American International Group Inc. Lowers Stake in PDC Energy Inc (PDCE)

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American International Group Inc. lowered its position in PDC Energy Inc (NASDAQ:PDCE) by 19.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,275 shares of the energy producer’s stock after selling 10,272 shares during the quarter. American International Group Inc. owned about 0.06% of PDC Energy worth $2,073,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Meadow Creek Investment Management LLC grew its holdings in shares of PDC Energy by 20.8% in the fourth quarter. Meadow Creek Investment Management LLC now owns 5,742 shares of the energy producer’s stock valued at $296,000 after purchasing an additional 990 shares during the period. Whittier Trust Co. grew its holdings in shares of PDC Energy by 5.2% in the fourth quarter. Whittier Trust Co. now owns 21,113 shares of the energy producer’s stock valued at $1,088,000 after purchasing an additional 1,053 shares during the period. AGF Investments Inc. lifted its position in PDC Energy by 4.1% in the first quarter. AGF Investments Inc. now owns 27,585 shares of the energy producer’s stock valued at $1,352,000 after buying an additional 1,089 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in PDC Energy by 50.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,596 shares of the energy producer’s stock valued at $185,000 after buying an additional 1,201 shares during the last quarter. Finally, First Mercantile Trust Co. lifted its position in PDC Energy by 93.3% in the fourth quarter. First Mercantile Trust Co. now owns 2,900 shares of the energy producer’s stock valued at $149,000 after buying an additional 1,400 shares during the last quarter.

PDCE has been the topic of a number of recent analyst reports. Goldman Sachs Group raised shares of PDC Energy from a “neutral” rating to a “buy” rating in a research report on Thursday, April 12th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $70.00 target price on shares of PDC Energy in a research report on Thursday, April 26th. Mitsubishi UFJ Financial Group raised shares of PDC Energy from a “neutral” rating to an “overweight” rating in a research report on Thursday, March 1st. ValuEngine raised shares of PDC Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 3rd. Finally, BidaskClub cut shares of PDC Energy from a “hold” rating to a “sell” rating in a research report on Saturday, April 7th. Six equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. PDC Energy has an average rating of “Buy” and an average target price of $67.35.

In related news, Director Larry F. Mazza sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $61.00, for a total transaction of $244,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Daniel Willson Amidon sold 8,045 shares of the company’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $63.07, for a total transaction of $507,398.15. Following the sale, the senior vice president now owns 58,566 shares in the company, valued at $3,693,757.62. The disclosure for this sale can be found here. Insiders have sold 19,545 shares of company stock worth $1,155,768 over the last 90 days. Insiders own 1.00% of the company’s stock.

Shares of PDCE traded down $1.30 during mid-day trading on Thursday, hitting $59.15. 769,543 shares of the company’s stock were exchanged, compared to its average volume of 1,000,605. The stock has a market capitalization of $3.99 billion, a PE ratio of -17.00, a P/E/G ratio of 0.71 and a beta of 0.66. PDC Energy Inc has a fifty-two week low of $36.74 and a fifty-two week high of $66.20. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.54 and a current ratio of 0.54.

PDC Energy (NASDAQ:PDCE) last released its earnings results on Wednesday, May 2nd. The energy producer reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.34). PDC Energy had a positive return on equity of 1.47% and a negative net margin of 19.50%. The firm had revenue of $260.60 million for the quarter, compared to analysts’ expectations of $270.04 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The firm’s quarterly revenue was down 4.8% on a year-over-year basis. sell-side analysts predict that PDC Energy Inc will post 2.22 earnings per share for the current year.

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.

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

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