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

StockNews.com initiated coverage on shares of PEDEVCO (NYSE:PED) in a research note issued to investors on Wednesday. The brokerage issued a sell rating on the stock.

Separately, D. Boral Capital reaffirmed a “buy” rating and set a $1.50 target price on shares of PEDEVCO in a research note on Wednesday, April 2nd.

PEDEVCO Stock Down 8.6%

Shares of PED opened at $0.63 on Wednesday. PEDEVCO has a 52-week low of $0.47 and a 52-week high of $1.10. The firm’s fifty day moving average is $0.61 and its two-hundred day moving average is $0.74. The stock has a market cap of $57.18 million, a PE ratio of 31.32 and a beta of 0.30.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC boosted its position in shares of PEDEVCO by 19.7% during the 4th quarter. Renaissance Technologies LLC now owns 292,736 shares of the company’s stock valued at $228,000 after acquiring an additional 48,132 shares during the last quarter. Virtu Financial LLC boosted its position in shares of PEDEVCO by 129.9% during the 4th quarter. Virtu Financial LLC now owns 38,045 shares of the company’s stock valued at $30,000 after acquiring an additional 21,499 shares during the last quarter. Finally, Citadel Advisors LLC raised its holdings in PEDEVCO by 232.5% in the 4th quarter. Citadel Advisors LLC now owns 186,415 shares of the company’s stock valued at $145,000 after buying an additional 130,349 shares during the period. Institutional investors and hedge funds own 3.26% of the company’s stock.

PEDEVCO Company Profile

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 interests in the Permian Basin asset covering an area of approximately 22,721 net acres located in New Mexico; and D-J Basin asset covering an area of approximately 19,214 net acres located in Wyoming.