Is Vertex Energy (VTNR) Stock Really Moving Towards $10 in A Week?

The Vertex Energy (NASDAQ:VTNR) stock is soaring again this morning and has already soared by 45% in premarket trading this morning. The rally in the Vertex Energy stock was triggered yesterday after the company announced the acquisition of an oil refinery owned by a subsidiary of Royal Dutch Shell.

Is Vertex Energy (VTNR) Stock Really Moving Towards $10 in A Week?

The news had led to a massive rally in the stock yesterday as well and the Vertex stock ended up with gains of 124%. The refinery, which is located in Mobile, has been acquired from Equilon Enterprises, a subsidiary of Royal Dutch Shell.

Related:  Seres Therapeutics (MCRB) Soars More Than 500% On 40 Million Shares

The company is going to pay $75 million in order to complete this acquisition and it has also been announced that the deal is going to be closed at some point in the fourth quarter of this year. The refinery is going to be the biggest refinery in possession of Vertex and the company expects that it could generate as much as $3 billion in sales every year.

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.