Valero Upgraded at Oppenheimer (VLO)

Valero Upgraded at Oppenheimer (VLO)

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Oppenheimer reported on Friday that they increased their price target for petroleum refining and marketing company, Valero Energy Corporation(VLO).

The firm currently has an “Outperform” rating on VLO, and has increased its price target to $40. This price target suggests a 12% increase from the stock’s current price of $34.90.

Analysts see the company’s new projects benefiting forecasts.

Valero Energy shares were up 18 cents, or 0.52% during premarket trading Friday. The stock has increased 65% in the past year.

The Bottom Line
Shares of Valero Energy (VLO) have a 2.02% dividend yield, based on last night’s closing stock price of $34.72. The stock has technical support in the $30-$32 price area. If the shares can firm up, we see overhead resistance around the $37-$39 price levels.

Valero Energy Corporation(VLO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 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.