Pedevco (NYSEAMERICAN:PED) Stock Price Crosses Below 200 Day Moving Average – Here’s Why

Pedevco Corp. (NYSEAMERICAN:PED) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $13.55 and traded as low as $11.86. Pedevco shares last traded at $12.21, with a volume of 43,645 shares changing hands.

Analysts Set New Price Targets

Separately, Zacks Research cut shares of Pedevco from a “hold” rating to a “strong sell” rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Pedevco Stock Performance

The stock has a market cap of $151.62 million, a P/E ratio of 380.13 and a beta of 0.18. The company has a fifty day moving average price of $13.49 and a 200 day moving average price of $13.54. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.68 and a quick ratio of 0.67.

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 analysts’ consensus estimates 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 firm had revenue of $40.22 million during the quarter, compared to the consensus estimate of $37.65 million. On average, equities analysts expect that Pedevco Corp. will post 1.58 EPS for the current year.

Insiders Place Their Bets

In other Pedevco news, VP Moore Clark sold 18,797 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $14.67, for a total value of $275,751.99. Following the transaction, the vice president directly owned 54,428 shares of the company’s stock, valued at approximately $798,458.76. This trade represents a 25.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Martyn Willsher acquired 13,428 shares of Pedevco stock in a transaction dated Tuesday, May 26th. The shares were acquired at an average price of $14.29 per share, with a total value of $191,886.12. Following the completion of the acquisition, the director directly owned 25,727 shares of the company’s stock, valued at approximately $367,638.83. The trade was a 109.18% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 70.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Pedevco

A hedge fund recently bought a new stake in Pedevco stock. Juniper Capital Advisors L.P. acquired a new position in shares of Pedevco Corp. (NYSEAMERICAN:PED) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 196,359 shares of the company’s stock, valued at approximately $110,000. Pedevco makes up approximately 0.0% of Juniper Capital Advisors L.P.’s investment portfolio, making the stock its 2nd largest position. Juniper Capital Advisors L.P. owned about 0.21% of Pedevco as of its most recent filing with the Securities and Exchange Commission. 3.26% of the stock is owned by institutional investors.

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.