Why Is Sky Quarry Stock (SKYQ) Up Today?

Sky Quarry (SKYQ) stock rocketed higher on Thursday after the oil production, refining, and environmental remediation company highlighted the importance of its Nevada refinery. Sky Quarry operates the only oil refinery in Nevada and the company said it is poised to benefit from a series of economic events.

Sky Quarry noted that the supply issues from the Middle East and the Strait of Hormuz have resulted in an increased price of oil, which has jumped to about $110 per barrel. In addition to that, California’s work to close down and restrict refineries in the state has resulted in production problems in the U.S. Sky Quarry claimed that this puts its Nevada refinery in a prime position to capitalize on these issues.

Marcus Laun, CEO of Sky Quarry, said, “Nevada is one of the most import-dependent fuel markets in the country. If two of the largest California refineries serving the Western region close permanently and global oil prices spike above $110 a barrel, the question of where refined product comes from – and who controls local supply – becomes urgent. We own the only refinery in Nevada, and that is a strategically significant position.”

Sky Quarry Stock Movement Today

Sky Quarry stock was up 111.86% in pre-market trading on Thursday, following a 1.56% fall yesterday. The shares have also rallied 41.5% year-to-date but were down 51.35% over the past 12 months.

With today’s news came heavy trading of Sky Quarry stock, as more than 75 million shares changed hands, compared to a three-month average daily trading volume of about 13.17 million shares.

Is Sky Quarry Stock a Buy, Sell, or Hold?

Turning to Wall Street, traditional analyst coverage of Sky Quarry is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates SKYQ stock as Neutral with a $2.50 price target. It cites “very weak financial performance (shrinking revenue, persistent losses, rising leverage, and negative operating/free cash flow).”