Pedevco (NYSEAMERICAN:PED) Reaches New 52-Week High - Time to Buy?

Key Points

• Pedevco hit a new 52-week high, trading as high as $17.24 (last $17.1550) on Friday with about 61,257 shares changing hands and a reported intraday gain of 17.3%.
• Analyst sentiment is positive overall—one Strong Buy, one Buy and one Hold—giving an average rating of Buy and an average target price of $30.00.
• Institutional interest rose as Juniper Capital Advisors bought 196,359 shares (about $110,000) in Q4, and roughly 3.26% of the stock is held by hedge funds and other institutions.

Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $17.24 and last traded at $17.1550, with a volume of 61257 shares traded. The stock had previously closed at $15.50.

Wall Street Analysts Forecast Growth

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

Pedevco Stock Up 17.3%

The stock has a market capitalization of $1.74 billion, a P/E ratio of 165.29 and a beta of 0.37. The business's 50 day simple moving average is $0.61 and its two-hundred day simple moving average is $0.58.

Institutional Investors 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 its most recent disclosure with the Securities and Exchange Commission. The fund acquired 196,359 shares of the company's stock, valued at approximately $110,000. Pedevco comprises about 0.0% of Juniper Capital Advisors L.P.'s portfolio, making the stock its 2nd biggest holding. Juniper Capital Advisors L.P. owned 0.21% of Pedevco as of its most recent filing with the Securities and Exchange Commission. 3.26% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.