Valero Energy stock (VLO) was upgraded to overweight from neutral at J.P. Morgan, with analyst Phil Gresh saying likely strong fourth-quarter results and an improved outlook for this year and next makes Valero his top pick among oil refiners.
Shares of Valero Energy (VLO) extended gains, to be up 3.5% in afternoon trade Friday, after the oil refiner said it was raising its quarterly dividend by 45%. The new dividend of 40 cents a share, up from 27.5 cents a share, will be payable March 3 to shareholders of record on Feb.
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