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

StockNews.com initiated coverage on shares of PEDEVCO (NYSE:PED) in a research report issued to clients and investors on Friday. The brokerage set a “sell” rating on the stock.

Separately, D. Boral Capital restated a “buy” rating and set a $1.50 target price on shares of PEDEVCO in a research note on Wednesday.

PEDEVCO Trading Down 7.0 %

Shares of PED opened at $0.56 on Friday. The firm’s fifty day simple moving average is $0.74 and its 200-day simple moving average is $0.83. The firm has a market capitalization of $50.13 million, a price-to-earnings ratio of 28.02 and a beta of 0.29. PEDEVCO has a twelve month low of $0.54 and a twelve month high of $1.10.

Insider Transactions at PEDEVCO

In other news, VP Moore Clark sold 125,000 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $0.76, for a total transaction of $95,000.00. Following the completion of the sale, the vice president now owns 1,080,334 shares in the company, valued at approximately $821,053.84. This represents a 10.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Douglas Schick sold 120,000 shares of the firm’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $0.76, for a total value of $91,200.00. Following the transaction, the chief executive officer now directly owns 1,577,133 shares in the company, valued at approximately $1,198,621.08. This represents a 7.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 441,334 shares of company stock worth $348,317. Corporate insiders own 70.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PED. Citadel Advisors LLC increased its stake 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 buying an additional 130,349 shares during the period. Renaissance Technologies LLC raised its holdings in PEDEVCO by 19.7% during the fourth quarter. Renaissance Technologies LLC now owns 292,736 shares of the company’s stock worth $228,000 after purchasing an additional 48,132 shares in the last quarter. Finally, Virtu Financial LLC lifted its position in 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 purchasing an additional 21,499 shares during the period. Institutional investors and hedge funds 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.