Renewable energy provider, Renewable Energy Group, Inc. (REGI - Free Report) touched a new 52-week high of $13.39, eventually closing at a tad lower at $13.10 on Jul 3. The stock has delivered a one-year return of about 46.2% compared with the Zacks categorized Biofuels industry’s gain of 30.6%.

In the last 52 weeks, Renewable Energy‘s share price has ranged from a low of $7.91 to a high of $13.39. Average volume of shares traded in the last three months is approximately 411.87 thousand.

Why is Renewable Energy on the Rise?

Renewable Energy has been a steady performer, having delivered an average surprise of 13.39% in the trailing four quarters. Thanks to its solid performance, the company’s long-term earnings growth is currently pegged at 15.0%.

Last month, the renewable energy provider announced that it had purchased approximately 82 acres of land for an agreed sum of $20.0 million from Lion Copolymer. The land includes the company’s Geismar biorefinery leased land-area and additional 62 acres. The purchase agreement will open new avenues for the company that will enable it to expand existing renewable hydrocarbon diesel platform.

The acquisition has provided a boost to the company’s price performance as evident from its upward trend, with the shares gaining 8.3% in the last couple of weeks. Further, the company’s continuous efforts toward expanding renewable hydrocarbon diesel grid are likely to be reflected in its prices in the days to come.

The company plans to improve and support its existing production capacity and future expansion opportunities for the remainder of 2017 by taking steps to invest approximately $40 million to $60 million, for upgradation in their Ralston, Madison, Geismar and Grays Harbor facilities.

Additionally, the company plans for greater shipments volumes and likely upgradation, as well as installation plans, will further boost future growth prospects.

Recent Acquisition in Energy Sector

Most recently, Delek US Holdings (DK - Free Report) completed the acquisition of Alon USA Energy, Inc. With this buyout, Delek will unlock an estimated EBITDA of $70–$85 million annually from the former’s asset through potential drop downs to Delek Logistics Partners LP (DKL - Free Report) in the future. (Delek US Holdings (DK - Free Report) Fully Acquires Alon USA Energy.)

Zacks Rank & Other Key Picks

Renewable Energy currently sports a Zacks Rank #1 (Strong Buy). Investors can consider other top-ranked stock from the same sector like Delek US Holdings, Inc. and Braskem S.A. (BAK - Free Report). Both these stocks flaunt a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Braskem delivered an average surprise of 107.79% in the trailing four quarters. Its 2017 estimates have risen by 29.57% to $2.98 per share in the last 90 days.

Delek US delivered an average surprise of 60.68% in the trailing four quarters. Its 2017 estimates moved up from a loss of 44 cens to gain of 20 cents over last 90 days.