Pacific Ethanol Inc (NASDAQ:PEIX) shares were up 5.1% during mid-day trading on Thursday . The stock traded as high as $3.15 and last traded at $3.10. Approximately 504,757 shares traded hands during mid-day trading, an increase of 22% from the average daily volume of 414,502 shares. The stock had previously closed at $2.95.
Several research analysts have recently issued reports on PEIX shares. Zacks Investment Research cut shares of Pacific Ethanol from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. ValuEngine cut shares of Pacific Ethanol from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. B. Riley set a $7.00 target price on shares of Pacific Ethanol and gave the stock a “buy” rating in a report on Monday, March 5th. Finally, HC Wainwright set a $14.00 target price on shares of Pacific Ethanol and gave the stock a “buy” rating in a report on Friday, March 2nd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $9.75.
The company has a current ratio of 2.24, a quick ratio of 1.56 and a debt-to-equity ratio of 0.58.
Pacific Ethanol (NASDAQ:PEIX) last announced its quarterly earnings results on Wednesday, February 28th. The oil and gas company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.21). Pacific Ethanol had a negative return on equity of 8.84% and a negative net margin of 2.14%. The business had revenue of $395.27 million during the quarter, compared to analysts’ expectations of $418.84 million. During the same period in the previous year, the business earned $0.30 EPS. The business’s revenue was down 10.5% compared to the same quarter last year. sell-side analysts anticipate that Pacific Ethanol Inc will post -0.49 EPS for the current fiscal year.
In other news, Director Larry D. Layne acquired 10,000 shares of the stock in a transaction on Tuesday, March 6th. The stock was acquired at an average price of $3.70 per share, with a total value of $37,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Neil M. Koehler acquired 30,000 shares of the stock in a transaction on Thursday, March 8th. The shares were purchased at an average cost of $3.20 per share, with a total value of $96,000.00. The disclosure for this purchase can be found here. Insiders purchased 52,000 shares of company stock valued at $172,425 in the last ninety days. 3.87% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its position in Pacific Ethanol by 53.4% during the second quarter. The Manufacturers Life Insurance Company now owns 34,264 shares of the oil and gas company’s stock valued at $214,000 after buying an additional 11,925 shares during the period. California State Teachers Retirement System lifted its position in Pacific Ethanol by 26.1% during the second quarter. California State Teachers Retirement System now owns 72,857 shares of the oil and gas company’s stock valued at $455,000 after buying an additional 15,100 shares during the period. Engineers Gate Manager LP lifted its position in Pacific Ethanol by 50.9% during the third quarter. Engineers Gate Manager LP now owns 55,417 shares of the oil and gas company’s stock valued at $308,000 after buying an additional 18,689 shares during the period. Geode Capital Management LLC lifted its position in Pacific Ethanol by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 334,923 shares of the oil and gas company’s stock valued at $1,523,000 after buying an additional 19,476 shares during the period. Finally, Wells Fargo & Company MN lifted its position in Pacific Ethanol by 20.4% during the fourth quarter. Wells Fargo & Company MN now owns 123,454 shares of the oil and gas company’s stock valued at $561,000 after buying an additional 20,941 shares during the period. 78.38% of the stock is owned by institutional investors and hedge funds.
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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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