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Is Valero Energy Setting Up for a Big Move?

Stock Markets40 minutes ago (Jun 28, 2021 11:30AM ET)

(C) Reuters. Is Valero Energy Setting Up for a Big Move?

An ascending triangle pattern has formed in the chart of Valero Energy Corp. (NYSE:VLO). The stock recently hit a level of resistance and could again soon. Read more to learn how to take advantage of this trading opportunity.Valero Energy Corp. (VLO) is one of the largest independent refiners in the United States. It operates 14 refineries with a total throughput capacity of 3.2 million barrels a day in the United States, Canada, and the United Kingdom.

The majority of the company’s refining plants are in the Gulf coast where it has easy access to the export facilities. This has helped VLO expand its export volumes over the last few years. The firm is also set to benefit from a new standard set by the International Maritime Organization where the proportion of sulfur in marine fuel has declined drastically, which boosts demand for VLO’s distillate fuels.

As of the most recent quarter, the company had $17.6 billion in cash compared with only $734 million in short-term debt. However, its profit margin is negative. Over the past year, sales are down 40%, but analysts forecast revenue to jump 112.4% year over year in the current quarter.

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Is Valero Energy Setting Up for a Big Move?

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