Up 64% in This Bear Market, Is Valero Energy Still a Winner?
Almost every stock plunged last year. The S&P 500 peaked on Jan. 3, 2022, and then tumbled into a bear market, ending the year down 20%.
However, there were a few bright spots last year. Valero Energy (NYSE: VLO) stood out. Its stock gained 64.5% from the beginning of the bear market through the end of the year, according to data provided by S&P Global Market Intelligence. Here's a look at what drove the refining stock and whether it has the fuel to continue producing winning returns in 2023.
Valero Energy capitalized on improving fundamentals in the refining sector last year. CEO Joe Gorder discussed the catalysts in that company's third-quarter report, saying, "Refining fundamentals remain strong as product demand through our system has surpassed 2019 levels, while global product supply remains constrained due to capacity reductions, and high natural gas prices in Europe are setting a higher floor on margins."
Source Fool.com
