Pacific Ethanol Inc (NASDAQ:PEIX) dropped 1.9% during trading on Wednesday . The company traded as low as $3.65 and last traded at $3.60. Approximately 165,254 shares traded hands during trading, a decline of 54% from the average daily volume of 358,191 shares. The stock had previously closed at $3.67.
PEIX has been the topic of a number of recent analyst reports. B. Riley initiated coverage on Pacific Ethanol in a report on Tuesday, November 28th. They set a “buy” rating and a $7.00 price target on the stock. HC Wainwright set a $14.00 price target on Pacific Ethanol and gave the company a “buy” rating in a report on Friday, March 2nd. Zacks Investment Research cut Pacific Ethanol from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Finally, ValuEngine cut Pacific Ethanol from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Pacific Ethanol has an average rating of “Buy” and an average target price of $10.20.
The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.53 and a current ratio of 2.30. The stock has a market capitalization of $158.29, a price-to-earnings ratio of -4.24 and a beta of 1.78.
Pacific Ethanol (NASDAQ:PEIX) last issued its earnings results on Wednesday, February 28th. The oil and gas company reported ($0.32) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.11) by ($0.21). Pacific Ethanol had a negative return on equity of 8.75% and a negative net margin of 2.14%. The firm had revenue of $395.27 million during the quarter, compared to the consensus estimate of $418.84 million. During the same period last year, the firm posted $0.30 earnings per share. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. sell-side analysts expect that Pacific Ethanol Inc will post -0.49 EPS for the current fiscal year.
In other news, Director Larry D. Layne bought 10,000 shares of Pacific Ethanol stock in a transaction dated Tuesday, March 6th. The shares were purchased at an average cost of $3.70 per share, with a total value of $37,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Neil M. Koehler bought 30,000 shares of Pacific Ethanol stock in a transaction dated Thursday, March 8th. The stock was purchased at an average cost of $3.20 per share, for a total transaction of $96,000.00. The disclosure for this purchase can be found here. Insiders bought 49,500 shares of company stock worth $163,550 over the last ninety days. Insiders own 3.87% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Voya Investment Management LLC increased its holdings in shares of Pacific Ethanol by 21.9% in the second quarter. Voya Investment Management LLC now owns 19,222 shares of the oil and gas company’s stock worth $120,000 after purchasing an additional 3,448 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Pacific Ethanol by 53.4% in the second quarter. The Manufacturers Life Insurance Company now owns 34,264 shares of the oil and gas company’s stock worth $214,000 after purchasing an additional 11,925 shares during the last quarter. ClariVest Asset Management LLC increased its holdings in shares of Pacific Ethanol by 3.5% in the third quarter. ClariVest Asset Management LLC now owns 414,238 shares of the oil and gas company’s stock worth $2,299,000 after purchasing an additional 13,829 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Pacific Ethanol by 26.1% in the second quarter. California State Teachers Retirement System now owns 72,857 shares of the oil and gas company’s stock worth $455,000 after purchasing an additional 15,100 shares during the last quarter. Finally, Engineers Gate Manager LP increased its holdings in shares of Pacific Ethanol by 50.9% in the third quarter. Engineers Gate Manager LP now owns 55,417 shares of the oil and gas company’s stock worth $308,000 after purchasing an additional 18,689 shares during the last quarter. 78.33% of the stock is currently owned by hedge funds and other institutional investors.
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About Pacific Ethanol
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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