Valero Energy Corporation VLO is set to report second-quarter 2021 results on Jul 29, before the opening bell.In the last reported quarter, the leading refiner beat the Zacks Consensus Estimate for the bottom line on significant improvement in refining margins and product demand. Notably, Valero Energy surpassed the Zacks Consensus Estimate in each of the last four quarters, the average being almost 16%, as shown in the chart below.Valero Energy Corporation Price and EPS Surprise Valero Energy Corporation price-eps-surprise | Valero Energy Corporation QuoteLet’s see how things have shaped up prior to this announcement.Trend in Estimate RevisionThe Zacks Consensus Estimate for second-quarter earnings per share of 27 cents has witnessed three downward revisions and no upward revision in the past 30 days. The estimated figure suggests an improvement of 121.6% from the prior-year reported number.The consensus estimate for second-quarter revenues of $22.7 billion indicates a 117.9% jump from the year-ago reported figure.Factors to ConsiderThe rolling out of coronavirus vaccines at a massive scale has possibly made scope for more people to step out for work and leisure. Thus, demand for refined petroleum products has possibly recovered in the June quarter. With refining contributing the most among all operating segments of Valero – a leading refiner in the United States – increased demand for gasoline, diesel fuel, heating oil and jet fuel is likely to have aided the company’s total throughput volumes.The Zacks Consensus Estimate for the total refining throughput volumes is pegged at 2,755 thousand barrels per day (MBbls/d), indicating an improvement from the year-ago quarter’s 2,321 MBbls/d. As such, the Zacks Consensus Estimate for refining margin per barrel of throughput is pegged at $7.36, suggesting an increase from $5.10 in the year-ago quarter.Although there has likely been an improvement in throughput volumes, the rapidly spreading coronavirus variant is expected to have hindered the pace of its refining business recovery.Earnings WhispersOur proven model does not indicate an earnings beat for Valero Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases chances of an earnings beat. That is not the case here as you will see below.Earnings ESP: The company’s Earnings ESP is -39.51%. This is because the Most Accurate Estimate is pegged at earnings of 16 cents and the Zacks Consensus Estimate stands at 27 cents per share. You can uncover the best stocks to buy or sell before they’re reported with our /www.zacks.com/premium/esp-buy?adid=zp_article_espfilter&..." target="_blank" rel="nofollow" rel="nofollow">https://www.zacks.com/premium/esp-buy?adid=zp_article_espfil...">Earnings ESP Filter.Zacks Rank: Valero Energy currently carries a Zacks Rank #4 (Sell).Stocks That Warrant a LookHere are some firms in the energy space that you may want to consider as these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:Enterprise Products Partners LP EPD has an Earnings ESP of +0.58% and a Zacks Rank of 3. It is scheduled to report second-quarter results on Jul 28. You can see /www.zacks.com/stocks/buy-list/?ADID=zp_1link&ICID=zpi" target="_blank" rel="nofollow" rel="nofollow">https://www.zacks.com/stocks/buy-list/?ADID=zp_1link&ICI... _1link">the complete list of today’s Zacks #1 Rank stocks here.Ovintiv Inc. OVV has an Earnings ESP of +14.49% and a Zacks Rank #1. The firm is scheduled to release earnings on Jul 27.ConocoPhillips COP has an Earnings ESP of +8.25% and is a Zacks #1 Ranked player. The company is scheduled to release second-quarter results on Aug 3. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP): Free Stock Analysis Report Enterprise Products Partners L.P. (EPD): Free Stock Analysis Report Valero Energy Corporation (VLO): Free Stock Analysis Report Ovintiv Inc. (OVV): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research