Renewable Energy Group (NASDAQ:REGI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday, March 14th. The brokerage presently has a $13.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price target points to a potential downside of 5.80% from the stock’s previous close.
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. “
Several other equities analysts have also recently weighed in on the company. BidaskClub cut Renewable Energy Group from a “sell” rating to a “strong sell” rating in a report on Friday, March 9th. Canaccord Genuity reissued a “buy” rating and set a $16.00 price target on shares of Renewable Energy Group in a report on Tuesday, March 6th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $14.75.
NASDAQ REGI traded up $0.10 during midday trading on Wednesday, hitting $13.80. The company had a trading volume of 925,830 shares, compared to its average volume of 645,109. The stock has a market capitalization of $532.31, a PE ratio of -6.76 and a beta of 1.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.74 and a quick ratio of 1.07. Renewable Energy Group has a twelve month low of $9.50 and a twelve month high of $14.10.
Renewable Energy Group announced that its Board of Directors has authorized a share repurchase program on Thursday, December 14th that permits the company to buyback $75.00 million in outstanding shares. This buyback authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
In other news, Director Delbert Christensen acquired 7,441 shares of Renewable Energy Group stock in a transaction that occurred on Friday, March 16th. The shares were acquired at an average price of $11.60 per share, for a total transaction of $86,315.60. Following the transaction, the director now directly owns 68,756 shares of the company’s stock, valued at approximately $797,569.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter John Martin Harding acquired 20,000 shares of Renewable Energy Group stock in a transaction that occurred on Tuesday, March 13th. The shares were purchased at an average price of $10.94 per share, for a total transaction of $218,800.00. Following the transaction, the director now directly owns 73,592 shares in the company, valued at $805,096.48. The disclosure for this purchase can be found here. Insiders own 1.54% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. MetLife Investment Advisors LLC bought a new stake in shares of Renewable Energy Group in the 4th quarter valued at about $268,000. Cowen Inc. bought a new stake in shares of Renewable Energy Group in the 4th quarter valued at about $442,000. Millennium Management LLC bought a new stake in shares of Renewable Energy Group in the 4th quarter valued at about $160,000. Cornerstone Capital Management Holdings LLC. grew its position in shares of Renewable Energy Group by 27.7% in the 4th quarter. Cornerstone Capital Management Holdings LLC. now owns 200,054 shares of the oil and gas company’s stock valued at $2,359,000 after buying an additional 43,400 shares during the last quarter. Finally, Stone Ridge Asset Management LLC bought a new stake in shares of Renewable Energy Group in the 4th quarter valued at about $543,000.
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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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