NEW YORK (TheStreet) -- Shares of Pacific Ethanol (PEIX - Get Report) were gaining 26.1% to $11.76 on heavy trading volume Thursday after the ethanol producer beat analysts' estimates for earnings and revenue in the fourth quarter.

Pacific Ethanol reported earnings of 41 cents a share for the fourth quarter, above analysts' estimates of 15 cents a share for the quarter. Revenue grew 19% from the year-ago quarter to $356.2 million, beating analysts' estimates of $246.37 million for the quarter.

The company sold 50.4 million gallons of ethanol in the fourth quarter, up from 40.5 million gallons in the year-ago quarter. Third-party sales totals 84.2 million gallons in the quarter, up from 66.5 million gallons.

About 5.3 million shares of Pacific Ethanol were traded by 11:35 a.m. Thursday, compared to its average trading volume of about 1.2 million shares a day.

TheStreet Ratings team rates PACIFIC ETHANOL INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate PACIFIC ETHANOL INC (PEIX) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins."

You can view the full analysis from the report here: PEIX Ratings Report

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