Valero Energy ( (VLO) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Valero Energy shares are jumping as the refining sector rallies on supply concerns after Ukrainian drone strikes hit Russian refineries, tightening global fuel markets and boosting refining margins. Sentiment is further supported by news that Valero is preparing to restart its Port Arthur refinery this week following an outage.
Analysts are racing to upgrade their outlooks, with Raymond James lifting its price target on Valero stock to $290. Erste Group has also raised its long-term earnings forecasts, reinforcing the bullish case and drawing fresh investor interest to the stock.
More about Valero Energy
YTD Price Performance: 44.96%
Average Trading Volume: 3,861,824
Technical Sentiment Signal: Buy
Current Market Cap: $70.13B
For further insights into VLO stock on TipRanks’ Stock Analysis page.
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