Pedevco (NYSEAMERICAN:PED) Share Price Passes Above 50 Day Moving Average – What’s Next?

Pedevco Corp. (NYSEAMERICAN:PED) shares passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $12.74 and traded as high as $13.38. Pedevco shares last traded at $13.38, with a volume of 43,014 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded Pedevco from a “strong sell” rating to a “hold” rating in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy”.

Pedevco Stock Down 1.3%

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $176.23 million, a PE ratio of 442.15 and a beta of 0.26. The business has a 50-day moving average price of $12.78 and a 200-day moving average price of $13.94.

Pedevco (NYSEAMERICAN:PED) last posted its earnings results on Thursday, August 13th. The company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.95. Pedevco had a negative net margin of 14.61% and a positive return on equity of 0.67%. The company had revenue of $46.11 million for the quarter, compared to analyst estimates of $38.00 million. Equities research analysts forecast that Pedevco Corp. will post 0.82 earnings per share for the current fiscal year.

Insider Activity at Pedevco

In other news, VP Moore Clark sold 18,797 shares of Pedevco stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $14.67, for a total value of $275,751.99. Following the completion of the sale, the vice president directly owned 54,428 shares of the company’s stock, valued at approximately $798,458.76. The trade was a 25.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 29,057 shares of company stock worth $405,169 in the last ninety days. Company insiders own 54.90% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Pedevco stock. State Street Corp bought a new position in shares of Pedevco Corp. (NYSEAMERICAN:PED) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 11,325 shares of the company’s stock, valued at approximately $152,000. State Street Corp owned 0.09% of Pedevco as of its most recent SEC filing. Institutional investors own 3.26% of the company’s stock.

Pedevco Company Profile

PEDEVCO Corp. is an independent energy company engaged in the acquisition, development and production of oil and natural gas properties in the United States. The company focuses on building a portfolio of producing and development-stage assets in established onshore basins.

PEDEVCO’s operations have included properties in the Permian Basin of New Mexico and the Denver-Julesburg (D-J) Basin of Colorado. Its activities generally include operating wells, developing undeveloped acreage and pursuing additional oil and natural gas acquisition opportunities.

The company was formerly known as Pacific Energy Development Corp.