H.C. Wainwright Maintains Their Buy Rating on Pacific Ethanol (PEIX)

In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Pacific Ethanol (PEIX), with a price target of $4. The company’s shares closed yesterday at $1.04, close to its 52-week low of $0.76.

Dayal wrote:

“We are lowering our price target on PEIX to $4.00 from $8.00 previously, as we have tempered our short- term expectations based on headwinds resulting from lower ethanol demand from China and prevailing price pressures. Please see the valuation section of this note for more details. 1Q19 results update. Ethanol reported its 1Q19 results with revenues of $355.8M, a 11.1% YoY decline. Production gallons dropped to 116.9M in 1Q19, compared to 131.1M in 4Q18 and 140.8M in 1Q18, due to high levels of industry wide ethanol inventory build. We believe inventory levels are now trending lower and have dropped approximately 7% from peak levels at the end of 2018.”

According to TipRanks.com, Dayal is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -2.2% and a 48.2% success rate. Dayal covers the Consumer Goods sector, focusing on stocks such as Superconductor Technologies Inc, Westport Fuel Systems Inc, and AgroFresh Solutions Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Pacific Ethanol with a $2.75 average price target.

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The company has a one-year high of $3.78 and a one-year low of $0.76. Currently, Pacific Ethanol has an average volume of 395.2K.

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Pacific Ethanol, Inc. engages in the production and marketing of carbon renewable fuel. It operates through the Ethanol Production, and Marketing and Distribution business segments. The Ethanol Production segment includes the production and sale of ethanol and co-products.

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