PEDEVCO (NYSE:PED) Coverage Initiated by Analysts at StockNews.com

Research analysts at StockNews.com began coverage on shares of PEDEVCO (NYSE:PED) in a research report issued to clients and investors on Wednesday. The firm set a “sell” rating on the stock.

PEDEVCO Stock Performance

NYSE PED opened at $0.93 on Wednesday. The firm has a 50-day moving average of $0.77 and a 200-day moving average of $0.81. The stock has a market cap of $83.10 million, a PE ratio of 46.52 and a beta of 0.51. PEDEVCO has a 52-week low of $0.61 and a 52-week high of $1.13.

PEDEVCO (NYSE:PED) last posted its earnings results on Friday, March 15th. The company reported ($0.05) earnings per share (EPS) for the quarter. PEDEVCO had a return on equity of 2.31% and a net margin of 6.97%. The company had revenue of $6.74 million for the quarter, compared to analyst estimates of $6.39 million. As a group, analysts predict that PEDEVCO will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other PEDEVCO news, VP Moore Clark sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $0.64, for a total value of $32,000.00. Following the transaction, the vice president now directly owns 505,334 shares of the company’s stock, valued at approximately $323,413.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other PEDEVCO news, VP Moore Clark sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $0.64, for a total value of $32,000.00. Following the transaction, the vice president now directly owns 505,334 shares of the company’s stock, valued at approximately $323,413.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President John Douglas Schick sold 58,333 shares of the firm’s stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $0.64, for a total transaction of $37,333.12. Following the completion of the transaction, the president now directly owns 780,467 shares in the company, valued at $499,498.88. The disclosure for this sale can be found here. Insiders sold 216,333 shares of company stock worth $138,453 in the last quarter. 71.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PEDEVCO

A hedge fund recently raised its stake in PEDEVCO stock. Northern Trust Corp lifted its stake in shares of PEDEVCO Corp. (NYSE:PED) by 38.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,342 shares of the company’s stock after purchasing an additional 15,770 shares during the quarter. Northern Trust Corp owned 0.06% of PEDEVCO worth $43,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 3.26% of the company’s stock.

About PEDEVCO

PEDEVCO Corp., an oil and gas company, focuses on the acquisition, development, and production of oil and natural gas assets in the United States. It holds interest in the Permian Basin asset with approximately 22,271 net acres located in New Mexico, the United States; and D-J Basin asset with approximately 19,214 net acres located in Wyoming, the United States.