PEDEVCO (NYSE:PED) Now Covered by Analysts at StockNews.com

StockNews.com began coverage on shares of PEDEVCO (NYSE:PED) in a research note released on Wednesday morning. The brokerage issued a sell rating on the stock.

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

PEDEVCO Price Performance

NYSE PED opened at $0.73 on Wednesday. The stock’s fifty day moving average price is $0.78 and its 200 day moving average price is $0.85. PEDEVCO has a 1 year low of $0.69 and a 1 year high of $1.10. The company has a market cap of $65.24 million, a price-to-earnings ratio of 36.47 and a beta of 0.35.

Insider Activity at PEDEVCO

In other PEDEVCO news, CEO John Douglas Schick sold 58,334 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were sold at an average price of $0.86, for a total value of $50,167.24. Following the sale, the chief executive officer now directly owns 1,197,133 shares of the company’s stock, valued at approximately $1,029,534.38. This represents a 4.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Moore Clark sold 50,000 shares of the company’s stock in a transaction on Thursday, January 23rd. The shares were 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 in the company, valued at approximately $735,587.24. The trade was a 5.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 476,334 shares of company stock valued at $374,217 in the last ninety days. Company insiders own 70.60% of the company’s stock.

Institutional Investors Weigh In On PEDEVCO

Several hedge funds have recently added to or reduced their stakes in PED. Virtu Financial LLC boosted its stake in shares of PEDEVCO by 129.9% during the 4th quarter. Virtu Financial LLC now owns 38,045 shares of the company’s stock worth $30,000 after acquiring an additional 21,499 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of PEDEVCO by 19.7% during the 4th 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 during the period. Finally, Citadel Advisors LLC grew its position in shares of PEDEVCO by 232.5% during 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 period. 3.26% of the stock is owned by hedge funds and other institutional investors.

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.