WEX Set To Manage Fleet Fuel Card Program Of Valero Energy

WEX Inc. (NYSE:WEX) recently announced that it will be managing proprietary fleet fuel card program of Valero Energy (NYSE:VLO) .

Valero is the largest global independent refiner that operates 15 petroleum refineries with a capacity of around 3.1 million barrels per day. The Fortune 50 company supplies more than 5,000 branded fuel stations across the United States.

The partnership that aims at enhancing the technology and service of the fleet fuel card program, including the introduction of mobile payments, will be fully implemented by Apr 1, 2020. It builds on the duo’s existing card acceptance partnership.

Brian Fournier, senior vice president of Global Fleet Partners at WEX stated, ”This relationship positions us to help Valero grow commercial volume by providing best-in-class technology, sales and marketing to Valero’s commercial programs, offering its fleet card customers a number of services and conveniences they have not had in the past."

The move appears to be part of Wex’s efforts to build an extensive network of partners so that it can make most of the market opportunities. The company’s shares have charted a solid trajectory in recent times, appreciating 46.7% year to date compared with the 45.3% growth of the industry it belongs to.

Stocks to Consider

WEX currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Zacks Business Services sector are Global Payments (NYSE:GPN) and Mastercard (NYSE:MA) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term expected EPS (three to five years) growth rate for Global Payments and Mastercard is 18.1% and 16%, respectively.

7 Best Stocks for the Next 30 Days

Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”

Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.6% per year. So be sure to give these hand-picked 7 your immediate attention.

See 7 handpicked stocks now >>