Pedevco Corp. (PED) Q3 Earnings Match Estimates

Financial Performance - Pedevco Corp. reported quarterly earnings of $0.02 per share, matching the Zacks Consensus Estimate, and an increase from $0.01 per share a year ago [1] - The company posted revenues of $9.05 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 2.72%, and up from $7.33 million year-over-year [2] - Over the last four quarters, Pedevco has consistently surpassed consensus revenue estimates, achieving this four times [2] Stock Performance and Outlook - Pedevco shares have increased approximately 16.5% since the beginning of the year, while the S&P 500 has gained 25.5% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the earnings outlook [3][4] - Current consensus EPS estimate for the upcoming quarter is $0.01 on revenues of $9.68 million, and for the current fiscal year, it is $0.06 on revenues of $38.42 million [7] Industry Context - The Oil and Gas - Mechanical and Equipment industry, to which Pedevco belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, indicating potential challenges [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Pedevco's stock performance [5]