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

Analysts at StockNews.com assumed coverage on shares of PEDEVCO (NYSE:PED) in a research report issued on Wednesday. The firm set a “sell” rating on the stock.

PEDEVCO Stock Performance

Shares of NYSE:PED opened at $0.93 on Wednesday. The stock has a market capitalization of $83.10 million, a price-to-earnings ratio of 46.52 and a beta of 0.51. PEDEVCO has a 1-year low of $0.61 and a 1-year high of $1.13. The company has a 50 day moving average price of $0.77 and a 200 day moving average price of $0.81.

PEDEVCO (NYSE:PED) last posted its quarterly earnings data on Friday, March 15th. The company reported ($0.05) EPS for the quarter. PEDEVCO had a return on equity of 2.31% and a net margin of 6.97%. The firm had revenue of $6.74 million during the quarter, compared to analyst estimates of $6.39 million. On average, sell-side analysts expect that PEDEVCO will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Moore Clark sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $0.64, for a total value of $32,000.00. Following the completion of the transaction, the vice president now owns 505,334 shares of the company’s stock, valued at approximately $323,413.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other PEDEVCO news, VP Moore Clark sold 50,000 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The shares were sold at an average price of $0.64, for a total value of $32,000.00. Following the completion of the sale, the vice president now owns 505,334 shares in the company, valued at approximately $323,413.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President John Douglas Schick sold 58,333 shares of the stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $0.64, for a total transaction of $37,333.12. Following the completion of the sale, the president now owns 780,467 shares of the company’s stock, valued at approximately $499,498.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 216,333 shares of company stock valued at $138,453. Company insiders own 71.10% of the company’s stock.

Institutional Investors Weigh In On PEDEVCO

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

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.