Bank of New York Mellon Corp Sells 133,772 Shares of Valero Energy Corporation $VLO

Key Points

• Bank of New York Mellon cut its Valero Energy stake by 4.7% in the fourth quarter, selling 133,772 shares and still holding about 2.71 million shares valued at roughly $441.9 million.
• Valero reported strong quarterly results, posting EPS of $4.22 versus expectations of $3.16 and revenue of $32.38 billion, helped by 7% year-over-year revenue growth.
• The company also announced a quarterly dividend of $1.20 per share, or $4.80 annually, for a yield of about 1.8% based on the article’s figures.

Bank of New York Mellon Corp lowered its position in shares of Valero Energy Corporation (NYSE:VLO - Free Report) by 4.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,714,716 shares of the oil and gas company's stock after selling 133,772 shares during the period. Bank of New York Mellon Corp owned approximately 0.89% of Valero Energy worth $441,929,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Valero Energy during the fourth quarter valued at approximately $1,111,542,000. Franklin Resources Inc. grew its position in Valero Energy by 5.0% in the 3rd quarter. Franklin Resources Inc. now owns 5,273,517 shares of the oil and gas company's stock worth $897,869,000 after purchasing an additional 249,195 shares during the period. Barclays PLC grew its position in Valero Energy by 5.3% in the 3rd quarter. Barclays PLC now owns 4,143,672 shares of the oil and gas company's stock worth $705,502,000 after purchasing an additional 209,597 shares during the period. Legal & General Group Plc grew its position in Valero Energy by 2.3% in the 3rd quarter. Legal & General Group Plc now owns 1,904,181 shares of the oil and gas company's stock worth $324,206,000 after purchasing an additional 43,237 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Valero Energy in the 3rd quarter worth approximately $275,239,000. Institutional investors own 78.69% of the company's stock.

Wall Street Analyst Weigh In

VLO has been the subject of a number of research analyst reports. Barclays lifted their target price on shares of Valero Energy from $184.00 to $261.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 8th. The Goldman Sachs Group lifted their target price on shares of Valero Energy from $203.00 to $237.00 and gave the stock a "buy" rating in a research report on Thursday, March 12th. Mizuho lifted their target price on shares of Valero Energy from $222.00 to $289.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 27th. Piper Sandler lifted their target price on shares of Valero Energy from $236.00 to $263.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 8th. Finally, Wells Fargo & Company lifted their target price on shares of Valero Energy from $220.00 to $292.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $243.65.

Insider Buying and Selling at Valero Energy

In related news, SVP Eric A. Fisher sold 8,311 shares of Valero Energy stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $227.69, for a total transaction of $1,892,331.59. Following the transaction, the senior vice president owned 42,242 shares in the company, valued at approximately $9,618,080.98. The trade was a 16.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.36% of the company's stock.

Valero Energy Stock Up 1.4%

VLO opened at $261.93 on Thursday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.15 and a current ratio of 1.58. Valero Energy Corporation has a fifty-two week low of $125.50 and a fifty-two week high of $265.61. The firm's fifty day moving average is $243.88 and its 200 day moving average is $208.92. The stock has a market cap of $77.77 billion, a price-to-earnings ratio of 19.04, a price-to-earnings-growth ratio of 0.38 and a beta of 0.55.

Valero Energy (NYSE:VLO - Get Free Report) last released its earnings results on Thursday, April 30th. The oil and gas company reported $4.22 earnings per share for the quarter, beating 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 company had revenue of $32.38 billion for the quarter, compared to analysts' expectations of $31.38 billion. During the same quarter in the previous year, the company earned $0.89 EPS. Valero Energy's revenue for the quarter was up 7.0% on a year-over-year basis. On average, sell-side analysts forecast that Valero Energy Corporation will post 26.51 earnings per share for the current fiscal year.

Valero Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Thursday, May 21st will be paid a dividend of $1.20 per share. The ex-dividend date is Thursday, May 21st. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.8%. Valero Energy's payout ratio is 34.88%.

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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