After the EPA introduced new bio-diesel rules, Renewable Energy Group Inc.’s (NASDAQ: REGI) shares rose. Last Friday, the EPA stated under the 2013 Renewable Fuels Standard, renewable volume obligation will increase to 1.28 billion gallons.
Following the announcement, REGI CEO Daniel J. Oh lauded the decision, claiming it would provide some much-needed certainty to the entire biodiesel supply chain while also expanding green-collar jobs and reinforcing domestic energy independence.
Piper Jaffray analyst Michael Cox suggested that the increase is a significant one and maintained his “Overweight” rating for REGI, with a price target of $9 at present.
REGI shares rose appreciably to hit $8.35 on Monday, before settling at $8.16 at close (or up 33.55 percent). In the past five trading sessions, REGI shares have risen by almost 42 percent, while year-to-date stock is down by slightly over 20 percent.
REGI shares were up 2.33% on Wednesday to $7.92.
