CIBC Asset Management Inc increased its stake in shares of Valero Energy Co. (NYSE:VLO) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,002 shares of the oil and gas company’s stock after acquiring an additional 1,137 shares during the period. CIBC Asset Management Inc’s holdings in Valero Energy were worth $3,388,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of VLO. Nuveen Asset Management LLC increased its stake in Valero Energy by 82.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 5,583,803 shares of the oil and gas company’s stock valued at $435,983,000 after buying an additional 2,521,841 shares during the last quarter. BlackRock Inc. increased its stake in shares of Valero Energy by 5.7% during the 2nd quarter. BlackRock Inc. now owns 37,668,654 shares of the oil and gas company’s stock worth $2,941,168,000 after purchasing an additional 2,035,454 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Valero Energy by 17.6% during the 2nd quarter. Geode Capital Management LLC now owns 7,044,978 shares of the oil and gas company’s stock worth $548,502,000 after purchasing an additional 1,052,800 shares during the last quarter. Morgan Stanley increased its stake in shares of Valero Energy by 15.4% during the 2nd quarter. Morgan Stanley now owns 5,265,042 shares of the oil and gas company’s stock worth $411,094,000 after purchasing an additional 703,525 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Valero Energy by 14.9% during the 3rd quarter. Victory Capital Management Inc. now owns 5,380,214 shares of the oil and gas company’s stock worth $379,682,000 after purchasing an additional 697,570 shares during the last quarter. Hedge funds and other institutional investors own 76.21% of the company’s stock.
In other news, CEO Joseph W. Gorder sold 26,750 shares of the company’s stock in a transaction that occurred on Monday, October 25th. The shares were sold at an average price of $82.33, for a total transaction of $2,202,327.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.35% of the company’s stock.
Valero Energy (NYSE:VLO) last posted its quarterly earnings data on Wednesday, October 20th. The oil and gas company reported $1.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.30. The firm had revenue of $29.52 billion during the quarter, compared to the consensus estimate of $24.55 billion. Valero Energy had a negative net margin of 0.46% and a negative return on equity of 2.31%. The business’s revenue for the quarter was up 86.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.16) EPS. Equities analysts expect that Valero Energy Co. will post 1.46 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, December 9th. Stockholders of record on Thursday, November 18th were issued a dividend of $0.98 per share. This represents a $3.92 dividend on an annualized basis and a dividend yield of 4.60%. The ex-dividend date of this dividend was Wednesday, November 17th. Valero Energy’s dividend payout ratio (DPR) is presently -359.63%.
Several research analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Valero Energy from $92.00 to $100.00 in a research note on Wednesday. Wells Fargo & Company boosted their price objective on shares of Valero Energy from $102.00 to $106.00 and gave the stock an “overweight” rating in a research note on Monday, November 15th. Argus lifted their target price on shares of Valero Energy from $83.00 to $93.00 and gave the stock a “buy” rating in a report on Tuesday, October 26th. Cowen reduced their target price on shares of Valero Energy from $85.00 to $82.00 and set an “outperform” rating for the company in a report on Tuesday, December 28th. Finally, Raymond James lifted their target price on shares of Valero Energy from $88.00 to $95.00 and gave the stock a “strong-buy” rating in a report on Friday, October 22nd. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Valero Energy presently has an average rating of “Buy” and an average price target of $89.60.
About Valero Energy
Valero Energy Corp. engages in the manufacture and marketing of transportation fuels and other petrochemical products. It operates through the following business segments: Refining, Ethanol and Renewable Diesel. The Refining segment comprises of refining operations, associated marketing activities, and logistics assets that support its refining operations.
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