Pedevco Corp. (NYSEAMERICAN:PED) Stock Short Interest Report for September

Key Points

• Short interest fell sharply: Pedevco’s short interest declined 39.7% to 61,588 shares as of September 30, representing 1.0% of shares outstanding and 1.8 days to cover.
• Shares traded at $13.69, while the company reported quarterly EPS of $1.31, beating estimates by $0.95, and revenue of $46.11 million versus the $38.00 million consensus forecast.
• Insider ownership remains high at 54.9%: A major shareholder purchased $1.91 million of stock, partly offsetting recent insider selling. Analysts’ average rating is “Buy,” after Zacks Research upgraded the stock to “Hold.”

Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report) saw a significant drop in short interest during the month of September. As of September 30th, there was short interest totaling 61,588 shares, a drop of 39.7% from the September 15th total of 102,152 shares. Based on an average daily volume of 33,488 shares, the days-to-cover ratio is currently 1.8 days. Currently, 1.0% of the shares of the company are short sold.

Pedevco Price Performance

Shares of NYSEAMERICAN:PED traded up $0.21 during trading on Friday, hitting $13.69. 35,765 shares of the stock were exchanged, compared to its average volume of 33,402. The company has a market cap of $181.94 million, a PE ratio of 456.49 and a beta of 0.41. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.42. The company has a fifty day moving average price of $13.37 and a two-hundred day moving average price of $13.60. Pedevco has a 12-month low of $8.64 and a 12-month high of $18.89.

Pedevco (NYSEAMERICAN:PED - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported $1.31 EPS for the quarter, topping 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 firm had revenue of $46.11 million during the quarter, compared to analysts' expectations of $38.00 million. On average, analysts forecast that Pedevco will post 0.82 EPS for the current year.

Insider Activity

In other news, VP Moore Clark sold 5,277 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $12.53, for a total transaction of $66,120.81. Following the sale, the vice president directly owned 45,385 shares in the company, valued at approximately $568,674.05. This represents a 10.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Simon G. Kukes acquired 147,070 shares of the business's stock in a transaction on Thursday, October 8th. The shares were purchased at an average price of $13.00 per share, for a total transaction of $1,911,910.00. Following the transaction, the insider directly owned 4,137,543 shares of the company's stock, valued at approximately $53,788,059. The trade was a 3.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 10,260 shares of company stock valued at $129,417 in the last ninety days. 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 acquired a new position in Pedevco Corp. (NYSEAMERICAN:PED - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 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 filing with the SEC. Institutional investors and hedge funds own 3.26% of the company's stock.

Wall Street Analyst Weigh In

Separately, Zacks Research raised Pedevco from a "strong sell" rating to a "hold" rating in a research note on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Pedevco presently has an average rating of "Buy".

About Pedevco

PEDEVCO Corp. (NYSE American: PED) 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 domestic energy assets and generating production through the development of existing properties.

PEDEVCO's activities have included oil and natural gas operations in major U.S. producing regions, including the Permian Basin and the Denver-Julesburg Basin. Its operations generally involve acquiring mineral and leasehold interests, drilling and completing wells, and managing production and related field activities.

The company was formerly known as Pacific Energy Development Corporation before adopting the PEDEVCO name.

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