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

Posted by Liza Goodheart on May 26th, 2023

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

PDC Energy has a dividend payout ratio of 9.9% indicating that its dividend is sufficiently covered by earnings. 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 Stock Performance

PDC Energy stock opened at $70.63 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.43 and a quick ratio of 0.43. The firm’s fifty day moving average price is $64.76 and its 200 day moving average price is $66.52. The company has a market capitalization of $6.18 billion, a price-to-earnings ratio of 3.01, a price-to-earnings-growth ratio of 0.15 and a beta of 2.51. PDC Energy has a 12-month low of $51.72 and a 12-month high of $89.22.

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 for the quarter, topping the consensus estimate of $3.05 by $0.17. PDC Energy had a net margin of 49.57% and a return on equity of 35.66%. The company had revenue of $879.50 million during the quarter, compared to analyst estimates of $892.11 million. During the same period last year, the business earned $2.86 EPS. The firm’s revenue for the quarter was down 41.8% compared to the same quarter last year. On average, research analysts forecast that PDC Energy will post 12.87 EPS for the current fiscal year.

Insider Buying and Selling at PDC Energy

In other news, CFO R Scott Meyers sold 2,500 shares of the firm’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $60.00, for a total value of $150,000.00. Following the completion of the sale, the chief financial officer now owns 164,910 shares of the company’s stock, valued at $9,894,600. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO R Scott Meyers sold 2,500 shares of the company’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $60.00, for a total value of $150,000.00. Following the transaction, the chief financial officer now owns 164,910 shares in the company, valued at approximately $9,894,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lynn A. Peterson sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $62.00, for a total transaction of $434,000.00. Following the sale, the director now owns 233,167 shares of the company’s stock, valued at $14,456,354. The disclosure for this sale can be found here. Insiders have sold a total of 26,700 shares of company stock valued at $1,736,659 in the last three months. 1.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of PDC Energy from $76.00 to $80.00 in a report on Thursday, April 6th. StockNews.com assumed coverage on shares of PDC Energy in a research note on Thursday, May 18th. They set a “hold” rating on the stock. Roth Capital restated a “buy” rating on shares of PDC Energy in a report on Friday, February 17th. Mizuho cut PDC Energy from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, Truist Financial raised their price objective on PDC Energy from $70.00 to $77.00 and gave the stock a “hold” rating in a research note on Tuesday, April 11th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, PDC Energy presently has an average rating of “Hold” and an average price target of $84.50.

About PDC Energy

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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.