I was surprised by the low prices for DDGs-- i have not been following the ethanol industry story as closely since i got out of REX and PEIX months ago, but in Dec. China had renewed their buying of DDGs and price had gone back up to ~$200. I guess REX had lingering low prices from prior contracts but i'm surprised by the price weakness.
Also, i would have thought their ethanol selling prices would have come up a bit.
And i'm also curious why REX wasn't buying more of their own shares when the s/price dipped badly on oilprice weakness in Q1. They could have easily bought another 300k-400k. Are they expecting s/prices much lower?
I'll likely wait until tonight to read the transcript of the CC, won't have time to listen to the call. If CEO Rose is too conservative about guidance, i think REX may drop back into $50s, especially if oilprice pulls back to mid-$50s.
A big question i have, likely to get asked by analysts if it's not in the prepared remarks, is What is REX going to do with that $44M (likely $49M) from the buyout of their 27% interest in Patriot plant?
Uggghh, the Saudi price-war over oil really wrought its damage throughout the energy sector.
Sad to see that REX's gorgeously high trailing 12-month (ttm) EPS has now fallen with the drop-off of last year's wonderful 2.55 EPS posted for Q1 and the substitution of this measly EPS of 0.50, which, incidentally, is obviously still WAY BETTER than GPRE's or PEIX's.
Now REX trades around a P/E of 8 instead of around just 6.
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