1 Momentum Stock to Buy Now for Extraordinary Gains in 2023

This decades-old energy company recently decided to expand its production capacity, apprehending increased demand for motor fuels. The company announced that it would…

operate seven U.S. Gulf Coast refineries, up to 95%, in the 2022 fourth quarter.

Moreover, VLO beat its revenue estimates by 7.3% and EPS estimates by 2.9% in its 2022 third quarter. Joe Gorder, VLO’s Chairman and CEO, said, “We continue to maximize refining utilization in a safe, reliable and environmentally responsible manner to provide essential products.”

Furthermore, several analysts upgraded the stock in the recent past. Barclays PLC (BCS) upgraded VLO from $134.00 to $138.00, and Morgan Stanley (MS) increased their price target on VLO from $125.00 to $140.00.

VLO has gained marginally over the past month to close the last trading session at $127.07. It has gained 69.2% year-to-date and 78.5% over the past year. VLO demonstrated solid momentum this year, despite the broader market sell-off. It is trading above the 50-day and 200-day moving averages of $124.51 and $113.36, respectively.

Moreover, Wall Street analysts expect the stock to hit $150.30, indicating a potential upside of 18.3%.

Here is what could shape VLO’s performance in the near term:

Solid Financials

VLO’s revenues came in at $44.45 billion for the third quarter that ended September 30, 2022, up 50.6% year-over-year. Its operating income came in at $3.79 billion, up 447.2% year-over-year. Also…

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