Valero Energy Corp (VLO)

[Timothy Smith]

It's hard to say where Valero is heading given the high volatility in the oil market. The company might face lower margins -- driven by narrower spreads -- in the coming months. And the ethanol market, which is still soft, could hold back Valero's earnings.

These factors play against VLO's stock and pressure shares lower. But if oil prices change direction again and decline, and the company keeps reducing its operating expenses per barrel, these developments could drive the stock price further up.