Mizuho Markets Americas LLC Boosts Stake in Vertex, Inc. $VERX

Mizuho Markets Americas LLC raised its holdings in shares of Vertex, Inc. (NASDAQ:VERX) by 10.6% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 392,927 shares of the company’s stock after purchasing an additional 37,710 shares during the quarter. Mizuho Markets Americas LLC’s holdings in Vertex were worth $9,741,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. DLD Asset Management LP purchased a new stake in shares of Vertex in the second quarter worth approximately $300,348,000. Wasatch Advisors LP bought a new stake in Vertex during the 2nd quarter valued at about $88,293,000. Massachusetts Financial Services Co. MA boosted its position in Vertex by 231.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,567,902 shares of the company’s stock valued at $88,448,000 after buying an additional 2,490,097 shares during the period. Champlain Investment Partners LLC bought a new stake in shares of Vertex during the second quarter valued at approximately $60,381,000. Finally, Geneva Capital Management LLC lifted its holdings in shares of Vertex by 47.7% in the 2nd quarter. Geneva Capital Management LLC now owns 3,017,735 shares of the company’s stock worth $106,632,000 after buying an additional 974,530 shares during the period. Institutional investors own 70.32% of the company’s stock.

Vertex Price Performance

Shares of VERX opened at $19.30 on Monday. The company has a market cap of $3.08 billion, a P/E ratio of -55.14, a PEG ratio of 2.94 and a beta of 0.60. Vertex, Inc. has a fifty-two week low of $18.54 and a fifty-two week high of $60.71. 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 firm’s 50 day moving average price is $19.80 and its 200 day moving average price is $24.68.

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 company had revenue of $192.11 million during the quarter, compared to the consensus estimate of $191.62 million. Vertex had a negative net margin of 7.32% and a positive return on equity of 26.84%. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.16 earnings per share. On average, research analysts forecast that Vertex, Inc. will post 0.38 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

VERX has been the subject of several analyst reports. UBS Group reissued a “market outperform” rating on shares of Vertex in a research report on Tuesday, November 4th. Citizens Jmp cut their price target on shares of Vertex from $50.00 to $37.00 and set a “market outperform” rating on the stock in a report on Tuesday, November 4th. Needham & Company LLC decreased their target price on shares of Vertex from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, November 4th. Stephens assumed coverage on Vertex in a report on Friday, September 26th. They issued an “overweight” rating and a $30.00 price objective on the stock. Finally, Piper Sandler decreased their target price on Vertex from $42.00 to $32.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 4th. Twelve research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Vertex currently has an average rating of “Moderate Buy” and a consensus price target of $32.40.

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.