StockNews.com Begins Coverage on PEDEVCO (NYSE:PED)

StockNews.com started coverage on shares of PEDEVCO (NYSE:PED) in a research note issued on Wednesday. The brokerage set a “sell” rating on the stock.

Separately, D. Boral Capital reaffirmed a “buy” rating and set a $1.50 price objective on shares of PEDEVCO in a research report on Thursday, March 13th.

PEDEVCO Stock Up 1.5 %

Shares of NYSE:PED opened at $0.74 on Wednesday. PEDEVCO has a fifty-two week low of $0.69 and a fifty-two week high of $1.10. The firm has a 50-day simple moving average of $0.78 and a 200 day simple moving average of $0.84. The company has a market cap of $66.23 million, a PE ratio of 37.02 and a beta of 0.35.

Insiders Place Their Bets

In other PEDEVCO news, CAO Paul Anthony Pinkston sold 35,000 shares of the company’s stock in a transaction dated Friday, December 27th. The shares were sold at an average price of $0.74, for a total value of $25,900.00. Following the completion of the transaction, the chief accounting officer now owns 714,700 shares in the company, valued at approximately $528,878. This represents a 4.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Moore Clark sold 50,000 shares of the company’s stock in a transaction dated Thursday, January 23rd. The stock was sold at an average price of $0.86, for a total transaction of $43,000.00. Following the completion of the transaction, the vice president now owns 855,334 shares of the company’s stock, valued at approximately $735,587.24. This trade represents a 5.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 476,334 shares of company stock worth $374,217. Insiders own 70.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC boosted its holdings in shares of PEDEVCO by 232.5% in the fourth quarter. Citadel Advisors LLC now owns 186,415 shares of the company’s stock valued at $145,000 after acquiring an additional 130,349 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of PEDEVCO by 19.7% in the fourth quarter. Renaissance Technologies LLC now owns 292,736 shares of the company’s stock valued at $228,000 after acquiring an additional 48,132 shares in the last quarter. Finally, Virtu Financial LLC boosted its holdings in shares of PEDEVCO by 129.9% in the fourth quarter. Virtu Financial LLC now owns 38,045 shares of the company’s stock valued at $30,000 after acquiring an additional 21,499 shares in the last quarter. Institutional investors own 3.26% of the company’s stock.

PEDEVCO Company Profile

PEDEVCO Corp., an oil and gas company, focuses on the acquisition, development, and production of oil and natural gas assets in the United States. It holds interests in the Permian Basin asset covering an area of approximately 22,721 net acres located in New Mexico; and D-J Basin asset covering an area of approximately 19,214 net acres located in Wyoming.