By Josh Beckerman

Vertex Energy Inc. shares were recently up 55% at $6.19 after more than doubling on Thursday following Wednesday's announcement of a $75 million deal to buy an Alabama refinery from Royal Dutch Shell PLC.

Vertex said the Mobile refinery purchase will be its "largest, most significant transaction ever," positioning it to be "a leading regional supplier of both renewable and conventional products."

Shares closed at $1.78 Wednesday.

On Friday, HC Wainwright increased its Vertex price target to $25 from $4.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 28, 2021 14:03 ET (18:03 GMT)

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