Viking Fund Management adds PDC Energy Inc (PDCE) to its portfolio

PDC Energy Inc (PDCE) : Viking Fund Management added new position in PDC Energy Inc during the most recent quarter end. The investment management firm now holds 60,000 shares of PDC Energy Inc which is valued at $3,859,800 , the company said in a statement filed on Oct 13, 2016 with the SEC.PDC Energy Inc makes up approximately 0.62% of Viking Fund Management’s portfolio.

Other Hedge Funds, Including , At Bancorp added PDCE to its portfolio by purchasing 55,389 company shares during the most recent quarter which is valued at $3,563,174. PDC Energy Inc makes up approx 0.50% of At Bancorp’s portfolio.Gradient Investments boosted its stake in PDCE in the latest quarter, The investment management firm added 2,073 additional shares and now holds a total of 9,014 shares of PDC Energy Inc which is valued at $587,713. PDC Energy Inc makes up approx 0.06% of Gradient Investments’s portfolio.Cutler Group Lp boosted its stake in PDCE in the latest quarter, The investment management firm added 965 additional shares and now holds a total of 7,233 shares of PDC Energy Inc which is valued at $471,592. PDC Energy Inc makes up approx 0.03% of Cutler Group Lp’s portfolio.Advisory Services Network reduced its stake in PDCE by selling 463 shares or 70.36% in the most recent quarter. The Hedge Fund company now holds 195 shares of PDCE which is valued at $12,564. Washington Trust Bank added PDCE to its portfolio by purchasing 11 company shares during the most recent quarter which is valued at $738.

PDC Energy Inc closed down -0.85 points or -1.30% at $64.35 with 7,70,054 shares getting traded on Tuesday. Post opening the session at $64.74, the shares hit an intraday low of $63.33 and an intraday high of $65.14 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, PDC Energy Inc reported $-0.11 EPS for the quarter, missing the analyst consensus estimate by $ -0.07 based on the information available during the earnings call on Aug 9, 2016. Analyst had a consensus of $-0.04. The company had revenue of $20.10 million for the quarter, compared to analysts expectations of $159.30 million. The company’s revenue was down -60.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.27 EPS.

Many Wall Street Analysts have commented on PDC Energy Inc. Shares were Reiterated by Wunderlich on Sep 12, 2016 to “Buy” and Lowered the Price Target to $ 76 from a previous price target of $78 .Company shares were Reiterated by Stifel on Sep 2, 2016 to “Buy”, Firm has raised the Price Target to $ 80 from a previous price target of $70 .PDC Energy Inc was Upgraded by Seaport Global Securities to ” Buy” on Aug 30, 2016.

PDC Energy Inc. is a domestic independent exploration and production Company which produces develops acquires and explores for crude oil natural gas and natural gas liquids (NGLs). The Company operates in two segments: Oil and Gas Exploration and Production and Gas Marketing. The Company’s Oil and Gas Exploration and Production segment primarily reflects revenues and expenses from the production and sale of crude oil natural gas and NGLs commodity price risk management net and well operations and pipeline income. The Company’s Gas Marketing segment comprises the operating activities of its wholly owned subsidiary Riley Natural Gas. The Company operates in the Wattenberg Field in Colorado and the Utica Shale in southeastern Ohio. Its operations in the Wattenberg Field are focused on the liquid-rich horizontal Niobrara and Codell plays. It owns an interest in approximately 2900 gross producing wells of which 350 are horizontal.

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