Pedevco (NYSEAMERICAN:PED) Releases Quarterly Earnings Results, Beats Estimates By $0.95 EPS

Pedevco (NYSEAMERICAN:PED) issued its quarterly earnings data on Thursday. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.95, FiscalAI reports. The firm had revenue of $46.11 million during the quarter, compared to the consensus estimate of $38.00 million. Pedevco had a negative return on equity of 3.20% and a negative net margin of 46.78%.

Pedevco Stock Up 7.1%

Shares of PED traded up $0.80 during mid-day trading on Thursday, reaching $12.05. 21,178 shares of the stock traded hands, compared to its average volume of 34,766. The firm has a market cap of $160.14 million, a price-to-earnings ratio of 401.80 and a beta of 0.23. The stock has a fifty day simple moving average of $12.12 and a 200 day simple moving average of $13.60. The company has a quick ratio of 0.67, a current ratio of 0.68 and a debt-to-equity ratio of 0.54. Pedevco has a 12-month low of $8.64 and a 12-month high of $18.89.

Insider Buying and Selling at Pedevco

In other news, Director Martyn Willsher bought 13,428 shares of Pedevco stock in a transaction on Tuesday, May 26th. The shares were bought at an average price of $14.29 per share, with a total value of $191,886.12. Following the acquisition, the director directly owned 25,727 shares in the company, valued at approximately $367,638.83. This represents a 109.18% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Moore Clark sold 18,797 shares of Pedevco stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $14.67, for a total transaction of $275,751.99. Following the completion of the transaction, the vice president directly owned 54,428 shares of the company’s stock, valued at $798,458.76. This trade represents a 25.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 54.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Pedevco from a “strong sell” rating to a “hold” rating in a research note on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Pedevco currently has an average rating of “Buy”.

About Pedevco

Pedevco Corp is an independent oil and gas exploration and production company incorporated in Delaware and listed on the NYSE American under the ticker symbol PED. The firm focuses on acquiring, developing and producing hydrocarbon assets, with a strategic emphasis on shallow water and onshore properties in Trinidad and Tobago. Since its listing, Pedevco has pursued opportunities to expand reserves through targeted exploration and development projects in one of the Caribbean’s most prolific hydrocarbon-producing regions.

The company’s portfolio centers on two primary concession areas in Trinidad and Tobago: the O-55 shallow water offshore block and the onshore Block 3(a) license.