PEDEVCO approves stock plan amendment, grants restricted shares By Investing.com

In a recent 8-K filing, PEDEVCO Corp. (NYSE American:PED), an energy company based in Houston, Texas, disclosed the approval of amendments to its equity incentive plan and the granting of restricted stock to key board members. The filing, dated August 30, 2024, detailed the events that took place during the company’s Annual Meeting held on Thursday, August 29, 2024.

At this meeting, shareholders approved the First Amendment to the PEDEVCO Corp. 2021 Equity Incentive Plan, which increased the maximum number of shares available from 8 million to 13 million. This amendment was initially approved by the Board of Directors on June 27, 2024, and became effective upon shareholder approval.

Additionally, the company granted restricted stock awards to Chairman John Scelfo and Board member H. Douglas Evans under the 2021 Plan. Scelfo received 125,000 shares and Evans was awarded 85,000 shares, both with vesting conditions tied to their continued service on the Board of Directors. Scelfo’s shares are set to vest on July 12, 2025, and Evans’ on September 27, 2025, as per the terms of the Restricted Shares Grant Agreement.

In other recent news, PEDEVCO Corp has seen a significant increase in its production estimates, primarily due to its participation in several non-operated wells in the Denver-Julesburg Basin. This has led to Roth/MKM reiterating a Buy rating on the company with a steady price target of $2.15.

The firm has also revised its second-quarter 2024 earnings estimates for PEDEVCO, including an increase in earnings per share from $0.00 to $0.01, and cash flow per share from $0.03 to $0.06. Earnings before interest, taxes, depreciation, and amortization have also been projected to rise from $2.5 million to $4.8 million.

Despite this, Roth/MKM anticipates slight declines in production for the third and fourth quarters of 2024, mainly due to natural decline rates observed in the Eider wells. However, potential for upward revisions to the later 2024 production estimates could come from drilling and completion activities at PEDEVCO’s horizontal San Andres play in the Chaveroo field, located in the Permian Basin.

The company’s financial position remains strong, with no debt reported as of March 31, 2024. These recent developments highlight the company’s ongoing growth and financial stability.

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