Ready to prosper … Caltex changes tack

Operational changes at Caltex rank the group as a long-term buy.

In today’s high and rising sharemarket it’s hard to find stocks that the sharemarket has overlooked. But during the week I had breakfast with the managing director of Caltex, Julian Segal, and his finance director Simon Hepworth.

Caltex has always seemed to me to be a company where results have fluctuated wildly on the basis of how global refinery margins moved. It was an oil punting stock.

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