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

StockNews.com assumed coverage on shares of PEDEVCO (NYSE:PED) in a report released on Thursday morning. The firm 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 report on Thursday, March 13th.

PEDEVCO Trading Down 2.8 %

NYSE:PED opened at $0.70 on Thursday. The stock has a 50-day moving average price of $0.76 and a 200 day moving average price of $0.84. PEDEVCO has a 12-month low of $0.69 and a 12-month high of $1.10. The stock has a market capitalization of $62.65 million, a P/E ratio of 35.02 and a beta of 0.35.

Insider Transactions at PEDEVCO

In related news, CAO Paul Anthony Pinkston sold 65,000 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $0.76, for a total value of $49,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 816,700 shares of the company’s stock, valued at approximately $620,692. This trade represents a 7.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $50,167.24. Following the sale, the chief executive officer now directly owns 1,197,133 shares in the company, valued at approximately $1,029,534.38. The trade was a 4.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 441,334 shares of company stock valued at $348,317. 70.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PEDEVCO

Large investors have recently added to or reduced their stakes in the stock. Virtu Financial LLC lifted its stake in shares of PEDEVCO by 129.9% in the 4th 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 last quarter. Citadel Advisors LLC raised its holdings in 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 buying an additional 130,349 shares during the period. Finally, Renaissance Technologies LLC lifted its position in PEDEVCO by 19.7% in the fourth quarter. Renaissance Technologies LLC now owns 292,736 shares of the company’s stock worth $228,000 after buying an additional 48,132 shares during the last quarter. 3.26% of the stock is owned by institutional investors.

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.