Pedevco (NYSEAMERICAN:PED) Major Shareholder Acquires $1,911,910.00 in Stock

Pedevco Corp. (NYSEAMERICAN:PED) major shareholder Simon Kukes bought 147,070 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The stock was acquired at an average cost of $13.00 per share, with a total value of $1,911,910.00. Following the completion of the acquisition, the insider owned 4,137,543 shares of the company’s stock, valued at $53,788,059. This represents a 3.69% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Pedevco Trading Down 1.7%

PED opened at $13.24 on Tuesday. The stock has a 50-day moving average of $13.20 and a 200 day moving average of $13.65. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.42. Pedevco Corp. has a 12 month low of $8.64 and a 12 month high of $18.89. The firm has a market cap of $175.96 million, a P/E ratio of 441.48 and a beta of 0.41.

Pedevco (NYSEAMERICAN:PED) last released its earnings results on Thursday, August 13th. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.95. The firm had revenue of $46.11 million during the quarter, compared to analyst estimates of $38.00 million. Pedevco had a negative net margin of 14.61% and a positive return on equity of 0.67%. As a group, research analysts forecast that Pedevco Corp. will post 0.82 EPS for the current year.

Institutional Trading of Pedevco

A hedge fund recently bought a new position in Pedevco stock. State Street Corp bought a new position in shares of Pedevco Corp. (NYSEAMERICAN:PED) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 11,325 shares of the company’s stock, valued at approximately $152,000. State Street Corp owned about 0.09% of Pedevco at the end of the most recent reporting period. Institutional investors and hedge funds own 3.26% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised shares of Pedevco from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy”.

Pedevco Company Profile

PEDEVCO Corp. (NYSE American: PED) is an independent energy company engaged in the acquisition, development and production of oil and natural gas properties in the United States. The company focuses on building a portfolio of domestic energy assets and generating production through the development of existing properties.

PEDEVCO’s activities have included oil and natural gas operations in major U.S. producing regions, including the Permian Basin and the Denver-Julesburg Basin. Its operations generally involve acquiring mineral and leasehold interests, drilling and completing wells, and managing production and related field activities.

The company was formerly known as Pacific Energy Development Corporation before adopting the PEDEVCO name.