Pedevco (NYSEAMERICAN:PED) Share Price Passes Below 200 Day Moving Average - Here's Why

Key Points

• Pedevco shares fell below their 200-day moving average, trading as low as $11.50 and last changing hands at $11.81, which marked a 2.6% decline on the day.
• Analyst sentiment turned more negative after Zacks Research cut the stock from “hold” to “strong sell,” even though MarketBeat still shows an overall “Moderate Buy” average rating.
• The company recently posted a sharp earnings miss, reporting a loss of $3.28 per share versus expectations for a $0.62 profit, despite revenue coming in above estimates.

Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report) shares passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $13.59 and traded as low as $11.50. Pedevco shares last traded at $11.81, with a volume of 15,938 shares trading hands.

Analyst Ratings Changes

Separately, Zacks Research lowered shares of Pedevco from a "hold" rating to a "strong sell" rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Pedevco has an average rating of "Moderate Buy".

Pedevco Trading Down 2.6%

The company has a 50 day moving average of $13.17 and a two-hundred day moving average of $13.59. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.67 and a current ratio of 0.68. The stock has a market capitalization of $156.95 million, a PE ratio of 393.80 and a beta of 0.18.

Pedevco (NYSEAMERICAN:PED - Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($3.28) earnings per share for the quarter, missing analysts' consensus estimates of $0.62 by ($3.90). The business had revenue of $40.22 million for the quarter, compared to analysts' expectations of $37.65 million. Pedevco had a negative return on equity of 3.20% and a negative net margin of 46.78%. Sell-side analysts predict that Pedevco Corp. will post 0.7 EPS for the current year.

Insiders Place Their Bets

In other news, Director Martyn Willsher bought 13,428 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were purchased at an average cost of $14.29 per share, with a total value of $191,886.12. Following the transaction, the director directly owned 25,727 shares in the company, valued at approximately $367,638.83. The trade was a 109.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Moore Clark sold 18,797 shares of the company'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 transaction, the vice president directly owned 54,428 shares in the company, valued at approximately $798,458.76. The trade was a 25.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 54.90% of the stock is owned by insiders.

Institutional Trading of Pedevco

An institutional investor recently bought a new stake in Pedevco stock. Juniper Capital Advisors L.P. purchased a new position in shares of Pedevco Corp. (NYSEAMERICAN:PED - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 196,359 shares of the company's stock, valued at approximately $110,000. Pedevco makes up 0.0% of Juniper Capital Advisors L.P.'s investment portfolio, making the stock its 2nd biggest position. Juniper Capital Advisors L.P. owned approximately 0.21% of Pedevco as of its most recent filing with the Securities & Exchange Commission. 3.26% of the stock is currently owned by institutional investors.

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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