Why Valero Energy Stock Tumbled Nearly 11% in October
Shares of Valero Energy (NYSE: VLO) slumped by 10.9% in October, according to data provided by S&P Global Market Intelligence. Several factors weighed on the oil sector stock, including an analyst downgrade and its third-quarter earnings.
Valero Energy was hobbling right out of the gate after analysts from Goldman Sachs hit it with a sell rating on the first of the month. That downgrade from their prior neutral rating coincided with a price target reduction from $48 a share to $37 a share (which is right around where it ended the month). Driving the downgrade was the investment bank's cautious outlook on the refining market due to shrinking oil demand, unfavorable pricing, and other issues.
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Source Fool.com
