Pedevco (NYSEAMERICAN:PED) Issues Earnings Results

Key Points

• Pedevco reported quarterly EPS of $1.31, surpassing analysts’ $0.36 estimate by $0.95, while revenue reached $46.11 million versus the $38.00 million consensus.
• Shares rose 7.1% to $12.05 after the earnings release, though the company posted a negative net margin of 46.78% and negative return on equity of 3.20%.
• Insider ownership stands at 54.9%; a vice president sold shares while a director more than doubled his holdings through a stock purchase. Analyst sentiment averaged a “Buy” rating after Zacks upgraded the stock to “Hold.”

Pedevco (NYSEAMERICAN:PED - Get Free Report) announced its earnings results on Thursday. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.95, FiscalAI reports. Pedevco had a negative net margin of 46.78% and a negative return on equity of 3.20%. The company had revenue of $46.11 million for the quarter, compared to analysts' expectations of $38.00 million.

Pedevco Stock Up 7.1%

NYSEAMERICAN:PED traded up $0.80 during mid-day trading on Thursday, hitting $12.05. The stock had a trading volume of 21,178 shares, compared to its average volume of 34,766. Pedevco has a twelve month low of $8.64 and a twelve month high of $18.89. The stock has a 50-day simple moving average of $12.12 and a two-hundred day simple moving average of $13.60. The company has a current ratio of 0.68, a quick ratio of 0.67 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $160.14 million, a PE ratio of 401.80 and a beta of 0.23.

Insiders Place Their Bets

In related news, VP Moore Clark sold 18,797 shares of the business'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 completion of the sale, the vice president directly owned 54,428 shares of the company's stock, valued at $798,458.76. The trade was a 25.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Martyn Willsher bought 13,428 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The stock was purchased at an average cost of $14.29 per share, with a total value of $191,886.12. Following the completion of the transaction, the director owned 25,727 shares in the company, valued at approximately $367,638.83. This trade represents a 109.18% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 54.90% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded shares of Pedevco from a "strong sell" rating to a "hold" rating in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Pedevco has an average rating of "Buy".

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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