Pedevco (NYSEAMERICAN:PED) Stock Breaks Below 200-Day Moving Average - Here's Why

Key Points

• Pedevco shares fell below their 200-day moving average, trading as low as $13.34 versus the average of $13.72; the 50-day average was $14.22.
• Zacks Research upgraded the stock from “strong sell” to “hold.” Ratings are split between one Strong Buy and one Hold, while MarketBeat reports a consensus “Buy.”
• The company beat quarterly estimates, reporting EPS of $1.31 versus $0.36 expected and revenue of $46.11 million versus $38 million expected. Major shareholder Simon G. Kukes also bought 147,070 shares at $13 each.

Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report) passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $13.72 and traded as low as $13.34. Pedevco shares last traded at $13.34, with a volume of 19,542 shares traded.

Analyst Upgrades and Downgrades

Separately, Zacks Research upgraded shares of Pedevco from a "strong sell" rating to a "hold" rating in a research note 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 company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy".

Pedevco Stock Performance

The stock has a market capitalization of $177.29 million, a P/E ratio of 444.81 and a beta of 0.32. The firm has a 50-day moving average of $14.22 and a 200 day moving average of $13.72. 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 posted its quarterly earnings results on Thursday, August 13th. The company reported $1.31 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.95. Pedevco had a negative net margin of 14.61% and a positive return on equity of 0.67%. The firm had revenue of $46.11 million for the quarter, compared to the consensus estimate of $38.00 million. Research analysts anticipate that Pedevco Corp. will post 0.82 EPS for the current fiscal year.

Insider Transactions at Pedevco

In related news, major shareholder Simon G. Kukes bought 147,070 shares of the company's stock in a transaction dated Thursday, October 8th. The stock was acquired at an average cost of $13.00 per share, with a total value of $1,911,910.00. Following the acquisition, the insider owned 4,137,543 shares in the company, valued at approximately $53,788,059. This represents a 3.69% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 10,260 shares of company stock valued at $129,417. Corporate insiders own 54.90% of the company's stock.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Pedevco stock. State Street Corp acquired a new position in shares of Pedevco Corp. (NYSEAMERICAN:PED - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,325 shares of the company's stock, valued at approximately $152,000. State Street Corp owned about 0.09% of Pedevco as of its most recent SEC filing. Institutional investors and hedge funds own 3.26% of the company's stock.

About Pedevco

PEDEVCO Corp. (NYSE American: PED) is an independent energy company engaged in the acquisition, development and production of oil and natural gas properties in the United States. Its operations are focused on onshore assets, with production consisting primarily of crude oil, natural gas and natural gas liquids. The company has historically pursued opportunities in the Permian Basin of New Mexico and the Denver-Julesburg Basin in Colorado. PEDEVCO has used acquisitions, drilling and development activities to build its portfolio of producing and prospective properties in these regions.

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