Pedevco Corp. (NYSEAMERICAN:PED) Sees Significant Growth in Short Interest

Key Points

• Short interest rose 62.4% in February to 12,055 shares as of Feb. 27 (up from 7,421 on Feb. 12), though the report shows a days-to-cover of 0.0 and approximately 0.0% of shares short.
• Institutional buying: Juniper Capital Advisors acquired 196,359 shares (about $110,000) in Q4, making Pedevco its second-largest position, and institutions own roughly 3.26% of the company.
• Price and sentiment: PED traded up to $18.18 on heavy volume, the company has a $1.74 billion market cap and a consensus analyst rating of "Buy" with a $30 target.

Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report) was the recipient of a large increase in short interest during the month of February. As of February 27th, there was short interest totaling 12,055 shares, an increase of 62.4% from the February 12th total of 7,421 shares. Based on an average daily volume of 293,685 shares, the days-to-cover ratio is presently 0.0 days. Approximately 0.0% of the shares of the company are short sold. Approximately 0.0% of the shares of the company are short sold. Based on an average daily volume of 293,685 shares, the days-to-cover ratio is presently 0.0 days.

Hedge Funds Weigh In On Pedevco

An institutional investor recently bought a new position in Pedevco stock. Juniper Capital Advisors L.P. acquired a new position in shares of Pedevco Corp. (NYSEAMERICAN:PED - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 196,359 shares of the company's stock, valued at approximately $110,000. Pedevco makes up about 0.0% of Juniper Capital Advisors L.P.'s investment portfolio, making the stock its 2nd largest position. Juniper Capital Advisors L.P. owned 0.21% of Pedevco as of its most recent SEC filing. Hedge funds and other institutional investors own 3.26% of the company's stock.

Pedevco Price Performance

Shares of PED traded up $2.68 during trading hours on Friday, hitting $18.18. The company's stock had a trading volume of 101,780 shares, compared to its average volume of 25,750. The business has a 50 day simple moving average of $0.61 and a two-hundred day simple moving average of $0.58. Pedevco has a 52-week low of $8.64 and a 52-week high of $18.89. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 165.29 and a beta of 0.37.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on PED. Roth Mkm raised shares of Pedevco to a "strong-buy" rating in a report on Monday, November 17th. Zacks Research upgraded shares of Pedevco to a "hold" rating in a report on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Pedevco has a consensus rating of "Buy" and a consensus target price of $30.00.

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.

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