The shares of Valero Energy (VLO: sentiment, chart, options) fell to a new annual low today after analysts at Caris & Co. slashed their price target from $46 to $43. The new target represents a premium of 6.4% to VLO's closing price Tuesday. Additionally, the brokerage reiterated its "average" rating on the refining company.

At last check, VLO is trading just pennies above its newly tapped low of $38.91. This marks the first time in 3 years that the equity has slipped below the 39 level. Today's pullback extends an existing downtrend for the stock; it's down by 42% year-to-date, and is set to wrap up today's session on a decline of more than 3%.

To read more about the challenges facing Valero Energy and other refining companies, click here.