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Nov. 30, 2015, 3:28 PM
- Biofuel names react favorably and refiners negatively to just-released EPA biofuel targets that come in above those proposed by the agency in May.
- Fuel suppliers will be required to mix 16.93B gallons of corn-based ethanol and other renewable fuels into gasoline this year and 18.11B gallons next year, according to the newest EPA targets.
- The final 2016 standard for advanced biofuel is nearly 1B gallons, or 35% higher than actual 2014 volumes.
- Biofuel names include: PEIX +17.7%, REGI +8.1%, AMRS +7%, GEVO +4.9%, SZYM +2.5%, GPRE +6.2%, REX +3.2%, ADM flat.
- Refiners are pulling back: VLO -0.9%, TSO -1.5%, HFC -2.6%, MPC -0.3%, PSX -0.9%, WNR -0.7%, CLMT -2.6%.
May 29, 2015, 11:15 AM
- Ethanol companies rise while refiners are off session highs after the EPA announces its renewables fuels mandate.
- The EPA proposes requiring 15.93B gallons of total renewable fuel in 2014, 16.3B gallons in 2015, and 17.4B gallons in 2016, but the proposal for the total renewable fuel requirement falls short of levels Congress mandated, which were 20.5B gallons in 2015 and 22.5B gallons in 2016.
- Also, the EPA cuts 2016 corn-ethanol quota to 14B gallons; U.S. law required 15B gallons of ethanol for 2016.
- Ethanol exposed companies are mostly higher: ADM +0.7%, GPRE +4.2%, PEIX +4.1%, REX +1%, DAR +2%, CZZ -2.2%.
- Among refiners: HFC +0.3%, TSO +1.3%, VLO +0.8%, WNR +1.9%, PBF -1%.
- Biofuel related stocks: GEVO -8.3%, SZYM -2.7%, CDTI -1%, REGI -0.7%.
Mar. 5, 2015, 12:45 PM
Mar. 5, 2015, 9:15 AM
Mar. 4, 2015, 6:58 PM
- Pacific Ethanol (NASDAQ:PEIX) +11.6% AH after Q4 earnings routed analyst expectations and revenues jumped 19% Y/Y and also beat estimates.
- PEIX's ethanol production gallons sold in Q4 totaled 50.4M, up +24% Y/Y from 40.5M gallons, while third-party gallons sold totaled 84.2M, up 26% from 66.5M; however, the average sales price in the quarter fell to $2.15/gal from $2.36/gal in the same quarter last year.
- Q4 gross profit was $18.4M vs. $21.6M in the year-ago quarter, which the company says was due to particularly strong production margins in Q4 2013.
- Expects to complete its acquisition of Aventine this year to become the fifth-largest ethanol producer and marketer in the U.S.
Mar. 4, 2015, 4:07 PM
- Pacific Ethanol (NASDAQ:PEIX): Q4 EPS of $0.41 beats by $0.26.
- Revenue of $256.2M (+19.0% Y/Y) beats by $9.83M.
- Shares +7.2%.
Jan. 6, 2015, 12:45 PM
Dec. 31, 2014, 11:36 AM
- Pacific Ethanol (PEIX -5%) is merging with Midwestern ethanol maker Aventine Renewable Energy in an all-stock deal. Pacific is issuing 17.75M shares (current value of $181M), and assuming $135M in term loan debt.
- Aventine's production capacity (spread out over four mills) totals 315M gallons/year, handily eclipsing Pacific's 200M. After factoring Pacific's ethanol marketing ops, the company expects to sell 800M+ gallons of ethanol annually post-merger (#5 in the U.S.).
- Pacific: "With this transaction, Pacific Ethanol strengthens its unique production and marketing advantages by diversifying into two additional discrete markets and connecting its Western markets with Aventine's Midwest and Eastern markets." The deal is expected to close in Q2 2015.
- Shares have sold off after initially trading higher in response to the deal.
Dec. 31, 2014, 9:15 AM
Oct. 29, 2014, 5:36 PM
- Pacific Ethanol (NASDAQ:PEIX) -10% AH despite posting better than expected Q3 earnings and revenues.
- Q3 ethanol production sold totaled 46.8M gallons, up 26% Y/Y, and third-party gallons sold totaled 86.9M, up 28%, but the average sales price fell to $2.32/gal. from $2.62/gal.
- Ethanol suppliers such as PEIX can’t sell more because the market already is taking all it can at a 10% blend of ethanol to gasoline, so the price is sure to fall and demand will be stagnant, according to 24/7's Paul Ausick.
Sep. 22, 2014, 10:31 AM
- Pacific Ethanol (PEIX +3.6%) bounces a bit after tumbling 30% from Sept. 10 to Friday's close.
- PEIX said last week at an investor presentation that margins have pulled back recently as demand has dropped, which ha led to price drops in ethanol; the company believes the price movement are an overreaction to a temporary market condition.
- PEIX also noted it has worked hard to de-lever its balance sheet and is now ne debt-free; it also says 2014 was the secon bumper crop for corn in a row, resulting in high yields and high inventories, which have helped on PEIX's cost side.
Sep. 11, 2014, 3:48 PM
- Pacific Ethanol (PEIX -7%) and other U.S. ethanol producers are sharply lower, apparently on fears that the industry in America could be hit by a surge of Brazilian imports.
- Brazil yesterday approved a tax credit for domestic ethanol exporters, which the government believes will help its domestic exporters "because it cheapens the Brazilian export and pays a devaluation of the exchange rate," the country's finance minister says.
- Ethanol demand has fallen in Brazil in recent years, with only 25% of flex-fuel cars there using ethanol in 2013 vs. 82% in 2009, according to Bloomberg.
- U.S. ethanol makers already have been pressured by the EPA's proposals to cut the amount of biofuels that refiners will be required to blend into gasoline, and moves by California regulators that have given Brazilian sugar ethanol a better greenhouse gas rating than corn-based ethanol produced in the U.S.
- Also: GPRE -4.4%, REX -6.7%, KIOR -8.8%.
Sep. 11, 2014, 12:45 PM
Aug. 27, 2014, 2:41 PM
- Rex American Resources (REX +12.8%) reaches new all-time highs after posting strong beats in Q2 earnings and revenues, as the company credits favorable market dynamics combined with the efficiency of its plants for leading to record Q2 net income.
- Says cash rose 45% from year-end 2013 to ~$152M, plant-level debt fell 18% to ~$62M, and debt-to-capital ratio was 16% from 21% as of Jan. 31.
- The upside Rex results appear to be boosting biofuel and ethanol related names: PEIX +5.6%, BIOF +4.9%, GPRE +2.6%, REGI +1.8%, ADM +1%.
Jun. 18, 2014, 11:31 AM
- Pacific Ethanol (PEIX +1.7%) ticks higher after the American Petroleum Institute express concern that the EPA may raise ethanol requirements from its 2014 proposal.
- "Almost half of 2014 is behind us, yet EPA still hasn't finalized the ethanol requirements for this year," API says. "As the process continues to grind along, we are also concerned that EPA will raise ethanol requirements from its 2014 proposal, based on the specious reasoning that E85 - a mixture of up to 85 percent ethanol with 15 percent gasoline - is a workable solution. It is not."
- Other relevant names are all lower: GPRE -1%, REGI -1.4%, BIOF -1.3%, REX -0.1%, ANDE -0.3%, ADM -1.1%.
Apr. 30, 2014, 9:11 AM
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.
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