PDC Energy Inc. (PDCE) Short Interest Update
PDC Energy Inc. (NASDAQ:PDCE) was the recipient of a significant growth in short interest in September. As of September 30th, there was short interest totalling 6,273,462 shares, a growth of 45.4% from the September 15th total of 4,313,920 shares. Currently, 11.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,601,757 shares, the short-interest ratio is currently 3.9 days.
In other PDC Energy news, Director David C. Parke sold 500 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $61.84, for a total transaction of $30,920.00. Following the sale, the director now directly owns 17,717 shares in the company, valued at $1,095,619.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.80% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Menta Capital LLC bought a new stake in PDC Energy during the first quarter worth $814,000. TimesSquare Capital Management LLC raised its stake in PDC Energy by 20.0% in the first quarter. TimesSquare Capital Management LLC now owns 548,849 shares of the company’s stock worth $32,629,000 after buying an additional 91,480 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in PDC Energy by 13.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,198,372 shares of the company’s stock worth $71,243,000 after buying an additional 141,484 shares during the period. BlackRock Fund Advisors raised its stake in PDC Energy by 13.4% in the first quarter. BlackRock Fund Advisors now owns 2,861,483 shares of the company’s stock worth $170,115,000 after buying an additional 338,577 shares during the period. Finally, BlackRock Group LTD raised its stake in PDC Energy by 123.6% in the first quarter. BlackRock Group LTD now owns 141,053 shares of the company’s stock worth $8,387,000 after buying an additional 77,984 shares during the period. 93.50% of the stock is owned by hedge funds and other institutional investors.
PDCE has been the topic of a number of analyst reports. Wells Fargo & Co. reiterated a “market perform” rating on shares of PDC Energy in a research note on Wednesday, July 6th. Zacks Investment Research upgraded shares of PDC Energy from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research note on Wednesday, July 13th. BMO Capital Markets downgraded shares of PDC Energy from an “outperform” rating to a “market perform” rating and set a $58.00 price target on the stock. in a research note on Monday, August 8th. Royal Bank Of Canada raised their price target on shares of PDC Energy from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, August 10th. Finally, Credit Suisse Group AG restated a “buy” rating on shares of PDC Energy in a research note on Wednesday, August 10th. Nine research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $72.54.
Shares of PDC Energy (NASDAQ:PDCE) opened at 63.06 on Friday. The firm’s market cap is $2.94 billion. The company has a 50-day moving average of $65.53 and a 200 day moving average of $60.29. PDC Energy has a 52-week low of $42.68 and a 52-week high of $71.00.
PDC Energy (NASDAQ:PDCE) last issued its earnings results on Tuesday, August 9th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by $0.05. The firm earned $20.10 million during the quarter, compared to analysts’ expectations of $160.18 million. PDC Energy had a negative return on equity of 1.07% and a negative net margin of 40.23%. The firm’s quarterly revenue was down 60.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.27 EPS. On average, equities analysts expect that PDC Energy will post ($0.36) earnings per share for the current year.
PDC Energy Company Profile
PDC Energy, Inc is an independent exploration and production company. The Company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids (NGLs) with operations in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. The Company operates through two segments: Oil and Gas Exploration and Production, and Gas Marketing.
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