Cim Investment Mangement Inc. trimmed its stake in PDC Energy Inc (NASDAQ:PDCE) by 38.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,924 shares of the energy producer’s stock after selling 4,854 shares during the period. Cim Investment Mangement Inc.’s holdings in PDC Energy were worth $388,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC bought a new stake in shares of PDC Energy during the second quarter worth $373,000. Quantitative Systematic Strategies LLC bought a new stake in shares of PDC Energy during the second quarter worth $914,000. Frontier Capital Management Co. LLC grew its holdings in shares of PDC Energy by 72.8% during the third quarter. Frontier Capital Management Co. LLC now owns 1,416,006 shares of the energy producer’s stock worth $69,328,000 after purchasing an additional 596,642 shares during the last quarter. FMR LLC grew its holdings in shares of PDC Energy by 7.9% during the second quarter. FMR LLC now owns 3,385,504 shares of the energy producer’s stock worth $204,653,000 after purchasing an additional 246,713 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of PDC Energy by 7.6% during the second quarter. Schwab Charles Investment Management Inc. now owns 440,205 shares of the energy producer’s stock worth $26,611,000 after purchasing an additional 31,274 shares during the last quarter.

Shares of PDCE opened at $36.40 on Wednesday. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.53. PDC Energy Inc has a 12-month low of $36.15 and a 12-month high of $66.20. The firm has a market cap of $2.58 billion, a PE ratio of -10.46, a PEG ratio of 0.53 and a beta of 0.66.

PDC Energy (NASDAQ:PDCE) last issued its quarterly earnings results on Monday, November 5th. The energy producer reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.11). PDC Energy had a negative net margin of 10.52% and a positive return on equity of 3.64%. The firm had revenue of $280.70 million for the quarter, compared to analyst estimates of $337.69 million. During the same period last year, the company earned ($3.85) EPS. The company’s revenue was up 53.2% compared to the same quarter last year. Research analysts anticipate that PDC Energy Inc will post 1.91 EPS for the current fiscal year.

In other news, insider Barton R. Brookman, Jr. sold 1,500 shares of the company’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $49.09, for a total transaction of $73,635.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jeffrey C. Swoveland sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $56.17, for a total value of $224,680.00. Following the transaction, the director now directly owns 17,454 shares in the company, valued at approximately $980,391.18. The disclosure for this sale can be found here. Insiders have sold 12,041 shares of company stock worth $615,896 in the last ninety days. 1.00% of the stock is currently owned by insiders.

Several analysts have recently commented on the company. BidaskClub cut PDC Energy from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Zacks Investment Research upgraded PDC Energy from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Wednesday, August 1st. BMO Capital Markets set a $55.00 target price on PDC Energy and gave the stock a “hold” rating in a report on Tuesday, November 13th. ValuEngine cut PDC Energy from a “hold” rating to a “sell” rating in a report on Tuesday, November 13th. Finally, Williams Capital set a $82.00 target price on PDC Energy and gave the stock a “buy” rating in a report on Thursday, August 9th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $71.16.

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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.

Further Reading: How To Calculate Debt-to-Equity Ratio

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

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