VTNR - Fueling Concerns: Analyst Downgrades Vertex Energy Amid Refining Industry Challenges | Benzinga
Stifel analyst Michael E. Hoffman downgraded Vertex Energy Inc (NASDAQ: VTNR) to Hold from Buy and lowered the price target to $4 from $6.
The analyst says that the bottom has fallen out of the conventional refining selling prices, and crack spread is bringing profitability down to breakeven to modest profit.
Notably, over the last 18 months, VTNR has witnessed significant volatility in conventional refining profits, with current spreads suggesting flat to negative EBITDA in Q4 FY23 and ...