Vertex Energy Inc (NASDAQ:VTNR) shares are trading higher by 52% at $6.07 in Friday’s pre-market session on continued momentum after the company announced it will acquire an Alabama refinery and related logistics assets for $75 million. HC Wainwright also maintained a Buy rating on the stock and raised its price target from $4 to $25.
Vertex Energy is an environmental services company that recycles industrial waste streams and off-specification commercial chemical products.
Vertex Energy generates a majority of its revenue from its Black Oil segment that aggregates and sells used motor oil. The company collects used oil from businesses such as oil change service stations, automotive repair shops, petroleum refineries and petrochemical manufacturing operations.
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