PEDEVCO (NYSEAMERICAN:PED) Rating Lowered to Hold at Zacks Investment Research

PEDEVCO (NYSEAMERICAN:PEDGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “PEDEVCO Corp., is an oil and gas company engaged in the acquisition and development of energy projects in the US and Pacific Rim countries. The Company provides services to the energy industry through its two divisions: Satellite Communication and Down-hole Solutions. PEDEVCO CORP., formerly known as Blast Energy Services, Inc., is based in Houston, Texas. “

Separately, TheStreet raised shares of PEDEVCO from a “d+” rating to a “c” rating in a research report on Wednesday, March 30th.

Shares of PED opened at $1.20 on Wednesday. PEDEVCO has a 1-year low of $0.93 and a 1-year high of $2.44. The firm has a market cap of $102.48 million, a P/E ratio of -3.87 and a beta of 0.96.

PEDEVCO (NYSEAMERICAN:PEDGet Rating) last announced its earnings results on Monday, May 16th. The company reported $0.02 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.02. PEDEVCO had a negative net margin of 172.08% and a negative return on equity of 4.68%.

In other news, CEO Simon G. Kukes acquired 200,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 18th. The stock was acquired at an average price of $1.18 per share, with a total value of $236,000.00. Following the completion of the transaction, the chief executive officer now directly owns 3,792,132 shares of the company’s stock, valued at approximately $4,474,715.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 70.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of PED. Steward Partners Investment Advisory LLC acquired a new position in shares of PEDEVCO in the fourth quarter valued at approximately $39,000. Vanguard Group Inc. increased its stake in shares of PEDEVCO by 51.5% in the first quarter. Vanguard Group Inc. now owns 904,719 shares of the company’s stock valued at $1,222,000 after buying an additional 307,640 shares during the period. Virtu Financial LLC increased its stake in shares of PEDEVCO by 374.1% in the first quarter. Virtu Financial LLC now owns 117,202 shares of the company’s stock valued at $158,000 after buying an additional 92,482 shares during the period. Morgan Stanley increased its stake in shares of PEDEVCO by 41.3% in the third quarter. Morgan Stanley now owns 55,118 shares of the company’s stock valued at $82,000 after buying an additional 16,112 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of PEDEVCO in the fourth quarter valued at approximately $71,000. 7.52% of the stock is owned by hedge funds and other institutional investors.

PEDEVCO Company Profile (Get Rating)

PEDEVCO Corp., an oil and gas company, focuses on the acquisition, development, and production of oil and natural gas assets in the United States. As of December 31, 2021, the company held approximately 32,870 net Permian Basin acres located in Chaves and Roosevelt Counties, New Mexico; and approximately 11,580 net Denver-Julesberg (D-J) Basin acres located in Weld and Morgan Counties, Colorado.

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