Information Provided By:
Fly News Breaks for January 9, 2020
Jan 9, 2020 | 08:31 EDT
Wells Fargo analyst Roger Read raised his price target for Valero to $114 from $108, while keeping an Overweight rating on the shares. Given that planned maintenance was at expected levels and unplanned maintenance was well contained, the analyst increased his throughput assumptions across all four regions. Read also made positive revisions to the Ethanol and Biodiesel segments on improved feedstock costs, product pricing and realized margins which also includes a favorable bump from the resumption of the biodiesel tax credit. He also added the benefit of the BTC to his 2020 and 2021 EPS estimates as the recently passed legislation extends the credit through 2022.
News For VLO From the Last 2 Days
Sep 22, 2021 | 11:43 EDT
The U.S. Environmental Protection Agency is proposing big cuts to the nation's biofuel blending requirements for the years 2020, 2021 and 2022, in a move that is sure to anger farmers and biofuel producers, Reuters' Stephanie Kelly and Jarrett Renshaw report, citing a document seen by the publication. The proposal is a win for the oil industry, which argued for the cuts due to an overall slowdown in fuel demand during the coronavirus pandemic. The agency would reduce the mandates for 2020 and 2021 to about 17.1 billion gallons and about 18.6 billion gallons, the document showed. The agency also would set the level for 2022 at about 20.8 billion gallons. Publicly traded companies in the space include Delek US (DK), HollyFrontier (HFC), Marathon Petroleum (MPC), Phillips 66 (PSX), Tesoro (TSO), Valero (VLO), Western Refining (WNR), Aemetis (AMTX), Alto Ingredients (ALTO), FutureFuel (FF), Gevo (GEVO), Green Plains (GPRE), Green Plains Partners (GPP) and Rex American Resources (REX). Reference Link