PDC Energy Inc (NASDAQ:PDCE) Short Interest Update

PDC Energy Inc (NASDAQ:PDCE) saw a significant drop in short interest in June. As of June 15th, there was short interest totalling 7,200,100 shares, a drop of 6.6% from the May 15th total of 7,707,100 shares. Approximately 11.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,070,000 shares, the short-interest ratio is presently 6.7 days.

PDCE has been the topic of a number of recent research reports. Imperial Capital restated an “in-line” rating and set a $29.00 price objective (down previously from $33.00) on shares of Whiting Petroleum in a research note on Friday, May 3rd. BMO Capital Markets started coverage on Victoria Gold in a research note on Thursday. They set an “outperform” rating on the stock. Cowen set a $27.00 price objective on Schnitzer Steel Industries and gave the company a “hold” rating in a research note on Tuesday, April 9th. Zacks Investment Research cut HENGAN INTL GRP/ADR from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 21st. Finally, ValuEngine cut Verso from a “hold” rating to a “sell” rating in a research note on Thursday, May 23rd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $59.63.

PDCE opened at $30.55 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.43 and a quick ratio of 0.43. PDC Energy has a 1-year low of $26.59 and a 1-year high of $64.66. The business has a 50 day moving average price of $33.02.

PDC Energy (NASDAQ:PDCE) last released its earnings results on Wednesday, May 1st. The energy producer reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.29). The firm had revenue of $134.50 million during the quarter, compared to analyst estimates of $325.83 million. PDC Energy had a negative return on equity of 2.50% and a negative net margin of 7.38%. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. During the same quarter last year, the company earned $0.05 earnings per share. On average, analysts predict that PDC Energy will post 2.53 EPS for the current fiscal year.

In other news, COO Scott J. Reasoner sold 1,714 shares of PDC Energy stock in a transaction on Monday, April 15th. The stock was sold at an average price of $44.01, for a total value of $75,433.14. Following the completion of the sale, the chief operating officer now owns 90,113 shares of the company’s stock, valued at $3,965,873.13. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mark E. Ellis acquired 10,000 shares of the stock in a transaction dated Friday, May 10th. The stock was acquired at an average cost of $37.30 per share, with a total value of $373,000.00. Following the transaction, the director now owns 17,752 shares of the company’s stock, valued at $662,149.60. The disclosure for this purchase can be found here. Insiders have sold 2,714 shares of company stock valued at $120,058 in the last three months. 1.00% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Comerica Bank grew its holdings in shares of PDC Energy by 39.5% during the 4th quarter. Comerica Bank now owns 95,593 shares of the energy producer’s stock worth $3,032,000 after purchasing an additional 27,085 shares during the period. Oregon Public Employees Retirement Fund purchased a new position in shares of PDC Energy during the 4th quarter worth $748,000. Virginia Retirement Systems ET AL lifted its stake in PDC Energy by 13.6% during the 4th quarter. Virginia Retirement Systems ET AL now owns 20,900 shares of the energy producer’s stock worth $622,000 after acquiring an additional 2,500 shares in the last quarter. Prudential Financial Inc. lifted its stake in PDC Energy by 63.0% during the 4th quarter. Prudential Financial Inc. now owns 179,262 shares of the energy producer’s stock worth $5,335,000 after acquiring an additional 69,270 shares in the last quarter. Finally, Texas Permanent School Fund lifted its stake in PDC Energy by 4.0% during the 4th quarter. Texas Permanent School Fund now owns 43,242 shares of the energy producer’s stock worth $1,287,000 after acquiring an additional 1,669 shares in the last quarter.

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. Its operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. The company was formerly known as Petroleum Development Corporation and changed its name to PDC Energy, Inc in June 2012.

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