Pedevco Corp. (NYSEAMERICAN:PED) Short Interest Update

Key Points

• Short interest in Pedevco surged 222% in June, reaching 137,008 shares as of June 30, with about 3.5% of the float sold short and a days-to-cover ratio of 1.1 days.
• Recent results were mixed: the company reported a quarterly loss of $3.28 per share, well below analyst expectations, even though revenue came in above estimates at $40.22 million.
• Insider and analyst activity was varied, with one director buying shares while a vice president sold shares, and Zacks Research cutting the stock to a strong sell rating despite an overall average rating of Moderate Buy.

Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report) saw a significant growth in short interest in June. As of June 30th, there was short interest totaling 137,008 shares, a growth of 222.0% from the June 15th total of 42,553 shares. Based on an average daily volume of 122,734 shares, the days-to-cover ratio is currently 1.1 days. Currently, 3.5% of the shares of the stock are sold short.

Pedevco Stock Performance

Shares of PED stock opened at $11.40 on Monday. The business has a 50-day moving average price of $13.49 and a two-hundred day moving average price of $13.55. Pedevco has a 12-month low of $8.64 and a 12-month high of $18.89. The company has a quick ratio of 0.67, a current ratio of 0.68 and a debt-to-equity ratio of 0.54. The firm has a market cap of $151.62 million, a P/E ratio of 380.13 and a beta of 0.18.

Pedevco (NYSEAMERICAN:PED - Get Free Report) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($3.28) EPS for the quarter, missing the consensus estimate of $0.62 by ($3.90). The firm had revenue of $40.22 million for the quarter, compared to the consensus estimate of $37.65 million. Pedevco had a negative net margin of 46.78% and a negative return on equity of 3.20%. Equities analysts anticipate that Pedevco will post 0.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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 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 currently has an average rating of "Moderate Buy".

Insider Activity

In related news, Director Martyn Willsher bought 13,428 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were acquired at an average cost of $14.29 per share, with a total value of $191,886.12. Following the completion of the purchase, the director directly owned 25,727 shares of the company's stock, valued at $367,638.83. This trade represents a 109.18% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Moore Clark sold 18,797 shares of Pedevco stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $14.67, for a total transaction of $275,751.99. Following the sale, the vice president 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 SEC filing for this sale provides additional information. 70.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Pedevco stock. Juniper Capital Advisors L.P. purchased a new position in Pedevco Corp. (NYSEAMERICAN:PED - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 196,359 shares of the company's stock, valued at approximately $110,000. Pedevco accounts for 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 about 0.21% of Pedevco at the end of the most recent reporting period. Institutional investors own 3.26% of the company's stock.

Pedevco Company Profile

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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