Zacks Investment Research cut shares of Pacific Ethanol, Inc. (NASDAQ:PEIX) from a hold rating to a strong sell rating in a research note issued to investors on Thursday morning.
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 analysts also recently issued research reports about the company. HC Wainwright set a $14.00 price target on Pacific Ethanol and gave the company a buy rating in a research report on Friday, August 4th. Cowen and Company set a $13.00 price objective on Pacific Ethanol and gave the company a buy rating in a report on Saturday, July 29th. Finally, ValuEngine raised Pacific Ethanol from a sell rating to a hold rating in a report on Tuesday, June 27th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $13.00.
Pacific Ethanol (PEIX) opened at 5.425 on Thursday. The firm’s 50-day moving average price is $5.14 and its 200 day moving average price is $6.02. Pacific Ethanol has a 52 week low of $4.15 and a 52 week high of $10.95. The firm’s market cap is $238.55 million.
Pacific Ethanol (NASDAQ:PEIX) last issued 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 Zacks’ consensus estimate of ($0.04) by ($0.18). The business had revenue of $405.20 million for the quarter, compared to the consensus estimate of $410.34 million. Pacific Ethanol had a negative net margin of 0.72% and a negative return on equity of 3.02%. The business’s revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 EPS. Equities analysts forecast that Pacific Ethanol will post ($0.38) earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA raised its holdings in shares of Pacific Ethanol by 1.2% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 35,269 shares of the oil and gas company’s stock valued at $242,000 after buying an additional 419 shares in the last quarter. Brandywine Global Investment Management LLC increased its stake in Pacific Ethanol by 2.8% in the 2nd quarter. Brandywine Global Investment Management LLC now owns 22,350 shares of the oil and gas company’s stock worth $140,000 after purchasing an additional 610 shares during the period. OppenheimerFunds Inc. increased its stake in Pacific Ethanol by 4.7% in the 1st quarter. OppenheimerFunds Inc. now owns 16,212 shares of the oil and gas company’s stock worth $111,000 after purchasing an additional 728 shares during the period. American International Group Inc. increased its stake in Pacific Ethanol by 7.1% in the 1st quarter. American International Group Inc. now owns 17,659 shares of the oil and gas company’s stock worth $121,000 after purchasing an additional 1,163 shares during the period. Finally, Nordea Investment Management AB increased its stake in Pacific Ethanol by 0.9% in the 2nd quarter. Nordea Investment Management AB now owns 286,500 shares of the oil and gas company’s stock worth $1,791,000 after purchasing an additional 2,500 shares during the period. 75.08% of the stock is currently owned by institutional investors.
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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