BUZZ – Jefferies downgrades Valero Energy's rating to "Hold"; shares edge lower

September 22 - ** Valero Energy (VLO.N) shares fell 1.9% in pre-market trading to $385.80

** Jefferies downgraded the stock rating from "Buy" to "Hold"

** The brokerage said that while it is “positive on management's strategy and capital allocation/returns,” the risk-reward ratio “supports” the current rating

** Jefferies stated: “Refining margins (driven by diesel) are at record highs this year, due to factors such as damage to Middle Eastern refineries, ongoing shipping disruptions in the Strait of Hormuz, Russian refinery outages and export restrictions.”

** As of yesterday's close, the stock has gained 141.6% year to date

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