Steven Cohen is Bullish on PDC Energy Inc (PDCE); Reports 5.1% Stake

SAC Capital Advisors, together with its affiliates have boosted their position in PDC Energy Inc (NASDAQ:PDCE). According to the filing with the SEC, Steven Cohen owns around 1.81 million shares of the company, which represent 5.1% of the company’s common stock. In its latest 13F, SAC Capital reported holding just around 21,500 shares of the company.


PDC Energy Inc (NASDAQ:PDCE) is an independent exploration and production company, which is engaged in production of natural gas, and crude oil. It’s stock gained almost 28% during the past year. Last month, the company reported that it has a capital budget of $647 million for 2014 and that it expects production to be between 9.5 and 10 million BOE, which represents an increase by 34% year-on-year. The crude oil and natural gas liquids production are expected to increase by about 60%.

For the third quarter of last year, PDC Energy Inc (NASDAQ:PDCE) posted a net loss of $0.07 per share, which is significantly down from analysts estimates of $0.23 per share, although up from $0.16 per share posted in the same period of 2012.

Aside from SAC Capital, another investor with a significant stake in PDC Energy Inc (NASDAQ:PDCE) is Ken Griffin‘s Citadel Investment Group, which, in its latest 13F, reported holding 1.44 million shares, down by 35% over the quarter. Another shareholder is Israel Englander‘s Millennium Management, which surged its stake by over a fivefold to some 636,300 shares.

Among the recent moves disclosed by SAC is E-House (China) Holdings Limited (ADR) (NYSE:EJ), in which the fund initiated a 5.6% stake that amasses 7.55 million shares. The fund also surged its stake in Crocs, Inc. (NASDAQ:CROX) to 4.45 million shares, from 1.73 million shares, the stake amassing 5.0% of the common stock.

Disclosure: none

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