Foster Wheeler signs service agreement with Valero Energy Foster Wheeler AG (FWLT) announced that a subsidiary of its Global Engineering and Construction Group has signed an evergreen agreement with Valero Energy (VLO) for the provision of home office engineering and project support services to Valero's Pembroke Refinery and other facilities in the UK. The terms of the agreement were not disclosed and bookings will be recorded as work is released by Valero. Foster Wheeler will provide home office front-end engineering design and detailed engineering design services t
Valero downgraded to Underperform from Neutral at BofA/Merrill BofA/Merill downgraded Valero to Underperform and raised its price target to $68 from $64. The firm believes the Refining sector has reverted to a trading sector and downgrade shares ahead of a seasonal slow-down in demand and a deteriorating macro backdrop.
Valero volatility increases as shares pull back from record high Valero August call option implied volatility is at 36, September is at 35, December is at 34; compared to its 52-week range of 23 to 47 suggesting large price movement.