PEDEVCO Corp. [AMEX: PED] gained 168.72% or 1.32 points to close at $2.11 with a heavy trading volume of 101737108 shares. The company report on August 27, 2020 that PEDEVCO Provides Status Update Regarding Open Letter Delivered to the SandRidge Permian Trust, its Unit Holders, and the Operator of its Assets Regarding an Indication of Interest to Acquire the SandRidge Permian Trust and Underlying Assets.
HOUSTON, TX / ACCESSWIRE / August 27, 2020 / On August 27, 2020, PEDEVCO Corp. (NYSE American:PED) (“PEDEVCO” or the “Company”) issued a status update regarding the August 26, 2020 open letter delivered by the Company to The Bank of New York Mellon Trust Company, N.A., as trustee of the SandRidge Permian Trust (NYSE:PER)(the “Trustee” and the “Trust”), the common unit holders of the Trust (the “Unit Holders”), and Avalon Energy, LLC (“Avalon”) as a holder of Trust common units and the operator of the assets underlying the Trust, regarding PEDEVCO’s interest in a potential acquisition of all the common units of the Trust (the “Trust Units”), its underlying assets, and operatorship thereof, which open letter was included in the Company’s press release filed on August 26, 2020 (the “August 26th Press Release”).
Subsequent to the Company’s delivery of its initial indication of interest to the Trustee, on August 26, 2020, the Trustee notified the Company that its authority as Trustee is limited to taking actions in furtherance of achieving the purposes of the Trust as set forth in the Trust’s trust agreement, and, as a result, the Trustee is not authorized to enter into an arrangement with an offeror with respect to a negotiated exchange offer or tender offer for the outstanding Trust Units, or to express support for any such offer, and, accordingly declined to enter into discussions with the Company regarding the proposed transactions contemplated by the Company’s indication of interest. Notwithstanding such response, the Company promptly requested that the Trustee engage in discussions with the Company regarding communication of the Company’s indication of interest to the Unit Holders, receipt of a Unit Holder list to facilitate such communication by the Company, and to discuss working together to extend the Trust’s pending delisting deadline from the New York Stock Exchange. To date, the Company has not received a response to such request from the Trustee. Accordingly, although the Trustee has stated that it has no authority to enter into an arrangement with the Company or to negotiate such arrangement, the Company has continued to request that the Trustee engage in discussions with the Company regarding its indication of interest and in furtherance of a potential transaction, to the extent permitted by the Trust’s trust agreement and consistent with the Trust’s duties to the Unit Holders.
It opened the trading session at $1.50, the shares rose to $2.50 and dropped to $1.45, the range by which the price of stock traded the whole day. The daily chart for PED points out that the company has recorded 108.91% gains over the past six months. However, it is still -214.93% lower than its most recent low trading price.
If we look at the average trading volume of 87.22K shares, PED reached to a volume of 101737108 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about PEDEVCO Corp. [PED]:
ROTH Capital have made an estimate for PEDEVCO Corp. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on April 06, 2015.
The Average True Range (ATR) for PEDEVCO Corp. is set at 0.17, with the Price to Sales ratio for PED stock in the period of the last 12 months amounting to 13.95. The Price to Book ratio for the last quarter was 1.52, with the Price to Cash per share for the same quarter was set at 0.14.
Trading performance analysis for PED stock
PEDEVCO Corp. [PED] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 166.45. With this latest performance, PED shares gained by 131.82% in over the last four-week period, additionally plugging by 108.91% over the last 6 months – not to mention a rise of 35.26% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PED stock in for the last two-week period is set at 91.83, with the RSI for the last a single of trading hit 94.88, and the three-weeks RSI is set at 87.79 for PEDEVCO Corp. [PED]. The present Moving Average for the last 50 days of trading for this stock 0.85, while it was recorded at 1.06 for the last single week of trading, and 1.11 for the last 200 days.
PEDEVCO Corp. [PED]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and PEDEVCO Corp. [PED] shares currently have an operating margin of -83.03 and a Gross Margin at -38.44. PEDEVCO Corp.’s Net Margin is presently recorded at -85.58.
Return on Total Capital for PED is now -13.37, given the latest momentum, and Return on Invested Capital for the company is -13.79. Return on Equity for this stock declined to -18.13, with Return on Assets sitting at -11.66. When it comes to the capital structure of this company, PEDEVCO Corp. [PED] has a Total Debt to Total Equity ratio set at 0.38. Additionally, PED Total Debt to Total Capital is recorded at 0.37, with Total Debt to Total Assets ending up at 0.32. Long-Term Debt to Equity for the company is recorded at 0.28, with the Long-Term Debt to Total Capital now at 0.28.
Reflecting on the efficiency of the workforce at the company, PEDEVCO Corp. [PED] managed to generate an average of -$693,875 per employee. Receivables Turnover for the company is 4.77 with a Total Asset Turnover recorded at a value of 0.14.PEDEVCO Corp.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.70 and a Current Ratio set at 2.70.
An analysis of insider ownership at PEDEVCO Corp. [PED]
There are presently around $1 million, or 1.00% of PED stock, in the hands of institutional investors. The top three institutional holders of PED stocks are: BRIDGEWAY CAPITAL MANAGEMENT INC with ownership of 284,200, which is approximately 477.642% of the company’s market cap and around 0.10% of the total institutional ownership; SHUFRO ROSE & CO LLC, holding 146,095 shares of the stock with an approximate value of $0.31 million in PED stocks shares; and VANGUARD GROUP INC, currently with $0.22 million in PED stock with ownership of nearly 0% of the company’s market capitalization.
Positions in PEDEVCO Corp. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 6 institutional holders increased their position in PEDEVCO Corp. [AMEX:PED] by around 263,733 shares. Additionally, 5 investors decreased positions by around 76,164 shares, while 2 investors held positions by with 269,439 shares. The mentioned changes placed institutional holdings at 609,336 shares, according to the latest SEC report filing. PED stock had 2 new institutional investments in for a total of 25,358 shares, while 2 institutional investors sold positions of 19,478 shares during the same period.