Zacks Investment Research upgraded shares of Renewable Energy Group (NASDAQ:REGI) from a sell rating to a hold rating in a research report report published on Thursday, January 4th.
According to Zacks, “Renewable Energy Group, Inc. produces and sells biofuels and renewable chemicals in the U.S. It operates through Biomass-Based Diesel, Services, Renewable Chemicals, and Corporate and Other segments. It produces biomass-based diesel from a range of feedstocks, including inedible corn oil, used cooking oil, soybean oil, canola oil, and inedible animal fat. This segment is also involved in the purchase and resale of biomass-based diesel, petroleum-based diesel, renewable identification numbers, and raw material feedstocks acquired from third parties; and sale of glycerin, free fatty acids, naphtha, and other co-products of the biomass-based diesel production process. The Services segment provides facility management and operational services to biomass-based diesel production facilities, as well as to other clean-tech companies. This segment also offers construction management services for biomass-based diesel production facilities. REG is committed to being a long-term leader in bio-based fuel and chemicals. “
A number of other research firms have also recently issued reports on REGI. Piper Jaffray Companies reiterated a hold rating and issued a $13.00 target price on shares of Renewable Energy Group in a research note on Friday, November 3rd. BidaskClub upgraded shares of Renewable Energy Group from a sell rating to a hold rating in a research report on Thursday, December 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Renewable Energy Group currently has an average rating of Hold and an average price target of $15.33.
Renewable Energy Group (REGI) traded down $0.05 during mid-day trading on Thursday, reaching $11.00. The company had a trading volume of 342,000 shares, compared to its average volume of 461,500. The firm has a market capitalization of $429.10, a P/E ratio of -10.09, a PEG ratio of 0.39 and a beta of 1.48. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.37. Renewable Energy Group has a fifty-two week low of $8.25 and a fifty-two week high of $13.55.
Renewable Energy Group (NASDAQ:REGI) last announced its quarterly earnings results on Tuesday, November 7th. The oil and gas company reported ($0.29) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.11. Renewable Energy Group had a negative net margin of 1.96% and a positive return on equity of 0.38%. The firm had revenue of $627.00 million during the quarter, compared to analysts’ expectations of $513.88 million. During the same quarter last year, the company earned $0.59 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. research analysts predict that Renewable Energy Group will post -1.63 EPS for the current fiscal year.
Renewable Energy Group announced that its board has approved a share repurchase program on Thursday, December 14th that allows the company to buyback $75.00 million in shares. This buyback authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
In other news, Director Peter John Martin Harding purchased 5,000 shares of the firm’s stock in a transaction dated Friday, December 15th. The stock was bought at an average price of $11.14 per share, with a total value of $55,700.00. Following the acquisition, the director now directly owns 64,136 shares of the company’s stock, valued at $714,475.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.54% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Cornerstone Capital Management Holdings LLC. boosted its stake in Renewable Energy Group by 15.5% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 156,654 shares of the oil and gas company’s stock worth $1,902,000 after purchasing an additional 21,041 shares during the period. Alliancebernstein L.P. boosted its stake in Renewable Energy Group by 249.4% in the 2nd quarter. Alliancebernstein L.P. now owns 84,550 shares of the oil and gas company’s stock worth $1,095,000 after purchasing an additional 60,350 shares during the period. Ameriprise Financial Inc. boosted its stake in Renewable Energy Group by 12.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 167,528 shares of the oil and gas company’s stock worth $2,035,000 after purchasing an additional 19,165 shares during the period. Bank of Nova Scotia acquired a new position in Renewable Energy Group in the 2nd quarter worth $1,092,000. Finally, IndexIQ Advisors LLC boosted its stake in Renewable Energy Group by 83.1% in the 3rd quarter. IndexIQ Advisors LLC now owns 82,942 shares of the oil and gas company’s stock worth $1,008,000 after purchasing an additional 37,636 shares during the period.
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About Renewable Energy Group
Renewable Energy Group, Inc is focused on providing cleaner, lower carbon intensity products and services. The Company is a producer of biomass-based diesel in North America. Its segments include Biomass-based diesel, Services, Renewable Chemicals and Corporate and other activities. It is involved in various activities related to biomass-based diesel production, from acquiring feedstock, managing construction and operating biomass-based diesel production facilities to marketing, selling and distributing biomass-based diesel and its co-products.
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