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Summary

  • Vertex Energy, a sustainable energy producer, announced that it completed the first series of renewable diesel commercial transactions.
  • Stifel upgraded Vertex to a ‘Buy’ rating upon reviewing the stock on June 26, 2023.
  • Vertex has a mean consensus target price of US$ 11.71, an upside potential of 109.86% over its closing price on Monday, June 26, 2023.

Vertex Energy saw its share price moving higher as it completed the first series of renewable diesel commercial transactions. The produce came from the company’s Alabama refinery.

The company reported the sales of its renewable diesel on Monday, June 26, 2023. The initial sales totaled about 110,000 barrels of renewable diesel to Idemitsu Apollo Renewable Corporation.

The same day, Vertex Energy saw a 2.9% uptick in its share price to US$ 5.69 in premarket transactions. VTNR closed slightly lower at US$ 5.58 on June 26, 2023.

Brokers have maintained a ‘Buy’ rating on Vertex, with a mean recommendation rating of two, on a scale of one to five. Here, one represents ‘Strong Buy’ and five represents ‘Strong Sell’.

Here is a closer look at which broker upgraded its rating on VTNR on June 26, 2023.

Stifel upgrades to ‘Buy’ rating on Vertex (NASDAQ: VTNR)

Stifel Nicolaus and Company, Inc. upgraded Vertex to a ‘Buy’ rating upon reviewing the stock on June 26, 2023. Cowen and Company maintained its ‘Market Perform’ rating as it reviewed its recommendation on June 12, 2023, and gave the stock a price target of US$ 7.

Meanwhile, some of the previous broker ratings on Vertex include a ‘Buy’ rating from HC Wainwright and Craig Hallum, an ‘Outperform’ rating from Oppenheimer and Northland Securities.

The mean consensus rating on Vertex is US$ 11.71, an upside potential of 109.86% over its closing price on Monday, June 26, 2023.

Meanwhile, Stifel’s price target on Vertex is US$ 15, which is 168.82% higher than its Monday’s closing price of US$ 5.58.

Image Source: VTNR EODHD/Others

VTNR attained its 52-week high of US$ 14.63 on August 8, 2022.

Vertex reported 1618% yoy gains in total revenue for March 2023 quarter

For the March 2023 quarter, Vertex reported a total revenue of US$ 691.14 million, as against US$ 40.22 million in the March 2022 quarter. Meanwhile, Vertex’s gross profit was US$ 67.45 million in the March 2023 quarter as against US$ 1.65 million in the same corresponding period.

Image source: ©2023 Kalkine®; Data source: Vertex Company Reports

The company stated that it expects the renewable diesel production to remain on track as per schedule at a rate of around 7,700 barrels per day. The renewable fuel producer aims to continue increasing its diesel production levels towards a target of 8,000 barrels per day.

Vertex had a market cap of US$ 423.71 million and its P/E ratio was 7.80x as on 26 June 2023..