Robust Plant Production Bolsters Pacific Ethanol's (PEIX) Q4 Results - Roth Capital
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Roth Capital affirms Pacific Ethanol (Nasdaq: PEIX) at Buy with a $16 price target following Q4 results reported this week.
Analyst Craig Irwin noted that PEIX plant production that came in 5 million gallons ahead of estimates drove strong Q4 results. While PEIX slowed production ~10% in 1Q15 consistent with major peers, we suspect margins are poised to improve with a $0.26/gal ethanol spot price delta for LA/ Chicago. We continue to see ethanol industry as capacity constrained by the summer of 2015 when people will be driving more on cheap gas, where this should support a robust profit environment,
the analyst commented.
Irwin noted, While the 1Q15 crush initially deteriorated vs. our original expectations, there are still three weeks left in 1Q15 and a $0.26/gal ethanol spot price premium for LA/Chicago suggests crush margins have potential to rise quickly into quarter end.
For an analyst ratings summary and ratings history on Pacific Ethanol click here. For more ratings news on Pacific Ethanol click here.
Pacific Ethanol closed at $11.75 yesterday.
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