King Luther Capital Management Corp cut its stake in PDC Energy, Inc. (NASDAQ:PDCE) by 39.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,285 shares of the energy producer’s stock after selling 43,545 shares during the quarter. King Luther Capital Management Corp owned approximately 0.10% of PDC Energy worth $2,858,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PDCE. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in PDC Energy by 9.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,395 shares of the energy producer’s stock valued at $103,000 after buying an additional 209 shares in the last quarter. Seven Eight Capital LP purchased a new position in PDC Energy in the 2nd quarter valued at about $107,000. Flinton Capital Management LLC lifted its stake in PDC Energy by 19.8% in the 1st quarter. Flinton Capital Management LLC now owns 1,744 shares of the energy producer’s stock valued at $109,000 after buying an additional 288 shares in the last quarter. Integrated Investment Consultants LLC lifted its stake in PDC Energy by 27.7% in the 2nd quarter. Integrated Investment Consultants LLC now owns 2,525 shares of the energy producer’s stock valued at $109,000 after buying an additional 547 shares in the last quarter. Finally, Invictus RG lifted its stake in PDC Energy by 11.2% in the 1st quarter. Invictus RG now owns 2,151 shares of the energy producer’s stock valued at $134,000 after buying an additional 216 shares in the last quarter.

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A number of brokerages recently weighed in on PDCE. Williams Capital set a $67.00 price target on shares of PDC Energy and gave the company a “buy” rating in a research note on Tuesday, August 8th. Zacks Investment Research lowered shares of PDC Energy from a “hold” rating to a “strong sell” rating in a research note on Saturday, July 8th. Mizuho raised shares of PDC Energy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $53.00 to $55.00 in a research note on Wednesday, August 9th. Seaport Global Securities raised shares of PDC Energy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $46.00 to $51.00 in a research note on Friday, August 11th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $76.00 target price on shares of PDC Energy in a research note on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company. PDC Energy presently has an average rating of “Hold” and an average price target of $71.14.

Shares of PDC Energy, Inc. (PDCE) opened at 43.80 on Friday. The company has a 50-day moving average of $41.03 and a 200 day moving average of $50.67. PDC Energy, Inc. has a 12-month low of $36.74 and a 12-month high of $84.88. The firm has a market cap of $2.86 billion, a P/E ratio of 310.64 and a beta of 0.83.

PDC Energy (NASDAQ:PDCE) last announced its quarterly earnings data on Tuesday, August 8th. The energy producer reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.20. The business had revenue of $275.20 million for the quarter, compared to the consensus estimate of $218.90 million. PDC Energy had a net margin of 1.03% and a return on equity of 0.53%. The company’s quarterly revenue was up 1269.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.11) earnings per share. Equities research analysts anticipate that PDC Energy, Inc. will post $0.20 earnings per share for the current fiscal year.

PDC Energy 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.

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

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