Pacific Ethanol Inc. (PEIX) Trading Up 6.8%
Pacific Ethanol Inc. (NASDAQ:PEIX) was up 6.8% during mid-day trading on Tuesday . The stock traded as high as $6.15 and last traded at $6.15, with a volume of 607,623 shares trading hands. The stock had previously closed at $5.76.
Several equities research analysts recently issued reports on PEIX shares. Rodman & Renshaw started coverage on Pacific Ethanol in a report on Tuesday, May 24th. They issued a “buy” rating and a $11.00 price objective on the stock. Zacks Investment Research upgraded Pacific Ethanol from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 25th. Finally, HC Wainwright reiterated a “buy” rating on shares of Pacific Ethanol in a report on Tuesday, May 24th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Pacific Ethanol presently has an average rating of “Buy” and a consensus target price of $9.17.
The stock’s 50 day moving average is $5.69 and its 200-day moving average is $4.66. The stock’s market cap is $294.55 million.
Pacific Ethanol (NASDAQ:PEIX) last announced its earnings results on Wednesday, July 27th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.14. The company earned $422.90 million during the quarter, compared to analysts’ expectations of $383.29 million. During the same period in the prior year, the business earned $0.03 earnings per share. The company’s revenue for the quarter was up 85.8% compared to the same quarter last year. Analysts forecast that Pacific Ethanol Inc. will post ($0.13) earnings per share for the current fiscal year.
In related news, VP Christopher W. Wright sold 31,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $6.00, for a total value of $186,000.00. Following the sale, the vice president now directly owns 63,936 shares of the company’s stock, valued at $383,616. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Several hedge funds and institutional investors have bought and sold shares of PEIX. Marshall Wace LLP increased its position in Pacific Ethanol by 1.3% in the fourth quarter. Marshall Wace LLP now owns 409,972 shares of the company’s stock valued at $1,960,000 after buying an additional 5,340 shares during the period. Russell Frank Co increased its position in Pacific Ethanol by 7.6% in the fourth quarter. Russell Frank Co now owns 542,186 shares of the company’s stock valued at $2,489,000 after buying an additional 38,462 shares during the period. Finally, Boston Partners increased its position in Pacific Ethanol by 9.6% in the fourth quarter. Boston Partners now owns 2,463,018 shares of the company’s stock valued at $11,773,000 after buying an additional 216,550 shares during the period.
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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