Pedevco (NYSEAMERICAN:PED) Share Price Crosses Below 200-Day Moving Average – What’s Next?

Pedevco Corp. (NYSEAMERICAN:PED)’s stock price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $13.62 and traded as low as $10.84. Pedevco shares last traded at $11.15, with a volume of 52,134 shares traded.

Analysts Set New Price Targets

Separately, Zacks Research upgraded shares of Pedevco from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy”.

Pedevco Price Performance

The firm has a market capitalization of $137.68 million, a PE ratio of 345.45 and a beta of 0.18. The firm’s fifty day moving average price is $12.71 and its 200 day moving average price is $13.62. The company has a current ratio of 0.68, a quick ratio of 0.67 and a debt-to-equity ratio of 0.54.

Pedevco (NYSEAMERICAN:PED) last issued its earnings results on Thursday, May 14th. The company reported ($3.28) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($3.90). Pedevco had a negative return on equity of 3.20% and a negative net margin of 46.78%.The business had revenue of $40.22 million for the quarter, compared to analysts’ expectations of $37.65 million. As a group, equities analysts forecast that Pedevco Corp. will post 0.7 earnings per share for the current year.

Insider Transactions at Pedevco

In other news, VP Moore Clark sold 18,797 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $14.67, for a total value of $275,751.99. Following the sale, the vice president owned 54,428 shares in the company, valued at $798,458.76. This represents a 25.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Martyn Willsher purchased 13,428 shares of Pedevco stock in a transaction that occurred on Tuesday, May 26th. The shares were bought at an average price of $14.29 per share, with a total value of $191,886.12. Following the completion of the transaction, the director owned 25,727 shares of the company’s stock, valued at $367,638.83. This represents a 109.18% increase in their position. The disclosure for this purchase is available in the SEC filing. 54.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Pedevco

An institutional investor recently bought a new position in Pedevco stock. Juniper Capital Advisors L.P. purchased a new stake in shares of Pedevco Corp. (NYSEAMERICAN:PED) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 196,359 shares of the company’s stock, valued at approximately $110,000. Pedevco accounts for 0.0% of Juniper Capital Advisors L.P.’s holdings, making the stock its 2nd biggest position. Juniper Capital Advisors L.P. owned approximately 0.21% of Pedevco at the end of the most recent reporting period. Institutional investors own 3.26% of the company’s stock.

About Pedevco

Pedevco Corp is an independent oil and gas exploration and production company incorporated in Delaware and listed on the NYSE American under the ticker symbol PED. The firm focuses on acquiring, developing and producing hydrocarbon assets, with a strategic emphasis on shallow water and onshore properties in Trinidad and Tobago. Since its listing, Pedevco has pursued opportunities to expand reserves through targeted exploration and development projects in one of the Caribbean’s most prolific hydrocarbon-producing regions.

The company’s portfolio centers on two primary concession areas in Trinidad and Tobago: the O-55 shallow water offshore block and the onshore Block 3(a) license.