Vertex (NASDAQ:VERX) Reaches New 1-Year Low – Here’s What Happened
by Kim Johansen · The Markets DailyShares of Vertex, Inc. (NASDAQ:VERX – Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $18.47 and last traded at $18.55, with a volume of 764705 shares. The stock had previously closed at $19.00.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on VERX. Stifel Nicolaus lowered their target price on Vertex from $28.00 to $23.00 and set a “hold” rating on the stock in a report on Tuesday, November 4th. JMP Securities set a $37.00 price target on Vertex in a research note on Tuesday, November 4th. BMO Capital Markets lowered their price objective on shares of Vertex from $30.00 to $24.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 4th. Piper Sandler dropped their price objective on shares of Vertex from $42.00 to $32.00 and set an “overweight” rating on the stock in a report on Tuesday, November 4th. Finally, Stephens initiated coverage on shares of Vertex in a research report on Friday, September 26th. They set an “overweight” rating and a $30.00 target price for the company. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.40.
Get Our Latest Stock Report on VERX
Vertex Price Performance
The firm has a 50 day moving average price of $19.79 and a 200 day moving average price of $24.45. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.27. The stock has a market cap of $2.98 billion, a P/E ratio of -53.31, a P/E/G ratio of 2.94 and a beta of 0.60.
Vertex (NASDAQ:VERX – Get Free Report) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. Vertex had a positive return on equity of 26.84% and a negative net margin of 7.32%.The company had revenue of $192.11 million during the quarter, compared to the consensus estimate of $191.62 million. During the same period in the previous year, the company posted $0.16 EPS. The firm’s revenue was up 12.7% on a year-over-year basis. On average, analysts forecast that Vertex, Inc. will post 0.38 EPS for the current fiscal year.
Vertex declared that its Board of Directors has authorized a stock repurchase program on Monday, November 3rd that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the company to buy up to 4.1% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
Hedge Funds Weigh In On Vertex
Several large investors have recently made changes to their positions in VERX. Fifth Third Bancorp lifted its stake in shares of Vertex by 31.0% during the 2nd quarter. Fifth Third Bancorp now owns 1,467 shares of the company’s stock worth $52,000 after acquiring an additional 347 shares during the last quarter. Advisors Asset Management Inc. increased its stake in Vertex by 25.7% in the first quarter. Advisors Asset Management Inc. now owns 1,933 shares of the company’s stock worth $68,000 after purchasing an additional 395 shares during the period. Blue Trust Inc. increased its stake in Vertex by 44.4% in the second quarter. Blue Trust Inc. now owns 1,664 shares of the company’s stock worth $59,000 after purchasing an additional 512 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Vertex by 0.4% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 137,913 shares of the company’s stock worth $3,456,000 after purchasing an additional 564 shares during the last quarter. Finally, Verdence Capital Advisors LLC lifted its position in shares of Vertex by 5.5% during the third quarter. Verdence Capital Advisors LLC now owns 11,538 shares of the company’s stock worth $296,000 after purchasing an additional 600 shares during the last quarter. 70.32% of the stock is currently owned by hedge funds and other institutional investors.
About Vertex
Vertex Energy, Inc (NASDAQ: VERX) is a specialty refiner and marketer of transportation fuels and petrochemical feedstocks in the United States. The company collects and processes a variety of waste petroleum products, including used motor oil and industrial lubricants, which it converts into ultra-low-sulfur diesel, asphalt, and other refined products. By leveraging proprietary re-refining technologies and strategic feedstock sourcing, Vertex Energy aims to deliver cost-effective, lower-carbon fuel solutions to wholesale and retail customers across the country.
Headquartered in Houston, Texas, Vertex operates a network of refining and blending facilities in key regions, including the Central, Northeast and Mid-Atlantic markets.