Jefferies Starts Valero Energy (VLO) and Valero Energy (VLP) at Buy
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Analyst Corey Goldman commented, "Valero is the world’s largest independent refiner, operating ~16% of total US refining capacity, 55% of which is located along the Gulf Coast. VLO’s logistics-oriented MLP, VLP, has lifted cash payouts at a ~30% CAGR since its 2013 IPO & mgmt has articulated plans for 25% annual growth through ‘17. While both entities have underperformed respective peers YTD by 5.7% & 1.7% YTD, we believe each presents a favorable risk/reward at current levels."
Shares of Valero Energy closed at $54.43 yesterday.
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