In Colorado, following a $15 million stock buyback program by Gevo, Piper Jaffray energy analyst Mike Ritzenthaler wrote: “We maintain our Overweight rating on shares of GEVO…we believe the share repurchase is a signal from management and the board that solid progress is being made on the production organism.
“To be clear, the $15 million from cash on hand for the repurchase program was earmarked for future capital projects; the cash will have to be made up at a later date, potentially from project-based finance. Noting that ethanol production has been projected at break-even, Ritzenthaler reduced Gevo’s revenue outlook but maintained earnings per share estimates.”
More background on the story from the Digest
Category: Producer News