarter, compared to the consensus estimate of $270.04 million. PDC Energy had a positive return on equity of 1.47% and a negative net margin of 19.50%. The company’s revenue was down 4.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.06) earnings per share. research analysts expect that PDC Energy Inc will post 2.24 earnings per share for the current fiscal year.
A number of brokerages recently issued reports on PDCE. Deutsche Bank began coverage on PDC Energy in a research note on Wednesday, April 4th. They set a “buy” rating and a $62.00 price target for the company. ValuEngine raised PDC Energy from a “sell” rating to a “hold” rating in a research note on Thursday, May 3rd. Johnson Rice raised PDC Energy from an “accumulate” rating to a “buy” rating in a research note on Monday, May 14th. They noted that the move was a valuation call. Stifel Nicolaus set a $83.00 price target on PDC Energy and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Finally, Williams Capital reissued a “buy” rating and set a $76.00 price target (up from $69.00) on shares of PDC Energy in a research note on Tuesday, February 27th. Six research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $67.35.
About PDC Energy
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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