Pacific Ethanol Inc. (NASDAQ:PEIX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $7.50 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 8.54% from the stock’s current price.
According to Zacks, “Pacific Ethanol, Inc. is currently in the business of marketing ethanol in the Western United States through Kinergy Marketing, a wholly-owned subsidiary of the Company and the largest West Coast-based marketer of renewable fuels. The Company intends, in the near future, to construct an ethanol production facility at its Madera County, California, site. “
Separately, Roth Capital reiterated a “buy” rating and issued a $9.00 price target on shares of Pacific Ethanol in a report on Monday, August 1st. Five equities research analysts have rated the stock with a buy rating, The stock presently has a consensus rating of “Buy” and a consensus price target of $9.13.
Shares of Pacific Ethanol (NASDAQ:PEIX) opened at 6.91 on Thursday. The company’s market capitalization is $298.21 million. Pacific Ethanol has a 12-month low of $2.41 and a 12-month high of $7.64. The firm’s 50-day moving average is $6.64 and its 200-day moving average is $5.63.
Pacific Ethanol (NASDAQ:PEIX) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.14. The business had revenue of $422.90 million for the quarter, compared to analysts’ expectations of $383.29 million. Pacific Ethanol had a negative net margin of 1.55% and a negative return on equity of 4.18%. The firm’s revenue for the quarter was up 85.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.03 earnings per share. On average, equities analysts predict that Pacific Ethanol will post $0.04 EPS for the current year.
In other news, Director William L. Jones sold 15,000 shares of the business’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $6.69, for a total transaction of $100,350.00. Following the sale, the director now owns 53,624 shares in the company, valued at approximately $358,744.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John L. Prince sold 17,745 shares of the business’s stock in a transaction on Friday, August 12th. The shares were sold at an average price of $6.64, for a total transaction of $117,826.80. Following the sale, the director now owns 28,801 shares in the company, valued at approximately $191,238.64. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. State Street Corp boosted its stake in shares of Pacific Ethanol by 41.7% in the first quarter. State Street Corp now owns 606,578 shares of the company’s stock worth $2,839,000 after buying an additional 178,355 shares during the period. UBS Group AG raised its position in Pacific Ethanol by 4,800.6% in the first quarter. UBS Group AG now owns 126,398 shares of the company’s stock valued at $592,000 after buying an additional 129,087 shares in the last quarter. Geode Capital Management LLC raised its position in Pacific Ethanol by 1.7% in the first quarter. Geode Capital Management LLC now owns 162,375 shares of the company’s stock valued at $759,000 after buying an additional 2,651 shares in the last quarter. Panagora Asset Management Inc. raised its position in Pacific Ethanol by 75.8% in the first quarter. Panagora Asset Management Inc. now owns 890,979 shares of the company’s stock valued at $4,170,000 after buying an additional 384,244 shares in the last quarter. Finally, DNB Asset Management AS bought a new position in Pacific Ethanol during the second quarter valued at about $626,000. Hedge funds and other institutional investors own 73.71% of the company’s stock.
About Pacific Ethanol
Pacific Ethanol, Inc (Pacific Ethanol) is a marketer and producer of low-carbon renewable fuels in the Western United States. Pacific Ethanol markets all the ethanol produced by four ethanol production facilities located in California, Idaho and Oregon, or the Pacific Ethanol Plants, all the ethanol produced by three other ethanol producers in the Western United States and ethanol purchased from other third-party suppliers throughout the United States.
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