PEDEVCO Corp. [AMEX: PED] stock went on an upward path that rose over 8.05% on Thursday, amounting to a one-week price increase of more than 5.92%. The company report on August 28, 2020 that PEDEVCO Provides Second Status Update Regarding Open Letter Delivered to Avalon Energy, LLC.
HOUSTON, TX / ACCESSWIRE / August 28, 2020 / On August 28, 2020, PEDEVCO Corp. (NYSE American:PED) (“PEDEVCO” or the “Company”) issued a second status update regarding the open letter delivered by the Company to Avalon Energy, LLC (“Avalon”) as a holder of common units of the SandRidge Permian Trust (NYSE:PER)(the “Trust”), the owner of working interests underlying the overriding royalty interests owned by the Trust, and the operator of the assets underlying the Trust, regarding PEDEVCO’s previously delivered letter to Avalon indicating the Company’s interest regarding a potential acquisition of all the common units of the Trust held by Avalon, the working interests underlying the overriding royalty interests owned by the Trust, and operatorship thereof.
On the evening of August 27, 2020, Avalon notified the Company that the Board of Managers of each of Avalon and its parent company Avalon Exploration and Production LLC (“Avalon E&P”) had evaluated the Company’s proposal set forth in the indication of interest and rejected it, noting that Avalon E&P and its subsidiaries, including Avalon Energy, had already entered into an agreement with Montare Resources I, LLC (“Montare”) regarding Avalon’s ownership of common units of the Trust (the “Trust Units”), 100% of the working interests underlying the overriding royalty interests owned by the Trust, and all other related assets used in connection with operating the underlying properties related thereto, as further described in Montare’s August 27, 2020 release. Avalon also indicated that due to the exclusivity provisions of Avalon’s agreement with Montare, Avalon will not entertain any further communications with PEDEVCO regarding the prior indication of interest or the proposal set forth therein.
Over the last 12 months, PED stock rose by 15.00%.
The market cap for the stock reached $100.83 million, with 72.13 million shares outstanding and 8.09 million shares in the current float. Compared to the average trading volume of 2.19M shares, PED stock reached a trading volume of 1060171 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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 0.22, with the Price to Sales ratio for PED stock in the period of the last 12 months amounting to 9.34. The Price to Book ratio for the last quarter was 1.16, with the Price to Cash per share for the same quarter was set at 0.16.
PED Stock Performance Analysis:
PEDEVCO Corp. [PED] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.92. With this latest performance, PED shares gained by 61.00% in over the last four-week period, additionally plugging by 63.45% over the last 6 months – not to mention a rise of 15.00% 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 61.96, with the RSI for the last a single of trading hit 63.27, and the three-weeks RSI is set at 60.26 for PEDEVCO Corp. [PED]. The present Moving Average for the last 50 days of trading for this stock 1.0795, while it was recorded at 1.5680 for the last single week of trading, and 1.0607 for the last 200 days.
Insight into PEDEVCO Corp. Fundamentals:
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.
PEDEVCO Corp. [PED] Insider Position Details
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 12.50% of the total institutional ownership; SHUFRO ROSE & CO LLC, holding 146,095 shares of the stock with an approximate value of $0.23 million in PED stocks shares; and VANGUARD GROUP INC, currently with $0.17 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 August and at the time of the August 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.