Vertex (NASDAQ:VERX) Price Target Raised to $16.00

Key Points

• Piper Sandler raised its price target on Vertex (VERX) from $14.00 to $16.00 while keeping a "neutral" rating, implying roughly a 10.8% upside from the prior close.
• Analysts are mixed overall: several firms have cut targets recently, the consensus rating is "Hold" with an average price target of $20.86, and the analyst mix is 5 Buys, 7 Holds and 1 Sell.
• Significant insider buying has occurred—directors and insiders purchased a combined 437,740 shares (~$5.64M) in the last three months (insider ownership ~43.25%) as the stock traded up 14.1% to $14.44.

Vertex (NASDAQ:VERX - Get Free Report) had its price objective increased by research analysts at Piper Sandler from $14.00 to $16.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Piper Sandler's price objective would indicate a potential upside of 10.81% from the stock's previous close.

A number of other equities analysts have also recently issued reports on the company. Needham & Company LLC lowered their target price on Vertex from $30.00 to $20.00 and set a "buy" rating for the company in a report on Wednesday, February 11th. Citizens Jmp dropped their target price on Vertex from $37.00 to $25.00 and set a "market outperform" rating on the stock in a research report on Thursday, February 12th. Stifel Nicolaus set a $16.00 price target on Vertex in a research report on Wednesday, February 11th. Citigroup decreased their price target on shares of Vertex from $22.00 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, February 12th. Finally, BMO Capital Markets cut their price objective on shares of Vertex from $22.00 to $16.00 and set a "market perform" rating on the stock in a research report on Thursday, February 12th. Five research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Vertex presently has an average rating of "Hold" and an average price target of $20.86.

Vertex Trading Up 14.1%

Shares of Vertex stock traded up $1.78 during trading hours on Thursday, hitting $14.44. The company's stock had a trading volume of 1,753,754 shares, compared to its average volume of 1,911,853. The company has a market capitalization of $2.31 billion, a PE ratio of 358.39 and a beta of 0.81. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a 50 day moving average of $12.83 and a 200 day moving average of $17.04. Vertex has a 12 month low of $10.59 and a 12 month high of $42.44.

Vertex (NASDAQ:VERX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 11th. The company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. Vertex had a return on equity of 24.70% and a net margin of 0.96%.The business had revenue of $194.71 million during the quarter, compared to analyst estimates of $194.33 million. During the same period in the previous year, the firm earned $0.15 EPS. Vertex's quarterly revenue was up 9.1% compared to the same quarter last year. Analysts predict that Vertex will post 0.47 earnings per share for the current year.

Insider Activity at Vertex

In other news, Director Eric C. Andersen purchased 40,000 shares of the company's stock in a transaction on Friday, February 20th. The shares were purchased at an average cost of $12.91 per share, with a total value of $516,400.00. Following the completion of the transaction, the director owned 150,341 shares of the company's stock, valued at $1,940,902.31. The trade was a 36.25% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeffrey Westphal purchased 150,000 shares of the business's stock in a transaction on Tuesday, February 17th. The stock was purchased at an average price of $12.53 per share, with a total value of $1,879,500.00. Following the purchase, the insider owned 397,740 shares of the company's stock, valued at approximately $4,983,682.20. The trade was a 60.55% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 437,740 shares of company stock valued at $5,636,339. 43.25% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Vertex

A number of institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC bought a new position in Vertex during the fourth quarter worth about $32,000. Empowered Funds LLC acquired a new stake in shares of Vertex in the fourth quarter valued at approximately $45,000. Raymond James Financial Inc. bought a new position in shares of Vertex during the 2nd quarter worth approximately $54,000. Advisors Asset Management Inc. boosted its stake in shares of Vertex by 36.9% during the 4th quarter. Advisors Asset Management Inc. now owns 3,320 shares of the company's stock worth $66,000 after acquiring an additional 895 shares during the period. Finally, Assetmark Inc. increased its holdings in shares of Vertex by 49.1% during the 4th quarter. Assetmark Inc. now owns 4,180 shares of the company's stock worth $83,000 after acquiring an additional 1,376 shares during the last quarter. 70.32% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.