|Bid||0.5750 x 1100|
|Ask||0.5780 x 2200|
|Day's Range||0.5400 - 0.5889|
|52 Week Range||0.5000 - 3.2400|
|Beta (3Y Monthly)||1.99|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 29, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||3.20|
(Bloomberg) -- President Donald Trump, seeking to tamp down political fallout in U.S. farm states essential to his re-election, has ordered federal agencies to shift course on relieving some oil refineries of requirements to use biofuel such as corn-based ethanol.Trump and top cabinet leaders decided late Thursday they wouldn’t make changes to just-issued waivers that allow small refineries to ignore the mandates, but agreed to start boosting biofuel-blending quotas to make up for expected exemptions beginning in 2021. The outcome was described by four people familiar with the matter who asked not to be named before a formal announcement could be made.The decision was reached after a flurry of White House meetings this week on the issue, which divides two of Trump’s top political constituencies: rural Americans and the oil industry. With the move, Trump is largely siding with farmers, ethanol producers and political leaders in Iowa that have accused the president of turning his back on the industry.But the administration’s shift risks blowback in Pennsylvania and other battleground states, where blue-collar refinery workers have held rallies to push for relief from U.S. biofuel quotas they say are too expensive. The largest coalition of U.S. building trades unions on Thursday warned Trump that changing course on exemptions would betray the president’s “campaign promise to protect every manufacturing job.” Encouraging E15“President Trump is committed to ensuring our country not only continues to be the agricultural envy of the world, but also remains energy independent and secure,” White House spokesman Judd Deere said.Iowa-based biodiesel producer Renewable Energy Group Inc. climbed as much as 4.5% on the news, and traded up 5.5% to $11.64 at 1:50 p.m. in New York. Pacific Ethanol Inc. and Green Plains Inc. briefly gained before resuming losses as the U.S.-China trade war showed signs of deepening with the latter announcing plans to levy additional tariffs on American-made goods and Trump promising to respond.Administration officials agreed to the broad contours of a renewable fuel plan, including further moves to encourage the use of E15 gasoline containing 15% ethanol, beyond the 10% variety common across the U.S. E15 could be dispensed alongside conventional ethanol blends at filling stations, under the drafted changes.EPA’s PlanUnder the tentative plan, the Environmental Protection Agency also will give a 500-million-gallon boost to the amount of conventional renewable fuel, such as ethanol, that must be used in 2020. A separate quota for biodiesel, typically made from soybeans, would get a 250 million gallon increase.Additionally, the administration will enhance a program meant to expand U.S. fueling infrastructure and get more ethanol into the system. The EPA will adopt an Agriculture Department assessment of the greenhouse gas emissions associated with renewable fuel, and will expand environmental credits encouraging automakers to produce “flex-fuel” vehicles that can run on high-ethanol gasoline. Iowa BacklashThe EPA has drawn intense criticism for its Aug. 9 decision to exempt 31 refineries from 2018 biofuel-blending requirements. Although federal law authorizes the waivers for small refineries facing an economic hardship, the number of those exemptions has surged during the Trump administration, and biofuel producers say they are being handed out too freely.The backlash has been most severe in Iowa, the nation’s top producer of ethanol and the corn used in its manufacture. It is also critical for Trump’s re-election; the state twice voted for Barack Obama before voting to send Trump to the White House in 2016.Trump’s Democratic challengers have seized on the issue, with frontrunner Joe Biden accusing the president of lying to farmers and abandoning a campaign promise to “unleash ethanol.” However, EPA officials and oil industry leaders say the waivers haven’t harmed domestic ethanol demand and blame a glut of the product for suppressing prices. Trump’s trade war with China has exacerbated the industry’s economic challenges. As with U.S.-grown agricultural products, including soybeans, ethanol faces retaliatory tariffs in China. Latest BlowAgainst the backdrop of tariffs, the exemptions delivered another blow to the U.S. Midwest, where guaranteed domestic ethanol demand helps provide a floor of support for corn farmers and buttresses swings in commodity prices. Ethanol refining accounts for about 40% of U.S. corn consumption.American “agriculture has a problem if ethanol doesn’t do well,” Green Plains Inc. chief executive officer Todd Becker said in a telephone interview on Thursday. The Omaha, Nebraska-based company created a political action committee last month, and Becker told analysts in May that Green Plains plans to “engage” 2020 U.S. presidential candidates on ethanol policies. Becker said he “can’t fault” Trump for getting tough on China, but the combination of the trade war and small refinery exemptions was causing too much pain. “You don’t fight China and then give out SREs,” Becker said. “Farmers are furious now.”Biofuel QuotasAgriculture Secretary Sonny Perdue had urged the White House to rescind some of the recently issued waivers -- at least those for refineries tied to “big” oil companies -- according to an Aug. 20 memo obtained by Bloomberg.EPA officials successfully argued that would be illegal.Instead, Trump directed the agency to increase biofuel quotas to make up for the exemptions, a so-called “reallocation” that will effectively boost the burden for larger refineries that are not eligible to win waivers. The EPA will start incorporating expected exemptions into annual biofuel quotas beginning with 2021.Oil industry leaders blasted the tentative agreement on Friday, saying it would do little for U.S. farmers while hurting domestic refiners.“Reallocation would be a major hit to fuel manufacturers in Pennsylvania and Ohio -- and refinery workers across the country -- with zero benefit to ethanol,” said Derrick Morgan, a senior vice president with the American Fuel and Petrochemical Manufacturers. “Those celebrating will ultimately be foreign biofuel producers whose biodiesel is being imported to help meet mandates.” ‘Arbitrary’ PolicyThe EPA typically sets each year’s biofuel blending requirements by Nov. 30 of the preceding year, except for biodiesel quotas, which are set two years in advance. Under the U.S. Renewable Fuel Standard program, there’s a specific mandate for biodiesel, but the soybean-based product can also be used to satisfy an implied 15 billion gallon quota for conventional renewable fuel.Frank Macchiarola, a vice president at the American Petroleum Institute, called the drafted plan a “rushed, arbitrary policy.”“We hope the administration walks back from the brink of a disastrous political decision that punishes American drivers,” Macchiarola said. “Bad policy is bad politics.”Although the tentative plan was meant to assuage biofuel allies, it’s not clear it was having the intended effect Friday, amid industry skepticism the EPA will follow through on the agreement. Iowa officials are preparing to visit Washington for a formal rollout of the policy changes.Biodiesel industry advocates say they can produce more fuel -- and the Trump administration needs to take that into account.“With a level playing field in biodiesel trade in 2018, domestic producers increased output by several hundred million gallons,” said National Biodiesel Board spokesman Paul Winters. “We can continue to do so -- as long as EPA stops using RFS waivers to destroy demand and put biodiesel producers out of business.” (Updates with more details on tentative plan from ninth paragraph.)\--With assistance from Jennifer Jacobs.To contact the reporters on this story: Jennifer A. Dlouhy in Washington at firstname.lastname@example.org;Mario Parker in Chicago at email@example.comTo contact the editors responsible for this story: Jon Morgan at firstname.lastname@example.org, Elizabeth Wasserman, Ros KrasnyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
President & CEO of Pacific Ethanol Inc (30-Year Financial, Insider Trades) Neil M Koehler (insider trades) bought 100,000 shares of PEIX on 08/22/2019 at an average price of $0.57 a share. Continue reading...
Sacramento-based Pacific Ethanol Inc. reported its 10th straight quarter of losses, but its CEO said the company has no plans to declare bankruptcy.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here.One of the world’s biggest ethanol producers painted a grim picture for American-made biofuel, along with its own prospects, if Donald Trump’s trade war with China lingers much longer.Archer-Daniels-Midland Co. said Thursday that the main risk to its goal of matching earnings levels of last year is a continuation of the trade spat between the world’s two largest economies. Like U.S.-grown soybeans, ethanol -- made primarily from corn and a revenue generator for farmers -- faces steep tariffs in China.“If we don’t see a resumption of significant agricultural trade with China, particularly ethanol, well before the end of the third quarter, it would be difficult to achieve adjusted earnings per share in 2019 similar to 2018,” Chief Financial Officer Ray Young said on a call with analysts.America’s ethanol industry is beset by a supply glut and negative returns. On Wednesday, Pacific Ethanol Inc. reported its 10th straight quarter of losses. Last week, Plymouth Energy LLC said it shut a plant in Merrill, Iowa. ADM warned of more plant closures without a trade resolution.“If this thing persists, I could see more capacity coming offline,” Young said. “I mean, this industry is not sustainable long-term with negative EBITDA margins.”Chief Executive Officer Juan Luciano said on the same call that the ADM continues to “work on the operational and legal separation” of its ethanol plants into a standalone business that positions it for a sale or joint venture.The agribusiness industry is navigating an operating environment pockmarked with everything from the trade war to African swine fever in China to inclement weather in the U.S. Midwest that washed out fields and delayed planting. That’s led to higher corn costs for ethanol plants.In recent years, the biofuel industry expanded with an eye toward meeting burgeoning demand from China. The country has a goal to use more ethanol by 2020 in order to reduce smog. China’s ethanol program may mean it needs to import 2 billion to 3 billion gallons of the fuel, annuallyFor that reason, Luciano said it’s “a no-brainer” and a “win-win” for ethanol sales to be included in a trade deal.Earlier this year, Luciano expressed optimism for a strong second half, citing expectations of a mid-year trade resolution. He tempered that outlook on Thursday, declining to estimate a time-line for a deal, although he did say he was confident one would be reached.To contact the reporters on this story: Mario Parker in Chicago at email@example.com;Isis Almeida in Chicago at firstname.lastname@example.orgTo contact the editors responsible for this story: James Attwood at email@example.com, Millie MunshiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Pacific Ethanol (PEIX) delivered earnings and revenue surprises of 10.53% and -8.17%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
SACRAMENTO, Calif., July 31, 2019 -- Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer and marketer of low-carbon renewable fuels and high-quality alcohol products in.
SACRAMENTO, Calif., July 25, 2019 -- Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer and marketer of low-carbon renewable fuels and high-quality alcohol products in.
On the day of its payment deadline, the Sacramento-based renewable fuel producer has again deferred a payment to a major lender for four months.
Pacific Ethanol, Inc. (PEIX), a leading producer and marketer of low-carbon renewable fuels and high-quality alcohol products in the United States, reported it has extended the terms of its credit agreements with CoBank, ACB. Pacific Ethanol Pekin, LLC (“Pekin”), an indirect wholly-owned subsidiary of Pacific Ethanol, Inc., has entered into an amendment to extend the payment and covenant terms of its credit agreements with CoBank, ACB to November 15, 2019. In March 2019, the Company announced initiation of strategic initiatives to improve the Company’s liquidity and strengthen its balance sheet.
Neil Koehler has been the CEO of Pacific Ethanol, Inc. (NASDAQ:PEIX) since 2005. First, this article will compare CEO...
The agency removed the federal restriction on summer sales of E15 ethanol and came up with several structural changes to increase RIN market transparency.
The Trump administration made good on a promise to Midwestern farmers to increase the blend of ethanol in auto fuel.
Sacramento-based renewable fuels company Pacific Ethanol Inc. said trends in ethanol markets are improving, especially following a brutal 2018.
Pacific Ethanol (PEIX) delivered earnings and revenue surprises of -222.22% and -8.27%, respectively, for the quarter ended March 2019. Do the numbers hold clues to what lies ahead for the stock?
On a per-share basis, the Sacramento, California-based company said it had a loss of 29 cents. The ethanol producer posted revenue of $355.8 million in the period. In the final minutes of trading on Wednesday, ...
SACRAMENTO, Calif., May 01, 2019 -- Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer and marketer of low-carbon renewable fuels and high-quality alcohol products in the.
SACRAMENTO, Calif., April 25, 2019 -- Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer and marketer of low-carbon renewable fuels and high-quality alcohol products in.
The big shareholder groups in Pacific Ethanol, Inc. (NASDAQ:PEIX) have power over the company. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. I...
Pacific Ethanol Inc. said it's struck an agreement with lenders that brings the Sacramento-based company into full compliance with the terms of its debt on an ethanol refinery in Pekin, Illinois.
SACRAMENTO, Calif., March 27, 2019 -- Pacific Ethanol, Inc. (NASDAQ: PEIX or the “Company”), a leading producer and marketer of low-carbon renewable fuels and high-quality.
Sacramento renewable fuels company Pacific Ethanol Inc. disclosed that it's breached a loan covenant, and that it may miss more payments.
Pacific Ethanol Inc is a marketer and producer of low-carbon renewable fuels in the United States. Warning! GuruFocus has detected 3 Warning Signs with PEIX. For the last quarter Pacific Ethanol Inc reported a revenue of $334.4 million, compared with the revenue of $395.3 million during the same period a year ago.