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

Investment analysts at StockNews.com began coverage on shares of PEDEVCO (NYSE:PED) in a research report issued to clients and investors on Tuesday. The firm set a “sell” rating on the stock.

Separately, D. Boral Capital reduced their target price on shares of PEDEVCO from $2.25 to $1.50 and set a “buy” rating on the stock in a report on Wednesday, November 20th.

PEDEVCO Stock Performance

PEDEVCO stock opened at $0.71 on Tuesday. PEDEVCO has a fifty-two week low of $0.69 and a fifty-two week high of $1.10. The company has a market capitalization of $63.54 million, a price-to-earnings ratio of 35.52 and a beta of 0.35. The stock has a fifty day moving average of $0.79 and a two-hundred day moving average of $0.85.

Insider Transactions at PEDEVCO

In related news, CAO Paul Anthony Pinkston sold 35,000 shares of the stock in a transaction that occurred on Friday, December 27th. The stock was 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 directly owns 714,700 shares of the company’s stock, valued at $528,878. This represents a 4.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 sale, the vice president now directly owns 855,334 shares of the company’s stock, valued at $735,587.24. The trade was a 5.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 476,334 shares of company stock valued at $374,217. Insiders own 70.60% of the company’s stock.

Institutional Investors Weigh In On PEDEVCO

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC lifted 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 buying an additional 21,499 shares during the period. Citadel Advisors LLC lifted its holdings in PEDEVCO by 232.5% in the 4th 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 during the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of PEDEVCO by 19.7% in the 4th quarter. Renaissance Technologies LLC now owns 292,736 shares of the company’s stock worth $228,000 after purchasing an additional 48,132 shares during the last quarter. Institutional investors own 3.26% of the company’s stock.

About PEDEVCO

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.