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PED - Pedevco Corp.: Speculative Unhedged Oily Micro Cap E&P With Upside Potential
Pedevco Corp.
2024-04-17 13:50:11 ET
Summary
Pedevco Corp. is a micro cap E&P company focused on the DJ Basin and Permian, today announcing solid results from their latest 3 well series in the Permian.
The company has a clean balance sheet with no debt and cash equating to nearly one-third of enterprise value.
Valuation does not appear excessive on a trailing basis nor on one of our Base Cases, but they are under-followed.
Management is experienced and has accumulated a relatively sizable leasehold position, and we note some smart moves on their part.
Pedevco Corp. ( PED ) ~ DJ and Permian Micro Cap E&P