PEDEVCO (NYSE:PED) Stock Price Down 4.3% - Here's Why

Key Points

• PEDEVCO's stock price declined by 4.3% on Friday, closing at $0.57 after reaching a low of $0.56.
• Analyst ratings for PEDEVCO improved, with Zacks Research upgrading the stock from a "strong sell" to a "hold" rating, resulting in a consensus rating of "Moderate Buy".
• The company has a market capitalization of approximately $51.97 million and operates in the oil and gas sector, focusing on assets in the Permian and D-J Basins.

PEDEVCO Corp. (NYSE:PED - Get Free Report)'s share price traded down 4.3% on Friday . The stock traded as low as $0.56 and last traded at $0.57. 207,651 shares changed hands during mid-day trading, an increase of 22% from the average session volume of 170,057 shares. The stock had previously closed at $0.59.

Analyst Ratings Changes

Separately, Zacks Research raised shares of PEDEVCO from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 14th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $1.50.

PEDEVCO Trading Down 4.3%

The firm's fifty day moving average price is $0.60 and its 200 day moving average price is $0.61. The stock has a market capitalization of $51.97 million, a price-to-earnings ratio of 28.26 and a beta of 0.20.

About PEDEVCO

PEDEVCO Corp., an oil and gas company, focuses on the acquisition, development, and production of oil and natural gas assets in the United States. It holds interests in the Permian Basin asset covering an area of approximately 22,721 net acres located in New Mexico; and D-J Basin asset covering an area of approximately 19,214 net acres located in Wyoming.

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