Phocas Financial Corp. Sells 1,566 Shares of PDC Energy, Inc. (NASDAQ:PDCE)

Phocas Financial Corp. reduced its position in shares of PDC Energy, Inc. (NASDAQ:PDCE) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 111,332 shares of the energy producer’s stock after selling 1,566 shares during the quarter. PDC Energy comprises 1.1% of Phocas Financial Corp.’s holdings, making the stock its 25th biggest position. Phocas Financial Corp. owned 0.13% of PDC Energy worth $7,920,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Natixis bought a new stake in PDC Energy during the 4th quarter worth about $25,000. Belpointe Asset Management LLC acquired a new stake in shares of PDC Energy in the 4th quarter valued at approximately $27,000. Northwestern Mutual Wealth Management Co. raised its position in shares of PDC Energy by 2,600.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 459 shares of the energy producer’s stock valued at $29,000 after acquiring an additional 442 shares during the period. Geneos Wealth Management Inc. raised its position 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 valued at $32,000 after acquiring an additional 250 shares during the period. Finally, Quarry LP acquired a new stake in shares of PDC Energy in the 1st quarter valued at approximately $41,000. 95.18% of the stock is owned by institutional investors.

Insider Transactions at PDC Energy

In related news, CFO R Scott Meyers sold 2,500 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $70.87, for a total value of $177,175.00. Following the completion of the transaction, the chief financial officer now directly owns 154,910 shares of the company’s stock, valued at $10,978,471.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.50% of the company’s stock.

PDC Energy Stock Performance

Shares of PDCE remained flat at $73.85 during mid-day trading on Tuesday. The company has a market capitalization of $6.43 billion, a P/E ratio of 3.69, a price-to-earnings-growth ratio of 0.16 and a beta of 2.47. PDC Energy, Inc. has a 12 month low of $51.85 and a 12 month high of $82.24. The firm has a 50-day moving average of $73.73 and a two-hundred day moving average of $69.29. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.49 and a quick ratio of 0.49.

PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings results on Tuesday, August 1st. The energy producer reported $2.65 earnings per share for the quarter, missing the consensus estimate of $2.95 by ($0.30). The business had revenue of $871.81 million for the quarter, compared to the consensus estimate of $801.61 million. PDC Energy had a return on equity of 28.47% and a net margin of 43.85%. On average, equities research analysts anticipate that PDC Energy, Inc. will post 12.27 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PDCE. Mizuho downgraded shares of PDC Energy from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 24th. Seaport Res Ptn downgraded shares of PDC Energy from a “buy” rating to a “neutral” rating in a report on Tuesday, July 18th. StockNews.com initiated coverage on shares of PDC Energy in a report on Wednesday, September 13th. They set a “hold” rating on the stock. Finally, Truist Financial dropped their target price on shares of PDC Energy from $77.00 to $74.00 in a report on Monday, July 24th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $80.75.

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.