Stock Update (NASDAQ:PEIX): Pacific Ethanol Inc Now Producing Corn Oil at Columbia Plant in Boardman, Oregon
Pacific Ethanol Inc (NASDAQ:PEIX), a leading producer and marketer of low-carbon renewable fuels in the United States, has begun commercial production of corn oil utilizing Valicor’s corn oil recovery system at its Columbia ethanol plant located in Boardman, Oregon. With the completion of this 2-year initiative, all four of the western Pacific Ethanol plants are now producing corn oil.
Neil Koehler, the company’s president and CEO, stated: “With the production of distillers corn oil at our Columbia plant, all eight of our ethanol facilities separate corn oil for sale into high-value markets. Corn oil production has been a major milestone for the company, and one that we expect to provide significant benefits as it broadens our co-product mix, further diversifies our revenue streams and enhances operating income.”(Original Source)
Shares of Pacific Ethanol closed today at $7.53, down $0.03 or 0.4%. PEIX has a 1-year high of $23.97 and a 1-year low of $7.11. The stock’s 50-day moving average is $9.77 and its 200-day moving average is $10.42.
On the ratings front, Roth Capital analyst Craig Irwin maintained a Buy rating on PEIX, with a price target of $16, in a report issued on June 22. The current price target implies an upside of 113.0% from current levels. According to TipRanks.com, Irwin has a total average return of -7.4%, a 32.4% success rate, and is ranked #3576 out of 3717 analysts.
Pacific Ethanol Inc is engaged in producing and marketing low-carbon renewable fuels in the Western United States. It also sells ethanol co-products, including wet distillers grain, a nutritious animal feed, and corn oil.