
Shares of downstream company Valero Energy (VLO) have generated inflation-beating returns for long-term investors. Since October 2013, Valero Energy stock has returned about 400% to shareholders, after adjusting for dividends. Comparatively, the S&P 500 Index ($SPX) has returned 202% during this same period.
However - despite a recent rally alongside oil prices (CLX23), driven largely by flaring geopolitical tensions in the Middle East - Valero stock is still trading 14% below its early 2023 highs, and 12% below its September peak.