Pembroke Management LTD Raises Stake in Vertex, Inc. $VERX

Pembroke Management LTD increased its holdings in shares of Vertex, Inc. (NASDAQ:VERX) by 8.0% in the third quarter, Holdings Channel reports. The firm owned 818,053 shares of the company’s stock after acquiring an additional 60,531 shares during the period. Vertex accounts for 2.0% of Pembroke Management LTD’s investment portfolio, making the stock its 22nd biggest position. Pembroke Management LTD’s holdings in Vertex were worth $20,280,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. DLD Asset Management LP purchased a new stake in Vertex during the second quarter worth approximately $300,348,000. Conestoga Capital Advisors LLC increased its holdings in Vertex by 15.3% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 3,398,435 shares of the company’s stock valued at $120,084,000 after purchasing an additional 450,695 shares in the last quarter. Geneva Capital Management LLC raised its position in Vertex by 47.7% in the second quarter. Geneva Capital Management LLC now owns 3,017,735 shares of the company’s stock valued at $106,632,000 after purchasing an additional 974,530 shares during the period. Wasatch Advisors LP acquired a new position in shares of Vertex during the second quarter worth about $88,293,000. Finally, Champlain Investment Partners LLC purchased a new stake in shares of Vertex in the second quarter worth about $60,381,000. 70.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Stifel Nicolaus dropped 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. Stephens began coverage on shares of Vertex in a research report on Friday, September 26th. They issued an “overweight” rating and a $30.00 price objective for the company. JMP Securities set a $37.00 price objective on shares of Vertex in a research note on Tuesday, November 4th. Citigroup downgraded shares of Vertex from a “market outperform” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Piper Sandler lowered their price target on shares of Vertex from $42.00 to $32.00 and set an “overweight” rating for the company in a report on Tuesday, November 4th. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Vertex currently has an average rating of “Moderate Buy” and a consensus price target of $32.40.

Vertex Stock Performance

Shares of VERX opened at $19.30 on Friday. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of -55.14, a PEG ratio of 2.90 and a beta of 0.60. 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 business’s 50 day moving average is $19.80 and its two-hundred day moving average is $24.83. Vertex, Inc. has a 52-week low of $18.54 and a 52-week high of $60.71.

Vertex (NASDAQ:VERX) last issued its quarterly earnings results on Monday, November 3rd. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. The business had revenue of $192.11 million during the quarter, compared to analyst estimates of $191.62 million. Vertex had a negative net margin of 7.32% and a positive return on equity of 26.84%. The business’s revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.16 earnings per share. Analysts forecast that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Vertex declared that its Board of Directors has approved a stock repurchase program on Monday, November 3rd that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.