Valero Energy Q3 revenue, adj EPS beat after near-record refinery utilization rates
Overview
US petroleum refiner's Q3 revenue and adjusted EPS both beat analyst expectations
Company credited near-record refinery utilization and higher-value product output for results
Outlook
Valero did not provide specific financial guidance for the current quarter or full year in the press release
Result Drivers
NEAR-RECORD UTILIZATION - Co said refineries operated at near-record utilization rates, providing reliable supply of transportation fuels
HIGHER-VALUE PRODUCT OUTPUT - Completion of St. Charles FCC Unit optimization project increased production capacity of higher-value products, including alkylate and gasoline
RENEWABLE DIESEL TURNAROUND - Renewable Diesel segment swung to operating income of $353 mln from loss a year ago, supported by higher sales volumes
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $46.10 bln | $38.85 bln (9 Analysts) |
Q3 Adjusted EPS | Beat | $23.90 | $21.07 (17 Analysts) |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 10 "strong buy" or "buy", 10 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."
Wall Street's median 12-month price target for Valero Energy Corp is $435.00, about 0.4% above its October 21 closing price of $436.75
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago
Reuters Recommended Reads
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Oct 21 - US aims to loan about a third of heating oil reserve in bid to tame prices
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)