Piper Sandler Cuts Vertex (NASDAQ:VERX) Price Target to $14.00

Vertex (NASDAQ:VERX) had its price target cut by Piper Sandler from $20.00 to $14.00 in a report published on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities analysts have also weighed in on VERX. UBS Group set a $25.00 price objective on shares of Vertex in a research report on Thursday. The Goldman Sachs Group set a $25.00 price target on Vertex in a report on Wednesday, January 14th. DA Davidson reduced their price target on Vertex from $29.00 to $23.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 4th. BMO Capital Markets lowered their price objective on Vertex from $30.00 to $24.00 and set a “market perform” rating for the company in a research report on Tuesday, November 4th. Finally, Robert W. Baird set a $25.00 target price on Vertex in a research note on Tuesday, November 4th. Nine equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $23.94.

Vertex Stock Up 3.1%

Shares of NASDAQ:VERX opened at $12.75 on Thursday. 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 company has a market capitalization of $2.03 billion, a P/E ratio of 318.83, a P/E/G ratio of 1.45 and a beta of 0.59. Vertex has a 52-week low of $11.96 and a 52-week high of $48.00. The stock’s fifty day simple moving average is $18.75 and its 200-day simple moving average is $22.21.

Vertex (NASDAQ:VERX) last announced its earnings results on Wednesday, February 11th. The company reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $194.71 million during the quarter, compared to the consensus estimate of $194.33 million. Vertex had a net margin of 0.96% and a return on equity of 25.25%. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.15 EPS. As a group, equities research analysts forecast that Vertex will post 0.38 earnings per share for the current fiscal year.

Vertex declared that its Board of Directors has authorized a share buyback plan on Monday, November 3rd that permits the company to repurchase $150.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Vertex

A number of large investors have recently modified their holdings of VERX. Global Retirement Partners LLC acquired a new position in shares of Vertex in the 4th quarter valued at about $32,000. Empowered Funds LLC purchased a new position in Vertex in the fourth quarter valued at approximately $45,000. Raymond James Financial Inc. acquired a new position in Vertex during the second quarter valued at approximately $54,000. Blue Trust Inc. lifted its position in Vertex by 44.4% during the second quarter. Blue Trust Inc. now owns 1,664 shares of the company’s stock valued at $59,000 after buying an additional 512 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Vertex by 36.9% during the fourth quarter. Advisors Asset Management Inc. now owns 3,320 shares of the company’s stock worth $66,000 after buying an additional 895 shares during the period. 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.