Valero Energy Corp. Rating Reiterated by Bank of America Corp. (VLO)
Valero Energy Corp. (NYSE:VLO)‘s stock had its “buy” rating restated by equities research analysts at Bank of America Corp. in a research note issued to investors on Friday, Analyst Ratings News reports.
The analysts wrote, “Regardless of earlier signaling, we view any potential easing as a positive for refiners, particularly as the sector seems to be under-owned at this time. Key beneficiaries in our coverage universe include Buy-rated VLO and Neutral rated HFC, while uncovered PBF retains the most significant exposure. Note VLO has guided annual RIN costs to $600-800mm for 2013 with the risk that this could move significantly higher in 2014 were the blend wall not addressed. This remains our preferred sector name in which we have highlighted the sharp decline in RIN costs that could incrementally benefit the company amidst an otherwise weak earnings backdrop through year-end.”
A number of other firms have also recently commented on VLO. Analysts at Credit Suisse cut their price target on shares of Valero Energy Corp. from $40.00 to $39.00 in a research note to investors on Wednesday. They now have a “neutral” rating on the stock. Separately, analysts at Barclays Capital cut their price target on shares of Valero Energy Corp. from $69.00 to $64.00 in a research note to investors on Tuesday. They now have an “overweight” rating on the stock. Finally, analysts at Oppenheimer downgraded shares of Valero Energy Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Friday, October 4th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $43.67.
Valero Energy Corp. (NYSE:VLO) traded up 4.13% on Friday, hitting $37.04. 6,416,758 shares of the company’s stock traded hands. Valero Energy Corp. has a 52 week low of $25.4936 and a 52 week high of $44.7623. The stock’s 50-day moving average is $35.13 and its 200-day moving average is $36.70. The company has a market cap of $20.081 billion and a price-to-earnings ratio of 7.02.
Valero Energy Corp. (NYSE:VLO) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by $0.04. The company had revenue of $34.03 billion for the quarter, compared to the consensus estimate of $31.78 billion. During the same quarter in the previous year, the company posted $1.50 earnings per share. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. Analysts expect that Valero Energy Corp. will post $3.38 EPS for the current fiscal year.
Valero Energy Corporation (NYSE:VLO) is an independent petroleum refining and marketing company.
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