Intrinsic value of Pacific Ethanol - PEIX

Previous Close

$1.60

  Intrinsic Value

$1.97

stock screener

  Rating & Target

buy

+23%

Previous close

$1.60

 
Intrinsic value

$1.97

 
Up/down potential

+23%

 
Rating

buy

We calculate the intrinsic value of PEIX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,665
  1,703
  1,747
  1,796
  1,851
  1,910
  1,975
  2,046
  2,122
  2,203
  2,290
  2,383
  2,482
  2,587
  2,699
  2,817
  2,942
  3,075
  3,215
  3,362
  3,518
  3,683
  3,856
  4,038
  4,231
  4,433
  4,646
  4,870
  5,106
  5,354
Variable operating expenses, $m
  1,640
  1,678
  1,721
  1,769
  1,823
  1,882
  1,946
  2,015
  2,090
  2,170
  2,255
  2,347
  2,444
  2,548
  2,658
  2,774
  2,898
  3,028
  3,166
  3,311
  3,465
  3,627
  3,797
  3,977
  4,166
  4,366
  4,576
  4,796
  5,029
  5,273
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,640
  1,678
  1,721
  1,769
  1,823
  1,882
  1,946
  2,015
  2,090
  2,170
  2,255
  2,347
  2,444
  2,548
  2,658
  2,774
  2,898
  3,028
  3,166
  3,311
  3,465
  3,627
  3,797
  3,977
  4,166
  4,366
  4,576
  4,796
  5,029
  5,273
Operating income, $m
  25
  26
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
EBITDA, $m
  64
  66
  68
  70
  72
  74
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  143
  149
  156
  164
  172
  180
  189
  198
  207
Interest expense (income), $m
  8
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  22
  23
  24
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
Earnings before tax, $m
  11
  11
  11
  11
  12
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  19
  19
  20
  21
  21
  22
Tax expense, $m
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
Net income, $m
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  735
  752
  771
  793
  817
  843
  872
  903
  936
  972
  1,011
  1,052
  1,095
  1,142
  1,191
  1,243
  1,298
  1,357
  1,419
  1,484
  1,553
  1,625
  1,702
  1,782
  1,867
  1,956
  2,050
  2,149
  2,253
  2,363
Adjusted assets (=assets-cash), $m
  735
  752
  771
  793
  817
  843
  872
  903
  936
  972
  1,011
  1,052
  1,095
  1,142
  1,191
  1,243
  1,298
  1,357
  1,419
  1,484
  1,553
  1,625
  1,702
  1,782
  1,867
  1,956
  2,050
  2,149
  2,253
  2,363
Revenue / Adjusted assets
  2.265
  2.265
  2.266
  2.265
  2.266
  2.266
  2.265
  2.266
  2.267
  2.266
  2.265
  2.265
  2.267
  2.265
  2.266
  2.266
  2.267
  2.266
  2.266
  2.265
  2.265
  2.266
  2.266
  2.266
  2.266
  2.266
  2.266
  2.266
  2.266
  2.266
Average production assets, $m
  498
  509
  522
  537
  553
  571
  591
  612
  634
  659
  685
  713
  742
  774
  807
  842
  880
  919
  961
  1,005
  1,052
  1,101
  1,153
  1,207
  1,265
  1,325
  1,389
  1,456
  1,527
  1,601
Working capital, $m
  87
  89
  91
  93
  96
  99
  103
  106
  110
  115
  119
  124
  129
  135
  140
  146
  153
  160
  167
  175
  183
  191
  201
  210
  220
  231
  242
  253
  266
  278
Total debt, $m
  251
  260
  270
  281
  293
  306
  320
  336
  353
  371
  391
  411
  433
  457
  482
  508
  536
  565
  597
  630
  664
  701
  740
  780
  823
  868
  916
  966
  1,018
  1,074
Total liabilities, $m
  371
  380
  389
  400
  412
  426
  440
  456
  473
  491
  510
  531
  553
  577
  601
  628
  656
  685
  716
  749
  784
  821
  859
  900
  943
  988
  1,035
  1,085
  1,138
  1,193
Total equity, $m
  364
  372
  382
  392
  404
  417
  432
  447
  463
  481
  500
  521
  542
  565
  590
  615
  643
  672
  702
  734
  769
  804
  842
  882
  924
  968
  1,015
  1,064
  1,115
  1,170
Total liabilities and equity, $m
  735
  752
  771
  792
  816
  843
  872
  903
  936
  972
  1,010
  1,052
  1,095
  1,142
  1,191
  1,243
  1,299
  1,357
  1,418
  1,483
  1,553
  1,625
  1,701
  1,782
  1,867
  1,956
  2,050
  2,149
  2,253
  2,363
Debt-to-equity ratio
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.860
  0.860
  0.870
  0.880
  0.880
  0.890
  0.900
  0.900
  0.910
  0.910
  0.920
Adjusted equity ratio
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  15
  15
  16
  16
Depreciation, amort., depletion, $m
  39
  40
  41
  43
  44
  45
  47
  48
  50
  52
  54
  56
  58
  61
  64
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
Funds from operations, $m
  47
  48
  50
  51
  52
  54
  55
  57
  59
  61
  64
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  119
  124
  130
  136
  142
Change in working capital, $m
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  11
  11
  12
  12
  13
Cash from operations, $m
  46
  46
  47
  48
  49
  51
  52
  54
  55
  57
  59
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  113
  118
  124
  129
Maintenance CAPEX, $m
  -38
  -39
  -40
  -41
  -42
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
New CAPEX, $m
  -10
  -11
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -57
  -61
  -64
  -67
  -71
  -74
Cash from investing activities, $m
  -48
  -50
  -53
  -56
  -58
  -62
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -89
  -94
  -99
  -103
  -109
  -114
  -120
  -126
  -132
  -139
  -146
  -152
  -161
  -168
  -176
  -186
  -194
Free cash flow, $m
  -2
  -4
  -6
  -8
  -9
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -62
  -65
Issuance/(repayment) of debt, $m
  7
  9
  10
  11
  12
  13
  14
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  53
  55
Issuance/(repurchase) of shares, $m
  0
  0
  1
  2
  3
  4
  5
  7
  8
  9
  9
  10
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
Cash from financing (excl. dividends), $m  
  7
  9
  11
  13
  15
  17
  19
  23
  25
  27
  28
  31
  34
  36
  39
  41
  44
  48
  50
  53
  57
  60
  64
  67
  71
  75
  79
  84
  89
  93
Total cash flow (excl. dividends), $m
  5
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
Retained Cash Flow (-), $m
  -7
  -8
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
Discount rate, %
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
  -2
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  99.9
  99.3
  98.4
  97.2
  95.7
  93.9
  91.9
  89.8
  87.5
  85.1
  82.6
  80.1
  77.5
  74.9
  72.2
  69.6
  67.0
  64.4
  61.8
  59.3
  56.9
  54.5
  52.1
  49.8
  47.6
  45.5
  43.4
  41.4
  39.5

Pacific Ethanol, Inc. is a producer and marketer of low-carbon renewable fuels in the United States. The Company's segments include a production segment and a marketing segment. As of December 31, 2016, the Company owned and operated eight ethanol production facilities, of which four plants are in the Western states of California, Oregon and Idaho, and four of its plants are located in the Midwestern states of Illinois and Nebraska. As of December 31, 2016, its plants had a combined ethanol production capacity of 515 million gallons per year. The Company markets all the ethanol and co-products produced at its plants as well as ethanol produced by third parties. The Company produces ethanol and co-products at its production facilities. Its plants are located on the West Coast and in the Midwest. The Company produces ethanol and co-products at its production facilities. Its plants are located on the West Coast and in the Midwest are in the heart of the Corn Belt. _tck('aft');

FINANCIAL RATIOS  of  Pacific Ethanol (PEIX)

Valuation Ratios
P/E Ratio -25.8
Price to Sales 0
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 1.8
Price to Free Cash Flow 2.6
Growth Rates
Sales Growth Rate 11.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 116.9%
Total Debt to Equity 123.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital -0.5%
Ret/ On T. Cap. - 3 Yr. Avg. -3.4%
Return On Equity -1.4%
Return On Equity - 3 Yr. Avg. -8.1%
Asset Turnover 4
Profitability Ratios
Gross Margin 3.6%
Gross Margin - 3 Yr. Avg. 1.1%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 0.6%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. -0.6%
Pre-Tax Margin -0.1%
Pre-Tax Margin - 3 Yr. Avg. -1.9%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. -0.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -100%

PEIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PEIX stock intrinsic value calculation we used $1632.255 million for the last fiscal year's total revenue generated by Pacific Ethanol. The default revenue input number comes from 0001 income statement of Pacific Ethanol. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PEIX stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.4%, whose default value for PEIX is calculated based on our internal credit rating of Pacific Ethanol, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Pacific Ethanol.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PEIX stock the variable cost ratio is equal to 98.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PEIX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.8% for Pacific Ethanol.

Corporate tax rate of 27% is the nominal tax rate for Pacific Ethanol. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PEIX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PEIX are equal to 29.9%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Pacific Ethanol operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PEIX is equal to 5.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $356.439 million for Pacific Ethanol - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 44.954 million for Pacific Ethanol is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Pacific Ethanol at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Pacific Ethanol: 3Q Earnings Snapshot   [06:55PM  Associated Press]
▶ Do Directors Own Pacific Ethanol Inc (NASDAQ:PEIX) Shares?   [Oct-30-18 12:15PM  Simply Wall St.]
▶ Pacific Ethanol to Release Third Quarter 2018 Results   [Oct-25-18 08:30AM  GlobeNewswire]
▶ Pacific Ethanol stock falls after loss grows   [Aug-10-18 09:51AM  American City Business Journals]
▶ Pacific Ethanol: 2Q Earnings Snapshot   [07:38PM  Associated Press]
▶ Pacific Ethanol to Release Second Quarter 2018 Results   [Aug-01-18 08:30AM  GlobeNewswire]
▶ Pacific Ethanol CEO lauds new renewable fuel standard if it's enforced   [Jun-27-18 04:58PM  American City Business Journals]
▶ Pacific Ethanol to Present at the ROTH London Conference   [Jun-12-18 08:30AM  GlobeNewswire]
▶ Insiders Darling: Summit Midstream Partners And Others   [May-16-18 09:02AM  Simply Wall St.]
▶ Pacific Ethanol: 1Q Earnings Snapshot   [05:04AM  Associated Press]
▶ Pacific Ethanol Reports First Quarter 2018 Results   [May-08-18 04:05PM  GlobeNewswire]
▶ Pacific Ethanol to Release First Quarter 2018 Results   [May-02-18 04:05PM  GlobeNewswire]
▶ Pacific Ethanol shares fall after renewable fuels legislation introduced   [Mar-12-18 10:10AM  American City Business Journals]
▶ Pacific Ethanol signs partnership deal with Airgas   [Mar-08-18 10:40AM  American City Business Journals]
▶ Pacific Ethanol shares fall after quarterly and annual losses   [Mar-02-18 10:20AM  American City Business Journals]
▶ Pacific Ethanol, Inc. to Host Earnings Call   [Mar-01-18 09:00AM  ACCESSWIRE]
▶ Pacific Ethanol reports 4Q loss   [Feb-28-18 06:21PM  Associated Press]
▶ Pacific Ethanol, Inc. to Host Earnings Call   [Nov-08-17 10:00AM  ACCESSWIRE]
▶ Pacific Ethanol reports 3Q loss   [Nov-07-17 07:02PM  Associated Press]
▶ Pacific Ethanol to Release Third Quarter 2017 Results   [Nov-02-17 08:30AM  GlobeNewswire]
▶ Oil and Gas Stock Roundup: Harvey Looms Large   [Sep-01-17 07:05PM  Motley Fool]
▶ 3 Cheap Stocks You Can Buy Today   [Aug-31-17 08:34AM  Motley Fool]
▶ Pacific Ethanol reports 2Q loss   [Aug-03-17 05:39PM  Associated Press]
▶ Pacific Ethanol Reports Second Quarter 2017 Results   [Aug-02-17 04:05PM  GlobeNewswire]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ Pacific Ethanol to Release Second Quarter 2017 Results   [Jul-27-17 08:30AM  GlobeNewswire]
▶ Pacific Ethanol paying $76 million for biorefinery that makes fuel, booze   [Jun-28-17 03:10PM  American City Business Journals]
▶ Pacific Ethanol to Acquire Illinois Corn Processing   [Jun-27-17 07:30AM  GlobeNewswire]
▶ Here's Why Pacific Ethanol Stock Dropped 13.2% in May   [Jun-05-17 01:28PM  Motley Fool]
▶ Why Is No One Talking About Pacific Ethanol Stock?   [May-19-17 04:08PM  Motley Fool]
▶ Pacific Ethanol reports 1Q loss   [May-09-17 06:04PM  Associated Press]
▶ ETFs with exposure to Pacific Ethanol, Inc. : May 3, 2017   [May-03-17 04:14PM  Capital Cube]
▶ Here's Why Pacific Ethanol Stock Slipped 18% in March   [Apr-06-17 03:14PM  Motley Fool]
▶ Pacific Ethanol tops Street 4Q forecasts   [Mar-01-17 05:18PM  Associated Press]

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