Refiners Tank On Valero Outlook
A worse-than-expected second-quarter outlook scared investors away from oil refiners on Wednesday.
Valero Energy (VLO) forecast a loss of -50 cents a share in the second quarter of 2009, down from a prior projection of 59 cents of EPS. Analysts had even loftier expectations for the company, with the Q2 EPS consensus sitting at 74 cents a share prior to Valero’s announcement. The major shift in outlook shocked investors, who are dumping oil refiners as a result. Valero, which is down by more than -16% today, also announced that it is looking to improve its balance sheet via capital raising efforts. The planned issue of 40 to 46 million shares would dilute common equity by -8%.
As a whole the Oil Refiner Stocks Index is down by -6%. It now trails the S&P 500 by -1.5% over the last month.
As of this writing the Oil Refiner Stocks Index is among the cheapest 15 tickerspy Indexes based on P/E ratio. The average P/E for the Index is 9.2.
Investors can follow the Oil Refiner Stocks Index and view related performance charts and metrics at tickerspy.com.
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