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 $12.82 versus the $13.66 average, and last changing hands at $13.09.
• The company exceeded quarterly expectations, reporting $1.31 EPS versus the $0.36 consensus and revenue of $46.11 million versus estimates of $38.00 million. Despite the beat, Pedevco posted a negative 14.61% net margin.
• Analyst sentiment is broadly positive, with one Strong Buy and one Hold rating and an overall “Buy” consensus. Insiders have sold 29,057 shares worth about $405,169 over the past quarter, while insiders retain 54.9% ownership.

Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report)'s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $13.66 and traded as low as $12.82. Pedevco shares last traded at $13.09, with a volume of 11,846 shares changing hands.

Analysts Set New Price Targets

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

Pedevco Price Performance

The company has a debt-to-equity ratio of 0.42, a current ratio of 0.78 and a quick ratio of 0.78. The company's 50-day simple moving average is $12.09 and its 200-day simple moving average is $13.66. The company has a market cap of $173.97 million, a price-to-earnings ratio of 436.48 and a beta of 0.23.

Pedevco (NYSEAMERICAN:PED - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The company reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.95. The company had revenue of $46.11 million for the quarter, compared to analyst estimates of $38.00 million. Pedevco had a negative net margin of 14.61% and a positive return on equity of 0.67%. On average, equities research analysts anticipate that Pedevco Corp. will post 0.7 EPS for the current year.

Insider Transactions at Pedevco

In other Pedevco news, VP Moore Clark sold 5,277 shares of the business'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 transaction, the vice president owned 45,385 shares in the company, valued at $568,674.05. The trade was a 10.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 29,057 shares of company stock worth $405,169. Insiders own 54.90% of the company's stock.

Institutional Trading of Pedevco

An institutional investor recently bought a new position in Pedevco stock. Juniper Capital Advisors L.P. purchased a new position in Pedevco Corp. (NYSEAMERICAN:PED - Free Report) during the 4th quarter, according to the company in 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 about 0.0% of Juniper Capital Advisors L.P.'s portfolio, making the stock its 2nd biggest holding. 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 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.

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