Despite a generally weak Crude Oil market, shares of Caltex have rallied almost $2.00 this week.
The shares were lifted off a 3-year low after the company announced a stronger-than-expected refiner margin of USD 12.71 per barrel for the month of February.
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This is an increase from last year’s refiner margin of USD 12.43 per barrel and well ahead of the street’s estimates of USD 9.74 per barrel.
The increase in the margins has had a knock-on effect and lifted the calendar year EPS forecasts by 1.3% to the $2.40 range.
We now see chart resistance for Caltex at, or near, the February highs of $31.00.
