Pedevco Corp Up 1.38% To $0.80 After Earnings Miss

Monday, March 18, 2024 - Pedevco Corp (PED) reported downside earnings and upside revenues.

Analyst expectations for Pedevco Corp earnings per share (EPS) were at $0.01, with the company missing those estimates with a reported EPS loss of $0.00 per share, leading to a negative surprise of $0.01 per share. Pedevco Corp's earnings rose 0% year-over-year as the firm reported an EPS loss of $0.04 per share in its year-ago quarter. The positive annual growth shows the Energy company .

Revenues were upbeat at $6.7 million. That is an increase of 13.79% in revenues from the year-ago report and is 6.01% higher than consensus estimates set at $6.4 million.

The stock is up 1.38% to $0.80 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 42. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

PEDEVCO Corp is an energy company. It is engaged in the acquisition, exploration, development, and production of oil and natural gas shale plays in the Denver-Julesberg Basin (D-J Basin) in Colorado. The D-J Basin contains hydrocarbon-bearing deposits in several formations, including the Niobrara, Codell, Greenhorn, Shannon, J-Sand, and D-Sand. Its principal operating properties are located in the Wattenberg, Wattenberg Extension and Niobrara formation in the D-J Basin.