PDC Energy, Inc. Declares Quarterly Dividend of $0.40 (NASDAQ:PDCE)

PDC Energy, Inc. (NASDAQ:PDCE – Get Rating) announced a quarterly dividend on Wednesday, May 24th, Zacks reports. Shareholders of record on Thursday, June 8th will be given a dividend of 0.40 per share by the energy producer on Thursday, June 22nd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Wednesday, June 7th.

PDC Energy has a payout ratio of 9.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect PDC Energy to earn $16.59 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 9.6%.

PDC Energy Trading Down 1.9 %

PDC Energy stock opened at $70.63 on Friday. The business has a 50-day simple moving average of $64.76 and a two-hundred day simple moving average of $66.52. The company has a market cap of $6.18 billion, a P/E ratio of 3.01, a P/E/G ratio of 0.15 and a beta of 2.51. PDC Energy has a 52-week low of $51.72 and a 52-week high of $89.22. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.31.

PDC Energy (NASDAQ:PDCE – Get Rating) last announced its quarterly earnings data on Wednesday, February 22nd. The energy producer reported $3.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.05 by $0.17. The company had revenue of $879.50 million during the quarter, compared to the consensus estimate of $892.11 million. PDC Energy had a return on equity of 35.66% and a net margin of 49.57%. The firm’s revenue was down 41.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.86 EPS. Analysts predict that PDC Energy will post 12.87 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on PDCE shares. The Goldman Sachs Group boosted their price objective on PDC Energy from $65.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, April 21st. Mizuho downgraded PDC Energy from a “buy” rating to a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on PDC Energy from $76.00 to $80.00 in a research note on Thursday, April 6th. Roth Capital reissued a “buy” rating on shares of PDC Energy in a report on Friday, February 17th. Finally, Truist Financial boosted their price target on PDC Energy from $70.00 to $77.00 and gave the stock a “hold” rating in a report on Tuesday, April 11th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $84.50.

Insider Transactions at PDC Energy

In other news, CAO Troy M. Welling sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $63.37, for a total transaction of $76,044.00. Following the sale, the chief accounting officer now directly owns 13,269 shares of the company’s stock, valued at approximately $840,856.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Barton R. Brookman, Jr. sold 2,000 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $68.22, for a total transaction of $136,440.00. Following the sale, the chief executive officer now owns 548,070 shares in the company, valued at approximately $37,389,335.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Troy M. Welling sold 1,200 shares of the stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $63.37, for a total value of $76,044.00. Following the sale, the chief accounting officer now owns 13,269 shares in the company, valued at approximately $840,856.53. The disclosure for this sale can be found here. Insiders have sold 26,700 shares of company stock valued at $1,736,659 in the last ninety days. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of PDC Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James & Associates grew its position in PDC Energy by 155.4% in the 1st quarter. Raymond James & Associates now owns 24,528 shares of the energy producer’s stock valued at $1,783,000 after acquiring an additional 14,924 shares during the last quarter. Private Advisor Group LLC grew its position in PDC Energy by 6.4% in the 1st quarter. Private Advisor Group LLC now owns 8,383 shares of the energy producer’s stock valued at $609,000 after acquiring an additional 502 shares during the last quarter. Allianz Asset Management GmbH grew its position in PDC Energy by 2,181.5% in the 1st quarter. Allianz Asset Management GmbH now owns 193,906 shares of the energy producer’s stock valued at $14,093,000 after acquiring an additional 185,407 shares during the last quarter. Baird Financial Group Inc. grew its position in shares of PDC Energy by 7.8% during the 1st quarter. Baird Financial Group Inc. now owns 7,852 shares of the energy producer’s stock worth $571,000 after buying an additional 570 shares in the last quarter. Finally, Covestor Ltd grew its position in shares of PDC Energy by 350.7% during the 1st quarter. Covestor Ltd now owns 631 shares of the energy producer’s stock worth $46,000 after buying an additional 491 shares in the last quarter. Hedge funds and other institutional investors own 96.16% of the company’s stock.

PDC Energy Company Profile

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PDC Energy, Inc engages in the exploration and production of oil and natural gas. The firm acquires, explores, and develops properties for the production of crude oil, natural gas, and natural gas liquids. Its primary operations are located in the Wattenberg Field in Colorado and the Delaware Basin in Texas.