Assenagon Asset Management S.A. Sells 45,721 Shares of Valero Energy Corporation $VLO

Key Points

• Assenagon Asset Management cut its Valero Energy stake by 33.4% in the first quarter, selling 45,721 shares and ending with 91,300 shares valued at about $22.6 million.
• Valero reported strong quarterly results, with EPS of $4.22 beating estimates by $1.06 and revenue of $32.38 billion topping expectations. Shares were recently trading around $259.05, near the stock’s 52-week high.
• The company paid a quarterly dividend of $1.20 per share, or $4.80 annualized, for a yield of about 1.9%. Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $245.59.

Assenagon Asset Management S.A. decreased its stake in shares of Valero Energy Corporation (NYSE:VLO - Free Report) by 33.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 91,300 shares of the oil and gas company's stock after selling 45,721 shares during the period. Assenagon Asset Management S.A.'s holdings in Valero Energy were worth $22,558,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. State Street Corp boosted its holdings in shares of Valero Energy by 0.9% during the fourth quarter. State Street Corp now owns 18,177,191 shares of the oil and gas company's stock worth $2,959,065,000 after acquiring an additional 163,975 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Valero Energy by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,950,982 shares of the oil and gas company's stock valued at $1,945,500,000 after buying an additional 63,919 shares in the last quarter. Norges Bank bought a new position in Valero Energy in the fourth quarter valued at about $1,111,542,000. Franklin Resources Inc. lifted its holdings in shares of Valero Energy by 7.5% in the fourth quarter. Franklin Resources Inc. now owns 5,668,210 shares of the oil and gas company's stock worth $922,728,000 after acquiring an additional 394,693 shares during the last quarter. Finally, Barclays PLC boosted its stake in shares of Valero Energy by 5.3% during the third quarter. Barclays PLC now owns 4,143,672 shares of the oil and gas company's stock valued at $705,502,000 after purchasing an additional 209,597 shares in the last quarter. 78.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Valero Energy

In other Valero Energy news, SVP Eric A. Fisher sold 7,500 shares of Valero Energy stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $236.90, for a total value of $1,776,750.00. Following the transaction, the senior vice president directly owned 27,242 shares of the company's stock, valued at $6,453,629.80. The trade was a 21.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.36% of the stock is currently owned by insiders.

Valero Energy Stock Performance

Valero Energy stock opened at $259.05 on Friday. Valero Energy Corporation has a 1-year low of $130.78 and a 1-year high of $265.61. The company has a current ratio of 1.58, a quick ratio of 1.15 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $76.92 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 0.36 and a beta of 0.55. The firm's 50 day simple moving average is $246.28 and its 200 day simple moving average is $217.36.

Valero Energy (NYSE:VLO - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The oil and gas company reported $4.22 EPS for the quarter, topping analysts' consensus estimates of $3.16 by $1.06. Valero Energy had a net margin of 3.37% and a return on equity of 15.94%. The business had revenue of $32.38 billion during the quarter, compared to analysts' expectations of $31.38 billion. During the same quarter in the previous year, the company earned $0.89 EPS. The business's quarterly revenue was up 7.0% compared to the same quarter last year. As a group, analysts expect that Valero Energy Corporation will post 27.45 earnings per share for the current fiscal year.

Valero Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Thursday, May 21st were issued a dividend of $1.20 per share. The ex-dividend date was Thursday, May 21st. This represents a $4.80 annualized dividend and a yield of 1.9%. Valero Energy's dividend payout ratio is currently 34.88%.

Analysts Set New Price Targets

VLO has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of Valero Energy from $232.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 12th. Weiss Ratings raised shares of Valero Energy from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, May 4th. Wells Fargo & Company increased their price target on Valero Energy from $220.00 to $292.00 and gave the stock an "overweight" rating in a report on Tuesday, March 31st. BMO Capital Markets lifted their price objective on Valero Energy from $230.00 to $270.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. Finally, Barclays boosted their price objective on Valero Energy from $184.00 to $261.00 and gave the company an "overweight" rating in a research note on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $245.59.

About Valero Energy

Valero Energy Corporation is a San Antonio, Texas–based integrated downstream energy company that manufactures and markets transportation fuels, petrochemical feedstocks and other industrial products. The company's operations focus on refining crude oil into finished fuels such as gasoline, diesel and jet fuel, as well as producing asphalt and other refined product streams for commercial and industrial customers.

In addition to refining, Valero has significant operations in renewable fuels, including the production of ethanol and other biofuels, and it manages an extensive logistics network of pipelines, terminals, rail and marine assets to move feedstocks and finished products.

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