Trecora Resources (TREC) Rating Lowered to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Trecora Resources (NYSE:TREC) from a hold rating to a sell rating in a research report released on Wednesday.
According to Zacks, “Trecora Resources owns and operates a petrochemical facility located in southeast Texas. It produces petrochemical solvents and other petroleum based products, including isopentane, normal pentane, isohexane, and hexane for use in the production of polyethylene, packaging, polypropylene, expandable polystyrene, poly-iso/urethane foams, and crude oil from the Canadian tar sands, as well as in the catalyst support industries. The Company also owns undeveloped mineral properties, primarily in Saudi Arabia. Trecora Resources, formerly known as Arabian American Development Company, is based in Sugar Land, Texas. “
TREC has been the subject of several other reports. TheStreet raised shares of Trecora Resources from a c rating to a b- rating in a research report on Monday, July 17th. BidaskClub lowered shares of Trecora Resources from a sell rating to a strong sell rating in a research report on Saturday, August 5th. Finally, B. Riley reissued a buy rating and set a $17.00 price target on shares of Trecora Resources in a research report on Monday, August 7th. Two equities research analysts have rated the stock with a sell rating and three have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $15.00.
Shares of Trecora Resources (NYSE:TREC) opened at 13.00 on Wednesday. The company has a market capitalization of $315.94 million, a price-to-earnings ratio of 76.47 and a beta of 1.58. Trecora Resources has a 1-year low of $9.75 and a 1-year high of $14.80. The firm’s 50-day moving average is $12.69 and its 200-day moving average is $11.67.
Trecora Resources (NYSE:TREC) last released its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.04). The firm had revenue of $62.12 million for the quarter, compared to analysts’ expectations of $56.68 million. Trecora Resources had a net margin of 0.97% and a return on equity of 3.94%. Analysts forecast that Trecora Resources will post $0.31 earnings per share for the current fiscal year.
In other Trecora Resources news, major shareholder Athel Fahad Mohammed Saleh Al sold 20,000 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $12.25, for a total transaction of $245,000.00. Following the completion of the sale, the insider now directly owns 4,137,044 shares of the company’s stock, valued at $50,678,789. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders have sold 505,116 shares of company stock valued at $6,377,020. Insiders own 6.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in TREC. Wellington Management Group LLP raised its position in shares of Trecora Resources by 8.5% in the 1st quarter. Wellington Management Group LLP now owns 2,873,014 shares of the basic materials company’s stock valued at $31,890,000 after purchasing an additional 225,893 shares during the last quarter. Kennedy Capital Management Inc. purchased a new position in shares of Trecora Resources in the 2nd quarter valued at approximately $1,256,000. Luzich Partners LLC raised its position in shares of Trecora Resources by 12.0% in the 2nd quarter. Luzich Partners LLC now owns 1,005,299 shares of the basic materials company’s stock valued at $11,310,000 after purchasing an additional 107,495 shares during the last quarter. Balter Liquid Alternatives LLC raised its position in shares of Trecora Resources by 131.7% in the 1st quarter. Balter Liquid Alternatives LLC now owns 94,454 shares of the basic materials company’s stock valued at $1,048,000 after purchasing an additional 53,683 shares during the last quarter. Finally, Ironwood Investment Management LLC purchased a new position in shares of Trecora Resources in the 2nd quarter valued at approximately $375,000. 41.55% of the stock is owned by hedge funds and other institutional investors.
Trecora Resources Company Profile
Trecora Resources (TREC) is a provider of high-purity specialty hydrocarbons and waxes. TREC owns and operates a facility located in southeast Texas, just north of Beaumont, which specializes in high-purity hydrocarbons and other petrochemical manufacturing. The Company operates through two segments: specialty petrochemical products and specialty synthetic waxes.
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