Pacific Ethanol (NASDAQ:PEIX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm presently has a $5.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.89% from the company’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. “
Other equities research analysts also recently issued research reports about the stock. B. Riley initiated coverage on shares of Pacific Ethanol in a research report on Tuesday, November 28th. They issued a “buy” rating and a $7.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $14.00 target price on shares of Pacific Ethanol in a research report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $10.20.
Pacific Ethanol (NASDAQ:PEIX) last released its earnings results on Tuesday, November 7th. The oil and gas company reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.09. The company had revenue of $445.40 million during the quarter, compared to the consensus estimate of $434.57 million. Pacific Ethanol had a negative net margin of 0.51% and a negative return on equity of 2.13%. The company’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.09) EPS. analysts expect that Pacific Ethanol will post -0.58 earnings per share for the current fiscal year.
In other news, Director William L. Jones sold 20,000 shares of the business’s stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $4.30, for a total value of $86,000.00. Following the completion of the sale, the director now owns 56,903 shares of the company’s stock, valued at approximately $244,682.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.87% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of PEIX. Schwab Charles Investment Management Inc. boosted its holdings in shares of Pacific Ethanol by 67.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 238,527 shares of the oil and gas company’s stock valued at $1,491,000 after buying an additional 95,972 shares during the period. First Trust Advisors LP boosted its holdings in shares of Pacific Ethanol by 23.2% in the 2nd quarter. First Trust Advisors LP now owns 43,522 shares of the oil and gas company’s stock valued at $272,000 after buying an additional 8,198 shares during the period. Rhumbline Advisers boosted its holdings in shares of Pacific Ethanol by 35.4% in the 2nd quarter. Rhumbline Advisers now owns 47,184 shares of the oil and gas company’s stock valued at $295,000 after buying an additional 12,345 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Pacific Ethanol by 30.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 232,445 shares of the oil and gas company’s stock valued at $1,453,000 after buying an additional 54,866 shares during the period. Finally, Prudential Financial Inc. boosted its holdings in shares of Pacific Ethanol by 98.8% in the 2nd quarter. Prudential Financial Inc. now owns 675,471 shares of the oil and gas company’s stock valued at $4,221,000 after buying an additional 335,748 shares during the period. 80.54% of the stock is owned by institutional investors and hedge funds.
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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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