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Valero Energy (NYSE: VLO) is recently trading at $48 in pre-open trading, below its close of $50.08.
VLO guided Q1 earnings lower because of unplanned outages within its refining system.
Goldman says: "While the 1Q shortfall is unfortunate, it does not change our bullish outlook for the shares and we reiterate our Conviction Buy rating."
Crude oil futures are recently down 0.38% to $100.48 according to Bloomberg.
VLO April option implied volatility of 48 is above its 26-week average of 39 according to Track Data, suggesting larger price risks.
Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com
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