Trecora Resources (TREC) Raised to “Hold” at Zacks Investment Research
Trecora Resources (NYSE:TREC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Trecora Resources owns and operates a petrochemical facility located in southeast Texas. It produces petrochemical solvents and other petroleum based products, including isopentane, normal pentane, isohexane, and hexane for use in the production of polyethylene, packaging, polypropylene, expandable polystyrene, poly-iso/urethane foams, and crude oil from the Canadian tar sands, as well as in the catalyst support industries. The Company also owns undeveloped mineral properties, primarily in Saudi Arabia. Trecora Resources, formerly known as Arabian American Development Company, is based in Sugar Land, Texas. “
Several other brokerages have also issued reports on TREC. B. Riley restated a “buy” rating and set a $17.50 price target on shares of Trecora Resources in a research note on Wednesday, August 2nd. BidaskClub lowered Trecora Resources from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Finally, TheStreet upgraded Trecora Resources from a “c” rating to a “b-” rating in a research note on Monday, July 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $15.00.
Shares of Trecora Resources (NYSE TREC) opened at 12.70 on Thursday. The firm has a market cap of $308.65 million, a price-to-earnings ratio of 74.71 and a beta of 1.58. The stock has a 50 day moving average price of $12.73 and a 200-day moving average price of $11.72. Trecora Resources has a 1-year low of $9.75 and a 1-year high of $14.80.
Trecora Resources (NYSE:TREC) last announced its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.04). Trecora Resources had a return on equity of 3.94% and a net margin of 0.97%. The company had revenue of $62.12 million during the quarter, compared to analyst estimates of $56.68 million. On average, equities research analysts expect that Trecora Resources will post $0.31 earnings per share for the current fiscal year.
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In other news, major shareholder Athel Fahad Mohammed Saleh Al sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 10th. The stock was sold at an average price of $12.82, for a total value of $384,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last quarter, insiders sold 550,384 shares of company stock worth $6,958,250. Corporate insiders own 6.60% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Citigroup Inc. boosted its holdings in shares of Trecora Resources by 576.4% in the 2nd quarter. Citigroup Inc. now owns 9,185 shares of the basic materials company’s stock worth $104,000 after acquiring an additional 7,827 shares in the last quarter. American International Group Inc. lifted its holdings in Trecora Resources by 7.1% during the 1st quarter. American International Group Inc. now owns 12,221 shares of the basic materials company’s stock worth $136,000 after buying an additional 813 shares in the last quarter. Alliancebernstein L.P. acquired a new position in Trecora Resources during the 2nd quarter worth $147,000. Legion Partners Asset Management LLC acquired a new position in Trecora Resources during the 1st quarter worth $157,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Trecora Resources by 0.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 16,248 shares of the basic materials company’s stock worth $183,000 after buying an additional 54 shares in the last quarter. 41.55% of the stock is currently owned by institutional investors and hedge funds.
About Trecora Resources
Trecora Resources (TREC) is a provider of high-purity specialty hydrocarbons and waxes. TREC owns and operates a facility located in southeast Texas, just north of Beaumont, which specializes in high-purity hydrocarbons and other petrochemical manufacturing. The Company operates through two segments: specialty petrochemical products and specialty synthetic waxes.
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