Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Refiner Equities: Long-Term Investment or Short-Term Trade? A Little of Both, It Seems

We Recommend Aggressive Short-Term Traders Trim Length in Refiner Equities and Spring RBOB Cracks

Equity Research Firm

Equity Bottom-Up

<ul><li>4Q25 results beat consensus analyst forecasts. </li><li>Results reflected robust market demand coupled with Valero’s operational efficiency. </li><li>The strong performance was fueled by record refining and ethanol volumes and improved margins, with its oil refining margin up 62% Y/Y to $13.6 per barrel. </li></ul>

4Q25 results beat consensus analyst forecasts. Results reflected robust market demand coupled with Valero’s operational efficiency. The strong performance was fueled by record refining and ethanol volumes and improved margins, with its oil refining margin up 62% Y/Y to $13.6 per barrel. 

VLO: Beats Expectations Again in 4Q25; Ready to Hike Venezuelan Crude Throughput - 30 January 2026

Valero Energy

VLO: Beats Expectations Again in 4Q25; Ready to Hike Venezuelan Crude Throughput - 30 January 2026