Why Vertex Energy Stock Rocketed 34% at the Open Today
Shares of Vertex Energy (NASDAQ: VTNR) rose in dramatic fashion on Tuesday, gaining as much as 34% in early trading. Although the stock quickly gave back some of that gain, by 10:46 a.m. EDT, it was still up by 22% or so. The reason for the advance was a combination of recent news and an analyst's reevaluation of the company's future based on that news.
On May 26, Vertex -- one of the largest processors of used motor oil in the United States -- agreed to buy a refinery in Mobile, Alabama, from Royal Dutch Shell. The following day, the stock rallied on that news, as it represents a material growth opportunity for Vertex. Two days later, an H.C. Wainright analyst upgraded the stock, and the shares rallied again.
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Source Fool.com
