HC Wainwright Trims Pacific Ethanol (NASDAQ:PEIX) Target Price to $3.00

Pacific Ethanol (NASDAQ:PEIX) had its target price trimmed by HC Wainwright from $4.00 to $3.00 in a report issued on Friday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the oil and gas company’s stock.

Several other equities analysts have also recently weighed in on PEIX. ValuEngine cut Pacific Ethanol from a buy rating to a hold rating in a report on Tuesday, July 2nd. Zacks Investment Research upgraded Pacific Ethanol from a sell rating to a hold rating in a report on Thursday, July 4th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $4.00.

Shares of NASDAQ:PEIX traded down $0.01 during midday trading on Friday, reaching $0.66. 2,759 shares of the company’s stock traded hands, compared to its average volume of 364,399. The company has a market capitalization of $33.31 million, a P/E ratio of -0.48 and a beta of 2.06. The company has a current ratio of 0.75, a quick ratio of 0.48 and a debt-to-equity ratio of 0.42. Pacific Ethanol has a one year low of $0.51 and a one year high of $3.24. The stock’s 50 day moving average price is $0.72.

Pacific Ethanol (NASDAQ:PEIX) last released its earnings results on Wednesday, July 31st. The oil and gas company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.02. The firm had revenue of $346.30 million during the quarter, compared to analysts’ expectations of $377.12 million. Pacific Ethanol had a negative return on equity of 18.38% and a negative net margin of 4.27%. Equities research analysts anticipate that Pacific Ethanol will post -0.86 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Norges Bank bought a new stake in Pacific Ethanol during the 4th quarter valued at $191,000. Geode Capital Management LLC increased its holdings in shares of Pacific Ethanol by 41.9% in the 4th quarter. Geode Capital Management LLC now owns 329,332 shares of the oil and gas company’s stock valued at $283,000 after acquiring an additional 97,240 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Pacific Ethanol by 22.6% in the 1st quarter. Acadian Asset Management LLC now owns 430,145 shares of the oil and gas company’s stock valued at $422,000 after acquiring an additional 79,403 shares during the period. California Public Employees Retirement System increased its holdings in shares of Pacific Ethanol by 32.2% in the 4th quarter. California Public Employees Retirement System now owns 189,775 shares of the oil and gas company’s stock valued at $163,000 after acquiring an additional 46,240 shares during the period. Finally, United Services Automobile Association increased its holdings in shares of Pacific Ethanol by 7.4% in the 4th quarter. United Services Automobile Association now owns 197,761 shares of the oil and gas company’s stock valued at $170,000 after acquiring an additional 13,700 shares during the period. 38.79% of the stock is owned by hedge funds and other institutional investors.

About Pacific Ethanol

Pacific Ethanol, Inc produces and markets low-carbon renewable fuels and alcohol products in the United States. The company operates in two segments, Production and Marketing. It produces and markets ethanol; and co-products, such as wet and dry distillers grains, wet and dry corn gluten feed, condensed distillers solubles, corn gluten meal, corn germ, corn oil, distillers yeast, and CO2, as well as markets ethanol produced by third parties.

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