Vertex (NASDAQ:VERX) Upgraded by TD Cowen to “Strong-Buy” Rating

TD Cowen upgraded shares of Vertex (NASDAQ:VERX) to a strong-buy rating in a research note published on Monday,Zacks.com reports.

VERX has been the subject of several other reports. Citigroup increased their price objective on Vertex from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Friday, May 8th. Weiss Ratings downgraded Vertex from a “sell (d)” rating to a “sell (e+)” rating in a research report on Monday, May 11th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $21.00 price target on shares of Vertex in a research note on Thursday, May 7th. Morgan Stanley reiterated an “overweight” rating and set a $19.00 price target on shares of Vertex in a report on Friday, May 8th. Finally, Wall Street Zen downgraded Vertex from a “buy” rating to a “hold” rating in a research report on Saturday, June 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.47.

Vertex Price Performance

Vertex stock opened at $11.48 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.37. The company has a 50-day moving average price of $12.61 and a 200 day moving average price of $14.70. Vertex has a 12-month low of $10.21 and a 12-month high of $36.75. The stock has a market cap of $1.86 billion, a P/E ratio of -229.60 and a beta of 0.82.

Vertex (NASDAQ:VERX) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.01. The business had revenue of $196.65 million during the quarter, compared to analysts’ expectations of $194.82 million. Vertex had a negative net margin of 0.84% and a positive return on equity of 26.04%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 EPS. Sell-side analysts anticipate that Vertex will post 0.52 earnings per share for the current year.

Hedge Funds Weigh In On Vertex

Several hedge funds have recently bought and sold shares of the company. Quantinno Capital Management LP grew its position in Vertex by 275.2% in the 1st quarter. Quantinno Capital Management LP now owns 141,793 shares of the company’s stock valued at $1,686,000 after acquiring an additional 104,006 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Vertex during the first quarter worth about $37,796,000. Renaissance Technologies LLC lifted its position in shares of Vertex by 8.1% during the first quarter. Renaissance Technologies LLC now owns 290,500 shares of the company’s stock worth $3,454,000 after purchasing an additional 21,700 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Vertex by 1,906.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 935,668 shares of the company’s stock worth $11,125,000 after purchasing an additional 889,042 shares in the last quarter. Finally, Caxton Associates LLP acquired a new stake in shares of Vertex during the first quarter worth about $132,000. Institutional investors and hedge funds own 70.32% of the company’s stock.

About Vertex

Vertex Energy, Inc (NASDAQ: VERX) is a specialty refiner and marketer of transportation fuels and petrochemical feedstocks in the United States. The company collects and processes a variety of waste petroleum products, including used motor oil and industrial lubricants, which it converts into ultra-low-sulfur diesel, asphalt, and other refined products. By leveraging proprietary re-refining technologies and strategic feedstock sourcing, Vertex Energy aims to deliver cost-effective, lower-carbon fuel solutions to wholesale and retail customers across the country.

Headquartered in Houston, Texas, Vertex operates a network of refining and blending facilities in key regions, including the Central, Northeast and Mid-Atlantic markets.