Pacific Ethanol Inc. (PEIX) Stock Rating Lowered by Zacks Investment Research
Pacific Ethanol Inc. (NASDAQ:PEIX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday.
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 reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Pacific Ethanol in a research note on Monday, August 1st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Pacific Ethanol currently has a consensus rating of “Buy” and an average price target of $9.13.
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Shares of Pacific Ethanol (NASDAQ:PEIX) opened at 7.35 on Wednesday. The company’s 50 day moving average price is $6.75 and its 200 day moving average price is $5.83. Pacific Ethanol has a 52-week low of $2.41 and a 52-week high of $7.50. The company’s market capitalization is $317.20 million.
Pacific Ethanol (NASDAQ:PEIX) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.14. The business earned $422.90 million during the quarter, compared to analyst estimates of $383.29 million. Pacific Ethanol had a negative return on equity of 4.18% and a negative net margin of 1.55%. The company’s revenue for the quarter was up 85.8% on a year-over-year basis. During the same period last year, the company earned $0.03 EPS. On average, analysts predict that Pacific Ethanol will post $0.04 EPS for the current year.
In other news, Director John L. Prince sold 17,745 shares of the stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $6.64, for a total value of $117,826.80. Following the sale, the director now directly owns 28,801 shares in the company, valued at $191,238.64. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director William L. Jones sold 15,000 shares of the stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $6.75, for a total value of $101,250.00. Following the completion of the sale, the director now owns 53,624 shares in the company, valued at $361,962. The disclosure for this sale can be found here. 3.10% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the company. UBS Group AG increased its stake in shares of 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 during the last quarter. Geode Capital Management LLC increased its stake in shares of 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 during the last quarter. Panagora Asset Management Inc. increased its stake in shares of 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 during the last quarter. DNB Asset Management AS acquired a new stake in shares of Pacific Ethanol during the second quarter valued at $626,000. Finally, Foundry Partners LLC increased its stake in shares of Pacific Ethanol by 44.0% in the second quarter. Foundry Partners LLC now owns 401,575 shares of the company’s stock valued at $2,189,000 after buying an additional 122,690 shares during the last quarter. Hedge funds and other institutional investors own 73.66% 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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