Opinions
Mike Lyons CA, CFA
Valero Energy Corp
VLO-N
COMMENT
Feb 24, 2011
Refining is an ugly business. Not an industry of secular growth but one of cyclical margin swings. Hard to make money at it and plants are hard to run. Sector has just had a bounce off a significant rally. Has a fair amount of debt. If dynamics for the sector continue positive for a little while, they will be more of a beneficiary than the un-levered players. (He just sold a refiner, Frontier Oil (FTO-N).)
$26.800
Stock price when the opinion was issued
integrated oils
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BUY
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