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

Stock analysts at StockNews.com initiated coverage on shares of PEDEVCO (NYSE:PED) in a research note issued on Wednesday. The brokerage set a “sell” rating on the stock.

Separately, D. Boral Capital reiterated a “buy” rating and issued a $1.50 price target on shares of PEDEVCO in a research note on Wednesday, April 2nd.

PEDEVCO Price Performance

Shares of PED stock opened at $0.68 on Wednesday. The firm has a fifty day moving average of $0.61 and a two-hundred day moving average of $0.74. The firm has a market cap of $62.56 million, a P/E ratio of 34.26 and a beta of 0.30. PEDEVCO has a 1-year low of $0.47 and a 1-year high of $1.10.

Institutional Investors Weigh In On PEDEVCO

Several institutional investors and hedge funds have recently made changes to their positions in PED. Citadel Advisors LLC increased its stake in PEDEVCO by 232.5% during the fourth quarter. Citadel Advisors LLC now owns 186,415 shares of the company’s stock valued at $145,000 after purchasing an additional 130,349 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of PEDEVCO by 19.7% in the 4th 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. Finally, Virtu Financial LLC boosted its holdings 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 buying an additional 21,499 shares during the period. 3.26% of the stock is owned by institutional investors and hedge funds.

About PEDEVCO

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.