Valero Energy Stock (NYSE:VLO), Trade Ideas

Valero Energy

Valero Energy is one of the largest independent refiners in the United States. It operates 15 refineries with a total throughput capacity of 3.2 million barrels a day in the United States, Canada, and the United Kingdom. Valero also owns 12 ethanol plants with capacity of 1.6 billion gallons a year and holds a 50% stake in Diamond Green Diesel, which has capacity to produce 1.2 billion gallons per year of renewable diesel.

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Wall Street suffers a double blow in Thursday’s session, as softer-than-expected revenue forecasts from Meta Platforms Inc. (NASDAQ:META) are being compounded by weaker-than-expected economic growth and higher inflationary pressures last quarter, raising fears of a stagflation phase 

Stocks Drop, Tech Tumbles With Meta&#39;s Weak Outlook, Q1 Stagflation Fears; Gold Miners Advance: What&#39;s Driving Markets Thursday?

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Sharp increase in oil prices has led to outperformance of energy stocks, with WTI rising 20% this year. EIA forecasts $90/bbl in Q2 2024 and $3.60/gal in retail gasoline prices by 2024. 3 energy firms in top 10 S&amp;P 500 performers YTD and many more set to report earnings in April 2024.

3 Energy Stocks Stand Among S&amp;P 500&#39;s Top 10 Performers In 2024 As Oil Prices Reach $90

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Gold prices rise to all-time highs, showing impressive resilience despite interest rate concerns.

Gold Shines Above $2,300, Ends Another Week At Record High: Mining Stocks Rally To 11-Month Peak

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Wall Street suffers a double blow in Thursday&#8217;s session, as softer-than-expected revenue forecasts from Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) are being compounded by weaker-than-expected economic growth and higher inflationary pressures last quarter, raising fears of a stagflation phase <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">for the U.S. economy.</a>
The U.S. economy grew by a 1.6% annualized pace in Q1 2024, slowing down sharply from the 3.4% pace in the previous quarter and missing expectations of a growth rate of 2.5%. Inflation, as measured by the Personal Consumption Expenditure (PCE) price index, substantially accelerated from a 1.8% to 3.4% annualized pace, with the underlying measure of core PCE escalating to 3.7%. 
The elite group of Magnificent Seven stocks <a href="https://www.benzinga.com/markets/equities/24/04/38436183/magnificent-7-tumble-wipe-out-300-billion-on-metas-weak-guidance-q1-stagflation-woes">wiped out nearly $300 billion in market value</a> earlier this morning, prior to marginally curbing losses by 1 p.m. in New York. 
The S&amp;P 500 and the tech-heavy Nasdaq 100 dropped by 1% and 1.2% respectively, while blue chips in the Dow Jones Industrial Average slightly underperformed, declining by 1.4%. 
Meta Platforms experienced a double-digit decline, pulling down both the tech index and the communication services sector, which saw its worst day since late October 2023.
Only a few industries managed to notch gains, with gold miners in the spotlight following stronger-than-expected quarterly results by Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>). The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rose 2.7%. 
Gold also saw an increase, rising by 0.7%, outperforming both stocks and bonds amid growing signals of stagflation from the economy. Crude oil inched lower, with the West Texas Intermediate (WTI) light crude down 0.4% to $82 a barrel. 
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) held steady around $64,500. 
In the bond market, Treasury yields surged, with the policy-sensitive 2-year yields rising to 5% as traders further dialed back expectations of Fed rate cuts. 
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,026.87</td>
<td>-0.9%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>1,975.61</td>
<td>-1.0%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>17,333.65</td>
<td>-1.1%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>37,923.49</td>
<td>-1.4%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 p.m. EDT </figcaption></figure>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Meta Platforms tanked 11% – its worst performance since October 2022 – despite beating both earnings and revenue forecasts last quarter, as weaker-than-expected guidance disappointed traders.</li>
<li>Other companies reacting to earnings were International Business Machines Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NASDAQ">IBM</a>) down 9%, Service Now Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) down 5%, Lam Research Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) up 2.9%, Chipotle Mexican Grill Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) up 5.4%, Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) down 1.6%, United Rentals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URI#NYSE">URI</a>) up 5.5%, with all of them reporting Wednesday after the close. </li>
<li>Reporting Thursday in the pre-market, Merck &amp; Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>) up 2.5%, Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>) down 6.6%, Comcast Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>) down 6%, Union Pacific Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>) up 4.3%, S&amp;P Global Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPGI#NYSE">SPGI</a>) flat, Honeywell International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), down 1.4%, Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>) up 1.7%, Altria Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>) up 1%, Valero Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) down 0.5%, Carrier Global Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>) up 8% and Astrazeneca plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) up 5.7%. </li>
<li>Notable names reporting after the close include Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) , Boyd Gaming Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BYD#NYSE">BYD</a>), Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Intel Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>), Juniper Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNPR#NYSE">JNPR</a>), KLA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>), Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Roku, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROKU#NASDAQ">ROKU</a>), Teladoc Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>), T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) and Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>).</li>
</ul>
Read now: <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38438240/feds-inflation-report-looms-this-friday-what-makes-it-so-crucial-for-markets">Fed&#8217;s Inflation Report Looms This Friday: What Makes It So Crucial For Markets?</a>
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Stocks Drop, Tech Tumbles With Meta's Weak Outlook, Q1 Stagflation Fears; Gold Miners Advance: What's Driving Markets Thursday?

News

Valero Energy Says Startup Of Diamond Green Diesel Sustainable Aviation Fuel Project Expected In Q4 2024

Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) reported quarterly earnings of $3.82 per share which beat the analyst consensus estimate of $3.24 by 17.9 percent. The company reported quarterly sales of $31.76 billion which missed the analyst consensus estimate of $33.09 billion by 4.02 percent. This is a 12.84 percent decrease over sales of $36.44 billion the same period last year.

Earnings

Earnings Beats

Earnings Misses

Valero Energy Q1 2024 Adj EPS $3.82 Beats $3.24 Estimate, Sales $31.76B Miss $33.09B Estimate

Valero Energy's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) short percent of float has fallen 5.38% since its last report. The company recently reported that it has 10.95 million shares sold short, which is 3.34% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.1 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Valero Energy Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713804312_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Valero Energy has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Valero Energy's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Valero Energy's peer group average for short interest as a percentage of float is 8.53%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

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Short Ideas

Trading Ideas

How Is The Market Feeling About Valero Energy?

Citigroup analyst Vikram Bagri maintains Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) with a Buy and raises the price target from $160 to $192.

Price Target

Analyst Ratings

Citigroup Maintains Buy on Valero Energy, Raises Price Target to $192

Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) has outperformed the market over the past 10 years by 1.1% on an annualized basis producing an average annual return of 11.45%. Currently, Valero Energy has a market capitalization of $55.07 billion. 
Buying $100 In VLO: If an investor had bought $100 of VLO stock 10 years ago, it would be worth $297.40 today based on a price of $167.16 for VLO at the time of writing.
<h3>Valero Energy's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713279629_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In Valero Energy 10 Years Ago Would Be Worth This Much Today

Investors with a lot of money to spend have taken a bearish stance on Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with VLO, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 8 options trades for Valero Energy.
This isn't normal.
The overall sentiment of these big-money traders is split between 25% bullish and 75%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $174,000, and 7, calls, for a total amount of $538,455.
<h3>Predicted Price Range</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $135.0 to $185.0 for Valero Energy over the recent three months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Valero Energy's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Valero Energy's substantial trades, within a strike price spectrum from $135.0 to $185.0 over the preceding 30 days.
<h3>Valero Energy Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713203153_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>VLO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/21/24</td>
<td>$6.15</td>
<td>$6.0</td>
<td>$6.05</td>
<td>$180.00</td>
<td>$302.5K</td>
<td>3.3K</td>
<td style="text-align: right;">529</td>
</tr>
<tr>
<td>VLO</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>07/19/24</td>
<td>$5.85</td>
<td>$5.75</td>
<td>$5.8</td>
<td>$160.00</td>
<td>$174.0K</td>
<td>348</td>
<td style="text-align: right;">305</td>
</tr>
<tr>
<td>VLO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/21/24</td>
<td>$39.4</td>
<td>$38.65</td>
<td>$38.65</td>
<td>$135.00</td>
<td>$65.7K</td>
<td>910</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>VLO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/19/24</td>
<td>$27.4</td>
<td>$26.5</td>
<td>$26.5</td>
<td>$145.00</td>
<td>$50.3K</td>
<td>1.3K</td>
<td style="text-align: right;">30</td>
</tr>
<tr>
<td>VLO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/21/24</td>
<td>$32.7</td>
<td>$31.95</td>
<td>$32.43</td>
<td>$140.00</td>
<td>$32.4K</td>
<td>1.3K</td>
<td style="text-align: right;">10</td>
</tr>
</tbody>
</table>

<h3>About Valero Energy</h3>
Valero Energy is one of the largest independent refiners in the United States. It operates 15 refineries with a total throughput capacity of 3.2 million barrels a day in the United States, Canada, and the United Kingdom. Valero also owns 12 ethanol plants with capacity of 1.6 billion gallons a year and holds a 50% stake in Diamond Green Diesel, which has capacity to produce 1.2 billion gallons per year of renewable diesel.
After a thorough review of the options trading surrounding Valero Energy, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Valero Energy's Current Market Status</h3>
<ul>
<li>With a trading volume of 1,155,662, the price of VLO is down by -1.78%, reaching $170.45.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 10 days from now.</li>
</ul>
<h3>What Analysts Are Saying About Valero Energy</h3>
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $181.6.
<ul>
<li>Maintaining their stance, an analyst from TD Cowen continues to hold a Buy rating for Valero Energy, targeting a price of $190. </li>
<li>An analyst from Goldman Sachs persists with their Sell rating on Valero Energy, maintaining a target price of $171. </li>
<li>Consistent in their evaluation, an analyst from Wells Fargo keeps a Equal-Weight rating on Valero Energy with a target price of $184. </li>
<li>An analyst from Scotiabank has decided to maintain their Sector Outperform rating on Valero Energy, which currently sits at a price target of $165. </li>
<li>Maintaining their stance, an analyst from Piper Sandler continues to hold a Overweight rating for Valero Energy, targeting a price of $198. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Valero Energy, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Markets

Valero Energy Unusual Options Activity For April 15

Scotiabank analyst Paul Cheng maintains Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) with a Sector Outperform and raises the price target from $138 to $165.

Scotiabank Maintains Sector Outperform on Valero Energy, Raises Price Target to $165

Investors with a lot of money to spend have taken a bearish stance on Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with VLO, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 11 uncommon options trades for Valero Energy.
This isn't normal.
The overall sentiment of these big-money traders is split between 45% bullish and 54%, bearish.
Out of all of the special options we uncovered, 9 are puts, for a total amount of $482,311, and 2 are calls, for a total amount of $60,020.
<h3>Predicted Price Range</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $165.0 and $180.0 for Valero Energy, spanning the last three months.
<h3>Volume &amp; Open Interest Trends</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Valero Energy's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Valero Energy's whale trades within a strike price range from $165.0 to $180.0 in the last 30 days. 
<h3>Valero Energy Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712851282_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>VLO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/17/24</td>
<td>$3.1</td>
<td>$3.05</td>
<td>$3.1</td>
<td>$165.00</td>
<td>$94.5K</td>
<td>4.1K</td>
<td>904</td>
</tr>
<tr>
<td>VLO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/17/24</td>
<td>$3.1</td>
<td>$2.99</td>
<td>$3.1</td>
<td>$165.00</td>
<td>$92.8K</td>
<td>4.1K</td>
<td>1.3K</td>
</tr>
<tr>
<td>VLO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$2.83</td>
<td>$2.82</td>
<td>$2.82</td>
<td>$165.00</td>
<td>$80.9K</td>
<td>4.1K</td>
<td>6</td>
</tr>
<tr>
<td>VLO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$14.4</td>
<td>$14.25</td>
<td>$14.25</td>
<td>$180.00</td>
<td>$48.4K</td>
<td>176</td>
<td>34</td>
</tr>
<tr>
<td>VLO</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/17/24</td>
<td>$4.2</td>
<td>$4.0</td>
<td>$4.0</td>
<td>$170.00</td>
<td>$42.0K</td>
<td>354</td>
<td>105</td>
</tr>
</tbody>
</table>

<h3>About Valero Energy</h3>
Valero Energy is one of the largest independent refiners in the United States. It operates 15 refineries with a total throughput capacity of 3.2 million barrels a day in the United States, Canada, and the United Kingdom. Valero also owns 12 ethanol plants with capacity of 1.6 billion gallons a year and holds a 50% stake in Diamond Green Diesel, which has capacity to produce 1.2 billion gallons per year of renewable diesel.
In light of the recent options history for Valero Energy, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Valero Energy's Current Market Status</h3>
<ul>
<li>With a volume of 829,980, the price of VLO is down -0.35% at $175.08. </li>
<li>RSI indicators hint that the underlying stock may be approaching overbought.</li>
<li>Next earnings are expected to be released in 14 days.</li>
</ul>
<h3>What The Experts Say On Valero Energy</h3>
5 market experts have recently issued ratings for this stock, with a consensus target price of $188.0.
<ul>
<li>An analyst from JP Morgan has decided to maintain their Overweight rating on Valero Energy, which currently sits at a price target of $178. </li>
<li>In a positive move, an analyst from B of A Securities has upgraded their rating to Buy and adjusted the price target to $210. </li>
<li>Maintaining their stance, an analyst from Goldman Sachs continues to hold a Sell rating for Valero Energy, targeting a price of $171. </li>
<li>An analyst from UBS persists with their Buy rating on Valero Energy, maintaining a target price of $197. </li>
<li>An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Valero Energy, which currently sits at a price target of $184. </li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Valero Energy, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Spotlight on Valero Energy: Analyzing the Surge in Options Activity

Three energy stocks are among the top 10 performers within the S&amp;P 500 since the beginning of the year, representing a significant paradigm shift compared to the underperformance of the <a href="https://www.benzinga.com/money/best-energy-stocks">energy sector throughout 2023.</a>
A significant factor contributing to the outperformance of energy stocks since the year&#8217;s onset has been the sharp increase in oil prices.
The West Texas Intermediate (WTI) light crude, tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), has risen by 20% year to date. This surge can be attributed to a combination of factors including growing demand, limited OPEC+ supply, and escalating tensions in the Middle East, particularly between Israel and Iran.
According to the latest forecast from the U.S. Energy Information Administration (EIA), the Brent crude oil spot price is expected to average $90 per barrel in the second quarter of 2024, which is $2 higher than previous estimates. 
The forecast for the average price in 2024 is $89 per barrel. This uptick reflects the EIA&#8217;s anticipation of substantial global oil inventory declines during this quarter and ongoing geopolitical uncertainties.
Additionally, the retail gasoline price is projected to average $3.60 per gallon in 2024, up from the previous estimate of $3.50 per gallon.
As of April 9, 2024, the&nbsp;EnergySelect Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) is up 16% year-to-date, outperforming all other S&amp;P 500 sectors.
<h1 class="wp-block-heading">3 Energy Firms Among Top 10 S&amp;P 500 Performers Year to Date</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Price Chg. % (YTD)</td>
<td>Sector</td>
</tr>
<tr>
<td>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)</td>
<td>215.81%</td>
<td>Information Tech</td>
</tr>
<tr>
<td>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>70.28%</td>
<td>Information Tech</td>
</tr>
<tr>
<td>Constellation Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>)</td>
<td>59.83%</td>
<td>Utilities</td>
</tr>
<tr>
<td>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td>
<td>44.88%</td>
<td>Communication Services</td>
</tr>
<tr>
<td>Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>)</td>
<td>42.65%</td>
<td>Energy</td>
</tr>
<tr>
<td>Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>)</td>
<td>42.55%</td>
<td>Information Tech</td>
</tr>
<tr>
<td>NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)</td>
<td>39.77%</td>
<td>Utilities</td>
</tr>
<tr>
<td>Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>)</td>
<td>38.09%</td>
<td>Information Tech</td>
</tr>
<tr>
<td>Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>)</td>
<td>36.10%</td>
<td>Energy</td>
</tr>
<tr>
<td>Diamondback Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NYSE">FANG</a>)</td>
<td>32.23%</td>
<td>Energy</td>
</tr>
</tbody>
</table>
</figure>
<h1 class="wp-block-heading">U.S. Energy Companies Report Their Earnings In April 2024</h1>
Below is a list of large-cap U.S. energy stocks set to report their first quarter 2024 earnings by the end of April: 
<ul>
<li>Friday, Apr. 12, 2024: Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>) </li>
<li>Friday, Apr. 19, 2024: Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>), Woodside Energy Group ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WDS#NYSE">WDS</a>) </li>
<li>Tuesday, Apr. 23, 2024: Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) </li>
<li>Wednesday, Apr. 24, 2024: Cenovus Energy Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>), EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) </li>
<li>Thursday, Apr. 25, 2024: Valero Energy, Hess Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) </li>
<li>Friday, Apr. 26, 2024: Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), Imperial Oil Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMO#NYSE">IMO</a>). </li>
<li>Tuesday, Apr. 30, 2024: Marathon Petroleum, ONEOK Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>), MPLX LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>), Diamondback, Cameco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCJ#NYSE">CCJ</a>)</li>
</ul>
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Photo: Shutterstock

3 Energy Stocks Stand Among S&P 500's Top 10 Performers In 2024 As Oil Prices Reach $90

TD Cowen analyst Jason Gabelman maintains Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) with a Buy and raises the price target from $175 to $190.

TD Cowen Maintains Buy on Valero Energy, Raises Price Target to $190

Investors with a lot of money to spend have taken a bearish stance on Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with VLO, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 12 uncommon options trades for Valero Energy.
This isn't normal.
The overall sentiment of these big-money traders is split between 33% bullish and 66%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $130,382, and 9 are calls, for a total amount of $534,770.
<h3>Projected Price Targets</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $130.0 and $270.0 for Valero Energy, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Valero Energy's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Valero Energy's whale trades within a strike price range from $130.0 to $270.0 in the last 30 days. 
<h3>Valero Energy Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712604656_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>VLO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>05/03/24</td>
<td>$3.15</td>
<td>$2.98</td>
<td>$2.98</td>
<td>$192.50</td>
<td>$89.4K</td>
<td>315</td>
<td style="text-align: right;">300</td>
</tr>
<tr>
<td>VLO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$52.0</td>
<td>$51.05</td>
<td>$52.0</td>
<td>$150.00</td>
<td>$78.0K</td>
<td>724</td>
<td style="text-align: right;">15</td>
</tr>
<tr>
<td>VLO</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>06/21/24</td>
<td>$7.55</td>
<td>$7.4</td>
<td>$7.45</td>
<td>$190.00</td>
<td>$73.7K</td>
<td>21.2K</td>
<td style="text-align: right;">282</td>
</tr>
<tr>
<td>VLO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/21/24</td>
<td>$7.35</td>
<td>$7.25</td>
<td>$7.28</td>
<td>$190.00</td>
<td>$72.8K</td>
<td>21.2K</td>
<td style="text-align: right;">177</td>
</tr>
<tr>
<td>VLO</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>06/21/24</td>
<td>$59.3</td>
<td>$57.3</td>
<td>$58.4</td>
<td>$240.00</td>
<td>$58.4K</td>
<td>60</td>
<td style="text-align: right;">15</td>
</tr>
</tbody>
</table>

<h3>About Valero Energy</h3>
Valero Energy is one of the largest independent refiners in the United States. It operates 15 refineries with a total throughput capacity of 3.2 million barrels a day in the United States, Canada, and the United Kingdom. Valero also owns 12 ethanol plants with capacity of 1.6 billion gallons a year and holds a 50% stake in Diamond Green Diesel, which has capacity to produce 1.2 billion gallons per year of renewable diesel.
After a thorough review of the options trading surrounding Valero Energy, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Current Position of Valero Energy</h3>
<ul>
<li>With a volume of 1,416,781, the price of VLO is down -0.04% at $183.31. </li>
<li>RSI indicators hint that the underlying stock may be overbought.</li>
<li>Next earnings are expected to be released in 17 days.</li>
</ul>
<h3>What Analysts Are Saying About Valero Energy</h3>
A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $185.0.
<ul>
<li>Maintaining their stance, an analyst from UBS continues to hold a Buy rating for Valero Energy, targeting a price of $197. </li>
<li>Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on Valero Energy with a target price of $178. </li>
<li>Consistent in their evaluation, an analyst from Piper Sandler keeps a Overweight rating on Valero Energy with a target price of $198. </li>
<li>An analyst from Barclays has decided to maintain their Overweight rating on Valero Energy, which currently sits at a price target of $179. </li>
<li>Reflecting concerns, an analyst from Mizuho lowers its rating to Neutral with a new price target of $173.</li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Valero Energy, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Valero Energy Unusual Options Activity

Gold closes out another week at all-time highs above $2,300 per ounce. Demand remains high after a March jobs report came in <a href="https://www.benzinga.com/etfs/specialty-etfs/24/04/38108835/us-labor-market-heats-up-in-march-payrolls-grow-by-303-000-highest-in-10-months-dampen-rate-c">hotter than predicted</a>.
The bullion exhibited an impressive resilience this week, diverging from its typical sensitivity to interest rate concerns. 
Gold marked its sixth week of gains in the past seven, rallying by 4% despite warnings from multiple Fed speakers that rate cuts might not materialize as swiftly as anticipated by the market.
Gold also showcased a notable 1.5% gain for the session, underscoring its impressive strength and resilience despite traditional macro headwinds for precious metals.
As the price of gold surges to unprecedented heights, mining stocks are experiencing a bullish wave not witnessed in quite some time.
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) has notched eight positive sessions out of the past nine, surging to peaks last seen in May 2023. 
Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) — the world&#8217;s biggest gold miner and the GDX&#8217;s heavyweight — has surged over 10% this week, showcasing the most robust performance among S&amp;P 500 stocks and its best week in 13 months. 
Chart: Newmont Notches Top-Performing Week Since March 2023
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-1024x495.png" alt="" class="wp-image-280143" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/05154058/image-12.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">This Week&#8217;s Top-Performing S&amp;P 500 Stocks</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Company Name</td>
<td>Price Change % (5D)</td>
</tr>
<tr>
<td>Newmont Corporation</td>
<td>10.67%</td>
</tr>
<tr>
<td>Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>)</td>
<td>8.99%</td>
</tr>
<tr>
<td>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td>
<td>8.31%</td>
</tr>
<tr>
<td>Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>)</td>
<td>7.70%</td>
</tr>
<tr>
<td>NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)</td>
<td>7.70%</td>
</tr>
<tr>
<td>Occidental Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>) </td>
<td>6.97%</td>
</tr>
<tr>
<td>Western Digital Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NYSE">WDC</a>)</td>
<td>6.84%</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">This Week&#8217;s Top Performing Gold And Silver Mining Stocks </h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Company Name</td>
<td>Price Change % (5D)</td>
</tr>
<tr>
<td>First Majestic Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AG#NYSE">AG</a>)</td>
<td>32.57%</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>29.18%</td>
</tr>
<tr>
<td>Fortuna Silver Mines Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FSM#NYSE">FSM</a>)</td>
<td>26.01%</td>
</tr>
<tr>
<td>Calibre Mining Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXB#NYSE">CXB</a>)</td>
<td>18.56%</td>
</tr>
<tr>
<td>Pan American Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAAS#NYSE">PAAS</a>)</td>
<td>16.55%</td>
</tr>
<tr>
<td>MAG Silver Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAG#NYSE">MAG</a>)</td>
<td>14.70%</td>
</tr>
<tr>
<td>Hecla Mining Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HL#NYSE">HL</a>)</td>
<td>14.66%</td>
</tr>
<tr>
<td>Emerald Resources NL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMR#NYSE">EMR</a>)</td>
<td>13.65%</td>
</tr>
<tr>
<td>K92 Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNT#NYSE">KNT</a>)</td>
<td>13.49%</td>
</tr>
<tr>
<td>Aya Gold &amp; Silver Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYA#NYSE">AYA</a>)</td>
<td>12.95%</td>
</tr>
</tbody>
</table>
</figure>
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Wells Fargo analyst Roger Read maintains Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) with a Equal-Weight and raises the price target from $171 to $184.

Wells Fargo Maintains Equal-Weight on Valero Energy, Raises Price Target to $184

WIIM

Valero Energy shares are trading higher after analysts at Barclays and Piper Sandler raised their price targets on the stock.

Oil prices surged during the first quarter of 2024 as the supply/demand outlook tightened and global geopolitical concerns intensified, pushing both U.S. and European benchmark crude futures to <a href="https://www.benzinga.com/markets/commodities">five month highs</a>.
Over the first three months of the year, Nymex West Texas Intermediate, the U.S. benchmark futures contract rose by 16.1%, closing at $83.20 a barrel on March 28, having ended 2023 at $71.65. WTI rose in every month of the first quarter, following three months of declines between October-December 2023.
European benchmark Brent crude rose 13% over the first quarter, closing at $87.50 a barrel on March 28, having ended 2023 at $77.40. It also rose every month of Q1 after three months of losses.
The United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), an exchange traded fund that tracks the U.S. oil price showed a similar pattern of gains, rising 18.1% over the first quarter.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="750" height="650" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/03064339/newplot-2024-04-03T114317.517.png" alt="" class="wp-image-275380" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/03064339/newplot-2024-04-03T114317.517.png 750w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/03064339/newplot-2024-04-03T114317.517-300x260.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></figure>
Also Read: <a href="https://www.benzinga.com/markets/equities/24/04/38055221/biden-xi-talks-continue-technology-block-taiwan-top-candid-exchange-of-views">Biden-Xi Talks Continue: Technology Block, Taiwan Top &#8216;Candid Exchange Of Views&#8217;</a>
<h2 class="wp-block-heading">First Quarter Review</h2>
Oil prices had ended 2023 with sharp losses, falling more than 20% between their late-October peak and mid-December trough as global recession fears struck at demand forecasts.
However, as persistently robust economic data in the U.S. kept confounding expectations — particularly labor market and inflation figures — oil prices began to move higher.
They were given further fuel as organizations such as OPEC, the oil cartel, and the International Energy Agency (IEA) raised their demand forecasts to account for the improving economic outlook.
In addition, OPEC in March extended its 2.2 million barrels-a-day (b/d) <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37455561/natural-gas-soars-after-top-us-producer-slashes-output-oil-prices-dip-as-opec-exten">output curbs</a> to the end of June, adding pressure to the supply side.
But, perhaps, the greatest influence over pricing was geopolitical as the major conflicts in Ukraine and Israel intensified.
Ukraine&#8217;s tactical change to target Russian petroleum infrastructure, knocking out large chucks of the producer&#8217;s refining capacity, and increased attacks on Red Sea shipping by Iran-backed Yemeni Houthis in response to the Israel-Hamas war in the Gaza Strip, directly threatened supply for the first time in several quarters.
The IEA said in its March report, as it raised its 2024 demand growth outlook by 110,000 b/p: &#8220;Ongoing Houthi shipping attacks in the Red Sea kept a firm bid under crude prices. With oil tankers taking the longer route around Africa more oil was kept on water, further tightening the Atlantic Basin market.&#8221;
<h2 class="wp-block-heading">Outlook For Q2 And Beyond</h2>
Energy analysts tend to be in agreement that oil prices are unlikely to fall back sharply in the coming weeks and months.
Warren Patterson, chief commodities strategist at ING, said, &#8220;Rising concerns over tightening supply along with the persistent uncertainty in the Middle East continue to support the uptrend in speculative bets.&#8221;
&#8220;We have revised higher our short-term price forecast, while also adjusting the profile later in the year with prices likely to peak in the third rather than in the final quarter of the year as previously expected,&#8221; Patterson added.
OPEC&#8217;s production curbs are set to remain in place until the end of June, U.S. economic indicators continue to surpass expectations and China growth is starting to pick up a little speed.
The geopolitical situation remains tense with the ongoing conflict between Russia and Ukraine, which shows no immediate signs of resolution. Ukraine continues to defend its territory with support from Western nations. 
Tensions in the Middle East are escalating, <a href="http://benzinga.com/government/24/04/38031594/oil-at-6-month-high-as-alleged-israel-airstrike-on-damascus-fuels-concerns-over-wider-middle-east-co">with Israeli airstrikes </a>extending into Syria and Lebanon, potentially drawing the region closer to a broader conflict, as Iran&#8217;s established support for local militant groups adds layers to the regional tensions.
That&#8217;s not even mentioning China&#8217;s ambitions for Taiwan.
These factors are increasingly drawing in speculative investors. Commodity Futures Trading Commission <a href="https://www.investing.com/economic-calendar/cftc-crude-oil-speculative-positions-1653">data</a> show that speculative net long positions — betting on further gains for crude — have reached their highest levels in five months.
And Reuters reported last week that hedge funds were piling in, buying the equivalent of 140 million barrels in top futures contracts in the seven days to March 19 — the fastest pace of buying since December 2019.
<h2 class="wp-block-heading">Oil Production Companies</h2>
With the above factors bolstering oil prices, it&#8217;s been a pretty good quarter for the major oil and gas producers.
The Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>), an exchange traded fund that tracks the major energy stocks on the S&amp;P 500, has gained 14.4% over the year so far.
Its top three holdings are Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), which has gained 19.3% year-to-date, ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>), up 12.6% and Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) up 7.1%.
But the biggest gains have come from some of the downstream refinery, marketing and transportation plays as the prices of wholesale gasoline outstripped gains in crude prices. Compare the quarterly gains of 32% for RBOB Gasoline futures, with the 16% rise in WTI.
Thus, Marathon Petroleum Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>) gained 42.5% year-to-date, while Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) climbed 36.3%.
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37971268/golden-cross-pattern-emerges-in-us-energy-stocks-goldman-sachs-names-5-top-upstream">Golden Cross Pattern Emerges In US Energy Stocks: Goldman Sachs Names 5 &#8216;Top Upstream Oil Picks&#8217;</a>
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Crude Oil Climbs To 5-Month High In Q1, Analysts Expect High Prices To Persist In Q2

Piper Sandler analyst Ryan Todd maintains Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) with a Overweight and raises the price target from $161 to $198.

Piper Sandler Maintains Overweight on Valero Energy, Raises Price Target to $198

Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) has been analyzed by 10 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $174.4, with a high estimate of $210.00 and a low estimate of $149.00. This current average has increased by 14.59% from the previous average price target of $152.20. 
<img src="https://www.benzinga.com/files/images/story/2024/1712152831_0.png" alt="price target chart" />
<h2>Understanding Analyst Ratings: A Comprehensive Breakdown</h2>
The standing of Valero Energy among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Theresa Chen</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$179.00</td>
<td>$149.00</td>
</tr>
<tr>
<td>John Royall</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Overweight</td>
<td>$178.00</td>
<td>$177.00</td>
</tr>
<tr>
<td>Manav Gupta</td>
<td>UBS</td>
<td>Raises</td>
<td>Buy</td>
<td>$197.00</td>
<td>$167.00</td>
</tr>
<tr>
<td>Neil Mehta</td>
<td>Goldman Sachs</td>
<td>Raises</td>
<td>Sell</td>
<td>$171.00</td>
<td>$130.00</td>
</tr>
<tr>
<td>Nitin Kumar</td>
<td>Mizuho</td>
<td>Raises</td>
<td>Neutral</td>
<td>$173.00</td>
<td>$150.00</td>
</tr>
<tr>
<td>Roger Read</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$171.00</td>
<td>$138.00</td>
</tr>
<tr>
<td>Doug Leggate</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$210.00</td>
<td>$156.00</td>
</tr>
<tr>
<td>Ryan Todd</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$161.00</td>
<td>$155.00</td>
</tr>
<tr>
<td>Theresa Chen</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$149.00</td>
<td>$146.00</td>
</tr>
<tr>
<td>Justin Jenkins</td>
<td>Raymond James</td>
<td>Raises</td>
<td>Strong Buy</td>
<td>$155.00</td>
<td>$154.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Valero Energy. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Valero Energy compared to the broader market.</li>
<li>Price Targets: Delving into movements, analysts provide estimates for the future value of Valero Energy's stock. This analysis reveals shifts in analysts' expectations over time.</li>
</ul>
Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of Valero Energy's market position. Stay informed and make well-informed decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/VLO/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Valero Energy analyst ratings.</a>
<h2>Get to Know Valero Energy Better</h2>
Valero Energy is one of the largest independent refiners in the United States. It operates 15 refineries with a total throughput capacity of 3.2 million barrels a day in the United States, Canada, and the United Kingdom. Valero also owns 12 ethanol plants with capacity of 1.6 billion gallons a year and holds a 50% stake in Diamond Green Diesel, which has capacity to produce 1.2 billion gallons per year of renewable diesel.
<h3>Key Indicators: Valero Energy's Financial Health</h3>
Market Capitalization Analysis: With a profound presence, the company's market capitalization is above industry averages. This reflects substantial size and strong market recognition.
Revenue Growth: Valero Energy's revenue growth over a period of 3 months has faced challenges. As of 31 December, 2023, the company experienced a revenue decline of approximately -15.17%. This indicates a decrease in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Energy sector.
Net Margin: Valero Energy's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 3.39%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Valero Energy's ROE excels beyond industry benchmarks, reaching 4.58%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Valero Energy's ROA excels beyond industry benchmarks, reaching 1.9%. This signifies efficient management of assets and strong financial health.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.48.
<h2>The Basics of Analyst Ratings</h2>
Experts in banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their comprehensive research involves attending company conference calls and meetings, analyzing financial statements, and engaging with insiders to generate what are known as analyst ratings for stocks. Typically, analysts assess and rate each stock once per quarter.
Some analysts also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Assessing Valero Energy: Insights From 10 Financial Analysts

Barclays analyst Theresa Chen maintains Valero Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>) with a Overweight and raises the price target from $149 to $179.

Barclays Maintains Overweight on Valero Energy, Raises Price Target to $179

EQNR

SHEL

Shares of petroleum-related stocks are trading higher as oil rises amid Middle East tensions, which has drove supply concerns.

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
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Valero Energy Reports Third Quarter 2023 Results

Valero Energy Corporation to Announce 2023 Fourth Quarter and Full Year Earnings Results on January 25, 2024

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