8 Best Crude Oil Stocks To Buy Right Now

6. Valero Energy Corporation (NYSE:VLO)

Number of Hedge Fund Holders: 49

Valero Energy Corporation (NYSE:VLO) is one of the largest independent refiners in the United States, operating 15 refineries across the US, Canada, and the UK, with a combined daily throughput capacity of 3.2 million barrels. Additionally, Valero Energy Corporation (NYSE:VLO) also operates 12 ethanol plants with a combined capacity of 1.6 billion gallons per year and holds a 50% stake in Diamond Green Diesel, which has the capacity to produce 1.2 billion gallons of renewable diesel annually.

Valero Energy Corporation’s (NYSE:VLO) growth prospects are also supported by its capital investment plan, which allocates approximately $2 billion for 2024. About half of this amount is allocated to growth projects, with a focus on low-carbon fuels and refining projects. Valero Energy Corporation’s (NYSE:VLO) management team is committed to executing these projects, which are expected to enhance the company’s earnings capability and expand its long-term competitive advantage.

Valero Energy Corporation’s (NYSE:VLO) renewable diesel segment, which produces low-carbon fuels, is also expected to drive growth in the future. The segment’s sales volumes have increased by 552,000 gallons per day in the third quarter of 2024, compared to the same period last year.

Valero Energy Corporation’s (NYSE:VLO) Diamond Green Diesel project, which was completed on schedule and under budget, is expected to further increase the company’s renewable diesel production capacity. The company’s ethanol segment, which produced 4.6 million gallons per day in the third quarter, is also expected to drive growth, with production volumes increasing by 255,000 gallons per day compared to the same period last year.