Valero Energy "peer perform"

04/30/04 - Bear Stearns

NEW YORK, April 30 (New Ratings) - Analyst Frederick P Leuffer of Bear Stearns maintains his "peer perform" rating on Valero Energy Corp (VLO).

In a research note published yesterday, the analyst mentions that the company reported its 1Q04 EPS ahead of the estimates, driven by healthy marketing results. The analyst expects company's earnings to increase in 2004 and 2005 due to its recent expansion and upgrades and the favourable refining environment in Q2. Bear Stearns does not agree with Valero Energy’s optimistic outlook on the refining margins in 2004.