Pedevco (NYSEAMERICAN:PED) Share Price Crosses Above 50 Day Moving Average - Here's Why

Key Points

• Pedevco shares rose above their 50-day moving average of $12.88, reaching $13.12 before closing at $12.98. The stock’s 200-day moving average is higher at $13.89.
• Analyst sentiment is generally positive: Zacks upgraded the stock from “strong sell” to “hold,” while MarketBeat reports an average rating of “Buy.”
• Pedevco reported quarterly EPS of $1.31, beating the $0.36 consensus estimate, and revenue of $46.11 million versus expectations of $38.00 million. However, insiders have sold 10,260 shares over the past three months.

Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report)'s share price crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $12.88 and traded as high as $13.12. Pedevco shares last traded at $12.98, with a volume of 20,915 shares.

Wall Street Analysts Forecast Growth

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

Pedevco Price Performance

The business's 50-day simple moving average is $12.88 and its 200-day simple moving average is $13.89. The stock has a market cap of $172.50 million, a PE ratio of 432.81 and a beta of 0.26. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.42.

Pedevco (NYSEAMERICAN:PED - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The company reported $1.31 EPS for the quarter, beating the consensus estimate of $0.36 by $0.95. The firm had revenue of $46.11 million during the quarter, compared to the consensus estimate of $38.00 million. Pedevco had a negative net margin of 14.61% and a positive return on equity of 0.67%. On average, research analysts expect that Pedevco Corp. will post 0.82 EPS for the current fiscal year.

Insider Buying and Selling

In other Pedevco news, VP Moore Clark sold 5,277 shares of the company's stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $12.53, for a total value of $66,120.81. Following the completion of the transaction, the vice president directly owned 45,385 shares in the company, valued at approximately $568,674.05. This represents a 10.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 10,260 shares of company stock valued at $129,417. 54.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Pedevco stock. Juniper Capital Advisors L.P. acquired a new position in Pedevco Corp. (NYSEAMERICAN:PED - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 196,359 shares of the company's stock, valued at approximately $110,000. Pedevco makes up approximately 0.0% of Juniper Capital Advisors L.P.'s investment portfolio, making the stock its 2nd biggest holding. Juniper Capital Advisors L.P. owned approximately 0.21% of Pedevco at the end of the most recent quarter. Hedge funds and other institutional investors own 3.26% of the company's stock.

Pedevco Company Profile

PEDEVCO Corp. is an independent energy company engaged in the acquisition, development and production of oil and natural gas properties in the United States. The company focuses on building a portfolio of producing and development-stage assets in established onshore basins.

PEDEVCO's operations have included properties in the Permian Basin of New Mexico and the Denver-Julesburg (D-J) Basin of Colorado. Its activities generally include operating wells, developing undeveloped acreage and pursuing additional oil and natural gas acquisition opportunities.

The company was formerly known as Pacific Energy Development Corp.

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