Zacks Investment Research downgraded shares of Valero Energy Corporation (VLO) from NEUTRAL to UNDERPERFORM on August 12, 2013, with a target price of $34.00.
We are downgrading our recommendation on the largest North American refiner Valero Energy Corporation to Underperform from Neutral. Its second quarter earnings and revenues fell on an annual basis mainly due to lower refining margins in each of the company's regions and higher refining operating expenses. The company-wide throughput margins also decreased. Valero has a number of project start-ups scheduled for 2013. However, any delay in its operation will further affect its earnings. In view of the above discussions, we advise investors not to take any positions on the company for the time being.
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