Short Interest in PDC Energy Inc. (PDCE) Rises By 45.4%
PDC Energy Inc. (NASDAQ:PDCE) saw a large growth in short interest in the month of 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. Based on an average daily trading volume, of 1,601,757 shares, the days-to-cover ratio is presently 3.9 days. Currently, 11.3% of the shares of the company are short sold.
Shares of PDC Energy (NASDAQ:PDCE) opened at 64.23 on Thursday. PDC Energy has a 52-week low of $42.67 and a 52-week high of $71.00. The firm’s market cap is $2.99 billion. The company’s 50-day moving average is $65.74 and its 200-day moving average is $60.22.
PDC Energy (NASDAQ:PDCE) last released its earnings results on Tuesday, August 9th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.05. The firm had revenue of $20.10 million for the quarter, compared to analyst estimates of $160.18 million. PDC Energy had a negative return on equity of 1.07% and a negative net margin of 40.23%. PDC Energy’s revenue was down 60.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 earnings per share. Equities research analysts forecast that PDC Energy will post ($0.36) earnings per share for the current fiscal year.
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Several equities analysts have issued reports on the stock. Mizuho assumed coverage on shares of PDC Energy in a research note on Wednesday, October 5th. They issued a “neutral” rating and a $69.00 price objective on the stock. Canaccord Genuity dropped their price objective on shares of PDC Energy from $80.00 to $77.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. KLR Group reissued a “buy” rating and issued a $80.00 price objective (down from $87.00) on shares of PDC Energy in a research note on Monday, September 12th. Wunderlich dropped their price objective on shares of PDC Energy from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of PDC Energy in a research note on Sunday, September 11th. Nine investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. PDC Energy currently has an average rating of “Buy” and a consensus target price of $72.54.
In other PDC Energy news, Director David C. Parke sold 500 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $61.84, for a total value of $30,920.00. Following the transaction, the director now directly owns 17,717 shares of the company’s stock, valued at approximately $1,095,619.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PDCE. Capstone Asset Management Co. raised its position in PDC Energy by 0.7% in the third quarter. Capstone Asset Management Co. now owns 13,566 shares of the company’s stock worth $910,000 after buying an additional 100 shares during the last quarter. First National Bank of Omaha raised its position in PDC Energy by 39.6% in the third quarter. First National Bank of Omaha now owns 10,955 shares of the company’s stock worth $735,000 after buying an additional 3,105 shares during the period. Gradient Investments LLC raised its position in PDC Energy by 29.9% in the third quarter. Gradient Investments LLC now owns 9,014 shares of the company’s stock worth $604,000 after buying an additional 2,073 shares during the period. First Mercantile Trust Co. raised its position in PDC Energy by 61.7% in the third quarter. First Mercantile Trust Co. now owns 1,730 shares of the company’s stock worth $116,000 after buying an additional 660 shares during the period. Finally, Independent Portfolio Consultants Inc. raised its position in PDC Energy by 18.1% in the third quarter. Independent Portfolio Consultants Inc. now owns 9,050 shares of the company’s stock worth $607,000 after buying an additional 1,385 shares during the period. 93.50% of the stock is currently owned by hedge funds and other institutional investors.
About PDC Energy
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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