Oil refiner Valero Energy Corporation ( VLO ) on Thursday saw its earnings estimates raised by analysts at Oppenheimer.
The firm said it boosted its estimates for VLO through 2012, noting that recent refinery acquisitions should add to earnings. Oppenheimer also maintained its "Outperform" rating and $36 price target on VLO, which suggests a massive 62% upside to the stock's Wednesday closing price of $22.28.
Valero shares were mostly flat in premarket trading Thursday.
The Bottom Line
Shares of Valero ( VLO ) have a .90% dividend yield, based on last night's closing stock price of $22.28. The stock has technical support in the $18-$20 price area. If the shares can firm up, we see overhead resistance around the $24 price level.
Valero Energy Corporation ( VLO ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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