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Valero Energy’s Estimates Boosted at Oppenheimer (VLO)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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