Barclays Maintains an 'Equalweight' on Valero Energy (VLO); Announces Purchase of Meraux Refinery

Barclays maintains an 'Equalweight' on Valero Energy (NYSE: VLO) price target of $30.00.

Barclays analyst says, "Yesterday (9/1) Valero Energy announced that it has entered into an asset purchase agreement with Murphy Oil (NYSE: MUR) to purchase the Meraux Refinery for $325 million plus inventory at closing, which is currently valued at $300 million. We assume the transaction will close by 12/31/11 following customary regulatory approvals. That said, the deal could close earlier as it is a relatively simple transaction...As a result of the transaction, we increase our 2012 EPS estimate to $4.30 from $4.20."

For more ratings news on Valero Energy click here and for the rating history of Valero Energy click here.

Shares of Valero Energy closed at $22.49 yesterday.

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