It's because refining has a bad reputation. For many years before the last few, refining was a thankless business of cut throat competition and low margins. People are naturally afraid that this time is not different, and bad times will return in the not too distant future.
Well, maybe, but if a non-MBA, non-CPA type like me can cut through the BS to the sweet/sour discount bit, the realities of oil production, the need for increased capacity, the legal and "environmental" obstacles to building new refineries in the US, then the highly paid Wall St. types can surely do it better than I can. I think they would reach the same conclusions: VLO is a red hot hugely undervalued growth stock.
Unless, of course, I am missing something, vbg, but I've put a lot of time into finding that "something" and cannot seem to find it. |
