Renewable Energy Group (NASDAQ:REGI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The firm currently has a $13.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.64% from the stock’s current price.
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 analysts have also commented on REGI. BidaskClub lowered shares of Renewable Energy Group from a “sell” rating to a “strong sell” rating in a research note on Friday, March 9th. Canaccord Genuity reiterated a “buy” rating and set a $16.00 price objective on shares of Renewable Energy Group in a research note on Tuesday, March 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $14.75.
Shares of Renewable Energy Group (REGI) opened at $11.75 on Wednesday. Renewable Energy Group has a twelve month low of $9.50 and a twelve month high of $13.55. The company has a current ratio of 1.74, a quick ratio of 1.17 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $437.19, a P/E ratio of -10.78, a PEG ratio of 0.37 and a beta of 1.14.
Renewable Energy Group declared that its board has approved a share buyback plan on Thursday, December 14th that authorizes the company to buyback $75.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, Director Peter John Martin Harding acquired 20,000 shares of the stock in a transaction that occurred on Tuesday, March 13th. The shares were acquired at an average price of $10.94 per share, for a total transaction of $218,800.00. Following the completion of the purchase, the director now directly owns 73,592 shares of the company’s stock, valued at $805,096.48. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.54% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of REGI. MetLife Investment Advisors LLC acquired a new position in Renewable Energy Group in the fourth quarter worth approximately $268,000. Cowen Inc. acquired a new position in Renewable Energy Group in the fourth quarter worth approximately $442,000. Millennium Management LLC acquired a new position in Renewable Energy Group in the fourth quarter worth approximately $160,000. Cornerstone Capital Management Holdings LLC. grew its position in Renewable Energy Group by 27.7% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 200,054 shares of the oil and gas company’s stock worth $2,359,000 after buying an additional 43,400 shares during the last quarter. Finally, Stone Ridge Asset Management LLC acquired a new position in Renewable Energy Group in the fourth quarter worth approximately $543,000.
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Renewable Energy Group Company Profile
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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