Valero Energy: Repurchase Program Does Not Trump A Bearish Outlook

2025-11-03 11:13:30 ET

Investment Thesis

I grant Valero Energy ( VLO ) a hold rating. I am of the opinion that there are no substantial grounds to believe that the company will generate significant value for its shareholders in the long term. To begin with, I think that most of Valero's upside potential will come from its repurchase program. For example, from 2014 to Q3 2025, these shares declined by 35.52%. Currently, it has two repurchase programs that can buy up to approximately 5.29% of the company's common shares. I think that the renewable fuel operations of Valero are another positive aspect. Thanks to these activities, the company saved significant resources in renewable tax credits....

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