Pedevco (NYSEAMERICAN:PED) Stock Passes Above 50 Day Moving Average - What's Next?

Key Points

• Pedevco shares rose 3.2%, trading as high as $13.38 and moving above the 50-day average of $12.74, though they remained below the 200-day average of $13.92.
• The company reported quarterly EPS of $1.31, beating estimates of $0.36, while revenue of $46.11 million exceeded expectations of $38 million. Analysts’ average rating is currently “Buy,” after Zacks upgraded the stock to “Hold.”
• Insiders sold 29,057 shares worth about $405,169 in the latest quarter, while insiders still own 54.9% of the company. Institutional ownership remains limited at 3.26%, despite a new 196,359-share position from Juniper Capital Advisors.

Shares of Pedevco Corp. (NYSEAMERICAN:PED - Get Free Report) passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $12.74 and traded as high as $13.38. Pedevco shares last traded at $13.38, with a volume of 43,014 shares traded.

Analysts Set New Price Targets

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

Pedevco Stock Up 3.2%

The company has a market cap of $177.82 million, a PE ratio of 446.15 and a beta of 0.26. The stock's 50 day moving average price is $12.74 and its 200-day moving average price is $13.92. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.78 and a current ratio of 0.78.

Pedevco (NYSEAMERICAN:PED - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.95. The company had revenue of $46.11 million for the quarter, compared to analysts' expectations of $38.00 million. Pedevco had a negative net margin of 14.61% and a positive return on equity of 0.67%. On average, analysts predict that Pedevco Corp. will post 0.82 earnings per share for the current year.

Insider Activity at Pedevco

In other news, VP Moore Clark sold 18,797 shares of Pedevco stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $14.67, for a total value of $275,751.99. Following the transaction, the vice president owned 54,428 shares in the company, valued at approximately $798,458.76. The trade was a 25.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 29,057 shares of company stock valued at $405,169 in the last quarter. 54.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 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 fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 196,359 shares of the company's stock, valued at approximately $110,000. Pedevco accounts for about 0.0% of Juniper Capital Advisors L.P.'s investment portfolio, making the stock its 2nd largest position. Juniper Capital Advisors L.P. owned about 0.21% 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. 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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