Why Vertex Energy Stock Is Skyrocketing Today
Vertex Energy's (NASDAQ: VTNR) stock price soared more than 48% by 10:30 a.m. EDT on Friday. Fueling the oil stock was a significant price target increase by an analyst following the company's purchase of a refinery from Royal Dutch Shell (NYSE: RDS.A)(NYSE: RDS.B).
Vertex Energy agreed to buy the Mobile refinery in Alabama from Shell for $75 million on Wednesday. It marked the "largest, most significant transaction ever completed by Vertex, one that positions us to become a leading regional supplier of both renewable and conventional products," according to comments by CEO Benjamin Cowart in the deal announcement. The company noted that upon completing an $85 million conversion of the facility's hydrocracking unit by the end of next year to produce renewable diesel, the refinery could generate $3 billion in revenue and $400 million in gross profit in 2023.
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Source Fool.com
