Covington Capital Management lowered its stake in shares of Valero Energy Co. (NYSE:VLO – Get Rating) by 21.1% during the second quarter, Holdings Channel reports. The firm owned 2,968 shares of the oil and gas company’s stock after selling 796 shares during the period. Covington Capital Management’s holdings in Valero Energy were worth $315,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Exane Derivatives acquired a new stake in Valero Energy during the first quarter worth approximately $25,000. DB Wealth Management Group LLC purchased a new position in shares of Valero Energy during the first quarter worth approximately $27,000. Bromfield Sneider Wealth Advisors purchased a new position in shares of Valero Energy during the first quarter worth approximately $28,000. Riverview Trust Co purchased a new position in shares of Valero Energy during the first quarter worth approximately $29,000. Finally, Quent Capital LLC grew its position in shares of Valero Energy by 164.9% during the first quarter. Quent Capital LLC now owns 355 shares of the oil and gas company’s stock worth $36,000 after acquiring an additional 221 shares during the last quarter. Institutional investors and hedge funds own 79.78% of the company’s stock.
Wall Street Analysts Forecast Growth
VLO has been the topic of a number of research reports. Credit Suisse Group raised their target price on shares of Valero Energy to $145.00 in a research report on Thursday, June 9th. Barclays raised their target price on shares of Valero Energy from $133.00 to $139.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 16th. Morgan Stanley raised their target price on shares of Valero Energy from $125.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, July 15th. Wells Fargo & Company raised their target price on shares of Valero Energy from $136.00 to $166.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 14th. Finally, BMO Capital Markets began coverage on shares of Valero Energy in a research report on Monday, June 13th. They issued a “market perform” rating and a $155.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Valero Energy presently has an average rating of “Buy” and an average price target of $132.08.
Valero Energy Price Performance
Valero Energy (NYSE:VLO – Get Rating) last issued its earnings results on Thursday, July 28th. The oil and gas company reported $11.36 EPS for the quarter, topping the consensus estimate of $6.33 by $5.03. The company had revenue of $51.64 billion for the quarter, compared to analyst estimates of $40.73 billion. Valero Energy had a net margin of 4.54% and a return on equity of 34.65%. The business’s revenue was up 86.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.48 EPS. Analysts forecast that Valero Energy Co. will post 27.5 EPS for the current fiscal year.
Valero Energy Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 4th were paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a dividend yield of 3.75%. The ex-dividend date was Wednesday, August 3rd. Valero Energy’s dividend payout ratio (DPR) is presently 22.57%.
About Valero Energy
Valero Energy Corporation manufactures, markets, and sells transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, and internationally. The company operates through three segments: Refining, Renewable Diesel, and Ethanol. It produces conventional, premium, and reformulated gasolines; gasoline meeting the specifications of the California Air Resources Board (CARB); diesel fuels, and low-sulfur and ultra-low-sulfur diesel fuels; CARB diesel; other distillates; jet fuels; blendstocks; and asphalts, petrochemicals, lubricants, and other refined petroleum products, as well as sells lube oils and natural gas liquids.
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