Why These 3 Oil Refinery Stocks Jumped More Than 30% in April
Shares of oil refiners HollyFrontier (NYSE: HFC), Phillips 66 (NYSE: PSX), and Valero Energy (NYSE: VLO) rose between 34% and 40% in April, according to data provided by S&P Global Market Intelligence. HollyFrontier's shares were up 34.8%, Phillips 66's increased 36.4%, and Valero's soared 39.7%.
Of course, these gains only partially offset the losses refiners sustained in February and March, due in part to the Saudi Arabia-Russia oil price war, and flagging demand for fuel and other refined products due to the coronavirus pandemic. Year to date, all three companies' shares are down by more than one-third, with HollyFrontier's stock price down 43.5%, Phillips 66's down 34.4%, and Valero's down 34.8%.
Image source: Getty Images.
Source Fool.com
