Pacific Ethanol, Inc. (NASDAQ:PEIX) Sees Large Decline in Short Interest
Pacific Ethanol, Inc. (NASDAQ:PEIX) saw a significant decline in short interest during the month of July. As of July 31st, there was short interest totalling 1,414,178 shares, a decline of 24.2% from the July 14th total of 1,865,484 shares. Based on an average daily volume of 671,906 shares, the short-interest ratio is presently 2.1 days. Currently, 3.4% of the company’s shares are sold short.
Pacific Ethanol (NASDAQ:PEIX) opened at 4.85 on Monday. The firm’s market capitalization is $213.26 million. The company has a 50 day moving average price of $6.01 and a 200-day moving average price of $6.66. Pacific Ethanol has a 1-year low of $4.85 and a 1-year high of $10.95.
Pacific Ethanol (NASDAQ:PEIX) last posted its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by $0.18. Pacific Ethanol had a negative return on equity of 3.02% and a negative net margin of 0.72%. The company had revenue of $405.20 million for the quarter, compared to the consensus estimate of $410.34 million. During the same quarter in the previous year, the business earned $0.11 earnings per share. Pacific Ethanol’s revenue was down 4.2% compared to the same quarter last year. On average, analysts forecast that Pacific Ethanol will post ($0.38) EPS for the current fiscal year.
Several analysts have recently weighed in on the company. Cowen and Company set a $13.00 price target on Pacific Ethanol and gave the stock a “buy” rating in a report on Saturday, July 29th. HC Wainwright set a $14.00 price target on Pacific Ethanol and gave the stock a “buy” rating in a report on Friday, August 4th. ValuEngine cut Pacific Ethanol from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research upgraded Pacific Ethanol from a “strong sell” rating to a “hold” rating in a report on Thursday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Pacific Ethanol has an average rating of “Buy” and a consensus target price of $12.50.
A number of institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. bought a new position in Pacific Ethanol during the second quarter valued at about $100,000. OppenheimerFunds Inc. raised its position in Pacific Ethanol by 4.7% in the first quarter. OppenheimerFunds Inc. now owns 16,212 shares of the oil and gas company’s stock valued at $111,000 after buying an additional 728 shares during the last quarter. American International Group Inc. raised its position in Pacific Ethanol by 7.1% in the first quarter. American International Group Inc. now owns 17,659 shares of the oil and gas company’s stock valued at $121,000 after buying an additional 1,163 shares during the last quarter. KCG Holdings Inc. bought a new position in Pacific Ethanol during the first quarter valued at about $149,000. Finally, Laurion Capital Management LP bought a new position in Pacific Ethanol during the second quarter valued at about $147,000. Institutional investors and hedge funds own 65.77% of the company’s stock.
Pacific Ethanol Company Profile
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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