Pacific Ethanol Inc (NASDAQ:PEIX) traded down 1.9% during mid-day trading on Wednesday . The stock traded as low as $3.65 and last traded at $3.60. 165,254 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 358,191 shares. The stock had previously closed at $3.67.
Several equities research analysts recently issued reports on the company. ValuEngine upgraded Pacific Ethanol from a “strong sell” rating to a “sell” rating in a report on Tuesday. B. Riley set a $7.00 price objective on Pacific Ethanol and gave the stock a “buy” rating in a report on Monday, March 5th. HC Wainwright set a $14.00 price objective on Pacific Ethanol and gave the stock a “buy” rating in a report on Friday, March 2nd. Finally, Zacks Investment Research cut Pacific Ethanol from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $10.20.
The company has a debt-to-equity ratio of 0.56, a current ratio of 2.30 and a quick ratio of 1.53. The firm has a market cap of $182.54, a price-to-earnings ratio of -4.21 and a beta of 1.79.
In related news, CEO Neil M. Koehler bought 30,000 shares of the stock in a transaction dated Thursday, March 8th. The shares were acquired at an average cost of $3.20 per share, for a total transaction of $96,000.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Larry D. Layne bought 10,000 shares of the stock in a transaction dated Tuesday, March 6th. The shares were bought at an average price of $3.70 per share, for a total transaction of $37,000.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 49,500 shares of company stock worth $163,550. Insiders own 3.87% of the company’s stock.
Several institutional investors have recently modified their holdings of PEIX. Alliancebernstein L.P. acquired a new position in shares of Pacific Ethanol during the 2nd quarter worth approximately $188,000. New York State Common Retirement Fund raised its position in shares of Pacific Ethanol by 121.0% during the 2nd quarter. New York State Common Retirement Fund now owns 49,726 shares of the oil and gas company’s stock valued at $311,000 after buying an additional 27,225 shares during the period. Northern Trust Corp raised its position in shares of Pacific Ethanol by 19.8% during the 2nd quarter. Northern Trust Corp now owns 701,612 shares of the oil and gas company’s stock valued at $4,385,000 after buying an additional 115,919 shares during the period. Vanguard Group Inc. raised its position in shares of Pacific Ethanol by 7.4% during the 2nd quarter. Vanguard Group Inc. now owns 1,653,951 shares of the oil and gas company’s stock valued at $10,337,000 after buying an additional 113,819 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Pacific Ethanol by 32.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,178,378 shares of the oil and gas company’s stock valued at $13,615,000 after buying an additional 533,318 shares during the period. Institutional investors and hedge funds own 78.33% of the company’s stock.
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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