Shares of Valero Energy Corporation (NYSE:VLO), the largest independent refining & marketing company in the U.S., rose on solid third quarter results driven by lower operating costs and reduced capital budget guidance. Shares also rallied on post-election sentiment that positive regulatory changes will help with rising Renewable Identification Number costs. Valero has produced strong free cash flow and returned cash to shareholders through dividends and share repurchases that we believe will result in a potentially higher share price over the next several years.
From Baron Energy and Resources Fund fourth quarter 2016 commentary.
Also check out:
