NEW YORK (TheStreet) -- Valero Energy (VLO - Get Report) stock advanced by 3.92% to $57.75 in Friday's trading session, as soaring oil prices overshadowed California planners' rejection of the company's proposed oil-by-rail project.
Based in San Antonio, Valero is an international manufacturer and marketer of transportation fuels, other petrochemical products and power.
Oil prices surged today after the United Arab Emirates's energy minister claimed that the Organization of the Petroleum Exporting Countries might be open to coordinating to reduce production.
Crude oil (WTI) is rising by 10.53% to $28.97 per barrel and Brent crude is gaining by 9.05% to $32.78 per barrel this afternoon, according to the CNBC.com index.
Additionally, local California planners rejected Valero's proposed oil-by-rail project at its northern California refinery, Reuters reports.
Valero first requested the project three years ago to help offload as much as 70,000 barrels per day at its 145,000 barrels per day Benicia refinery, Reuters adds.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B+.
Valero's strengths such as its notable return on equity, reasonable valuation levels, solid stock price performance and largely solid financial position with reasonable debt levels by most measures outweigh the fact that the company shows low profit margins.
You can view the full analysis from the report here: VLO
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.VLO data by YCharts