Valero Energy (VLO) Numbers cut at Imperial Capital
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Price: $167.16 +0.76%
Rating Summary:
21 Buy, 8 Hold, 1 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
Rating Summary:
21 Buy, 8 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Imperial Capital analyst Ann Kohler cut her price target on Valero Energy (NYSE: VLO) from $44 to $38 while maintaining an In-Line rating.
The cut comes after VLO announced that it expects 2Q13 results of $0.80-0.90, including charges related to its spin-off of CST Brands Inc. as well as environmental and legal matters. The results would be below the firm's estimates of $1.33 and the consensus of $1.33, largely due to reduced refining margin capture in light of extensive refinery maintenance work across its system in 2Q13.
"Given recent pressure on refining margins as well as the compression in the WTI-Brent spread, we are reducing our 2013 and 2014 estimates, and hence our one-year price target on the shares of VLO." the analyst said.
For 2013 and 2014, the firm is cutting EPS estimates to $4.24 and $4.86 from $5.28 and $5.41, respectively.
For an analyst ratings summary and ratings history on Valero Energy click here. For more ratings news on Valero Energy click here.
Shares of Valero Energy closed at $35.86 yesterday.
The cut comes after VLO announced that it expects 2Q13 results of $0.80-0.90, including charges related to its spin-off of CST Brands Inc. as well as environmental and legal matters. The results would be below the firm's estimates of $1.33 and the consensus of $1.33, largely due to reduced refining margin capture in light of extensive refinery maintenance work across its system in 2Q13.
"Given recent pressure on refining margins as well as the compression in the WTI-Brent spread, we are reducing our 2013 and 2014 estimates, and hence our one-year price target on the shares of VLO." the analyst said.
For 2013 and 2014, the firm is cutting EPS estimates to $4.24 and $4.86 from $5.28 and $5.41, respectively.
For an analyst ratings summary and ratings history on Valero Energy click here. For more ratings news on Valero Energy click here.
Shares of Valero Energy closed at $35.86 yesterday.
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