Pedevco (NYSEAMERICAN:PED) Stock Crosses Below Two Hundred Day Moving Average - Should You Sell?

Key Points

• Pedevco shares fell below their 200-day moving average, trading as low as $13.03 versus the $13.65 average, and last changed hands at $13.24.
• Analyst sentiment remains broadly positive: Zacks upgraded the stock from “strong sell” to “hold,” while MarketBeat reports a consensus “Buy” rating. The company also exceeded quarterly earnings and revenue estimates.
• Insiders sold 10,260 shares worth approximately $129,417 over the past 90 days, while State Street initiated a small position; insiders still own 54.9% of the company.

Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report) shares crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $13.65 and traded as low as $13.03. Pedevco shares last traded at $13.24, with a volume of 9,829 shares.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised 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 company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy".

Pedevco Stock Down 1.7%

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.42. The company's fifty day moving average price is $13.20 and its 200-day moving average price is $13.65. The stock has a market capitalization of $175.96 million, a PE ratio of 441.48 and a beta of 0.41.

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 the consensus estimate of $0.36 by $0.95. Pedevco had a positive return on equity of 0.67% and a negative net margin of 14.61%. The company had revenue of $46.11 million for the quarter, compared to the consensus estimate of $38.00 million. Analysts forecast that Pedevco Corp. will post 0.82 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Moore Clark sold 5,277 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $12.53, for a total value of $66,120.81. Following the sale, the vice president directly owned 45,385 shares of the company's stock, valued at approximately $568,674.05. This represents a 10.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 10,260 shares of company stock valued at $129,417 over the last 90 days. Insiders own 54.90% of the company's stock.

Hedge Funds Weigh In On Pedevco

A hedge fund recently bought a new stake in Pedevco stock. State Street Corp purchased a new position in Pedevco Corp. (NYSEAMERICAN:PED - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 11,325 shares of the company's stock, valued at approximately $152,000. State Street Corp owned approximately 0.09% of Pedevco at the end of the most recent reporting period. Hedge funds and other institutional investors own 3.26% of the company's stock.

Pedevco Company Profile

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. The company focuses on building a portfolio of domestic energy assets and generating production through the development of existing properties.

PEDEVCO's activities have included oil and natural gas operations in major U.S. producing regions, including the Permian Basin and the Denver-Julesburg Basin. Its operations generally involve acquiring mineral and leasehold interests, drilling and completing wells, and managing production and related field activities.

The company was formerly known as Pacific Energy Development Corporation before adopting the PEDEVCO name.

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