Canaccord Genuity reiterated their buy rating on shares of Renewable Energy Group (NASDAQ:REGI) in a report published on Tuesday morning. Canaccord Genuity currently has a $16.00 price objective on the oil and gas company’s stock.
“After ~3+ years of shares being relatively range-bound (weak oil/commodity macro coupled with platform repositioning/repowering efforts), we find the current risk/reward much more compelling, as the combination of a more favorable biodiesel macro (fair trade focus on imports), an enhanced platform (methyl ester + renewable hydrocarbon + geography) and solid management execution are supportive of a more highly valued enterprise.”,” Canaccord Genuity’s analyst wrote.
REGI has been the topic of a number of other reports. BidaskClub upgraded shares of Renewable Energy Group from a sell rating to a hold rating in a research report on Friday, December 22nd. Zacks Investment Research upgraded shares of Renewable Energy Group from a sell rating to a hold rating in a research report on Tuesday, November 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $15.33.
Renewable Energy Group declared that its Board of Directors has approved a share repurchase plan on Thursday, December 14th that allows the company to buyback $75.00 million in outstanding shares. This buyback authorization allows the oil and gas company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In other Renewable Energy Group news, Director Peter John Martin Harding purchased 5,000 shares of Renewable Energy Group stock in a transaction on Friday, December 15th. The shares were acquired at an average cost of $11.14 per share, for a total transaction of $55,700.00. Following the completion of the transaction, the director now directly owns 64,136 shares of the company’s stock, valued at $714,475.04. The purchase was disclosed in a filing with the SEC, which is available at this link. 1.54% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Cornerstone Capital Management Holdings LLC. grew its position in Renewable Energy Group by 15.5% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 156,654 shares of the oil and gas company’s stock valued at $1,902,000 after acquiring an additional 21,041 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of Renewable Energy Group by 4.4% in the third quarter. California Public Employees Retirement System now owns 509,967 shares of the oil and gas company’s stock worth $6,196,000 after purchasing an additional 21,700 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Renewable Energy Group by 12.9% in the third quarter. Ameriprise Financial Inc. now owns 167,528 shares of the oil and gas company’s stock worth $2,035,000 after purchasing an additional 19,165 shares during the last quarter. Unison Advisors LLC bought a new position in shares of Renewable Energy Group in the fourth quarter worth approximately $557,000. Finally, Towle & Co. grew its holdings in shares of Renewable Energy Group by 0.7% in the fourth quarter. Towle & Co. now owns 1,787,393 shares of the oil and gas company’s stock worth $21,091,000 after purchasing an additional 12,030 shares during the last quarter.
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About Renewable Energy Group
Renewable Energy Group, Inc is focused on providing cleaner, lower carbon intensity products and services. The Company is a producer of biomass-based diesel in North America. Its segments include Biomass-based diesel, Services, Renewable Chemicals and Corporate and other activities. It is involved in various activities related to biomass-based diesel production, from acquiring feedstock, managing construction and operating biomass-based diesel production facilities to marketing, selling and distributing biomass-based diesel and its co-products.
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