Caitong International Asset Management Co. Ltd Sells 7,456 Shares of Valero Energy Corporation $VLO

Key Points

• Caitong International Asset Management cut its Valero Energy stake by 60.6% in the second quarter, selling 7,456 shares and retaining 4,846 shares valued at approximately $1.26 million.
• Institutional investors own 78.69% of Valero, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $288; several firms recently raised their targets.
• Valero reported quarterly EPS of $12.54, exceeding estimates of $10.11, as revenue rose 48.8% year over year to $44.48 billion. The company also declared a quarterly dividend of $1.20 per share, equivalent to a 1.4% annual yield.

Caitong International Asset Management Co. Ltd trimmed its holdings in Valero Energy Corporation (NYSE:VLO - Free Report) by 60.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,846 shares of the oil and gas company's stock after selling 7,456 shares during the quarter. Caitong International Asset Management Co. Ltd's holdings in Valero Energy were worth $1,262,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. State Street Corp raised its stake in Valero Energy by 0.9% during the 4th quarter. State Street Corp now owns 18,177,191 shares of the oil and gas company's stock valued at $2,959,065,000 after purchasing an additional 163,975 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Valero Energy by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 11,950,982 shares of the oil and gas company's stock worth $1,945,500,000 after purchasing an additional 63,919 shares during the last quarter. Norges Bank bought a new position in shares of Valero Energy during the 4th quarter worth about $1,111,542,000. Franklin Resources Inc. increased its holdings in shares of Valero Energy by 7.5% during the 4th quarter. Franklin Resources Inc. now owns 5,668,210 shares of the oil and gas company's stock worth $922,728,000 after purchasing an additional 394,693 shares during the period. Finally, Bank of America Corp DE raised its position in shares of Valero Energy by 11.4% during the first quarter. Bank of America Corp DE now owns 5,033,310 shares of the oil and gas company's stock valued at $1,243,630,000 after buying an additional 516,975 shares during the last quarter. Institutional investors and hedge funds own 78.69% of the company's stock.

Insider Transactions at Valero Energy

In other Valero Energy news, SVP Eric A. Fisher sold 7,500 shares of the stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $268.17, for a total transaction of $2,011,275.00. Following the sale, the senior vice president owned 19,742 shares of the company's stock, valued at $5,294,212.14. This represents a 27.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.36% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group set a $350.00 target price on shares of Valero Energy in a research note on Monday, August 3rd. Scotiabank upped their price target on Valero Energy from $178.00 to $226.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 22nd. Barclays upped their price target on Valero Energy from $279.00 to $323.00 and gave the company an "overweight" rating in a report on Friday, July 31st. Wells Fargo & Company lifted their price objective on Valero Energy from $292.00 to $356.00 and gave the stock an "overweight" rating in a report on Friday, July 31st. Finally, TD Cowen boosted their price objective on Valero Energy from $338.00 to $350.00 and gave the company a "hold" rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $288.00.

Valero Energy Stock Down 0.5%

NYSE VLO opened at $341.36 on Friday. The stock's 50 day simple moving average is $283.92 and its 200 day simple moving average is $247.97. Valero Energy Corporation has a one year low of $135.01 and a one year high of $346.09. The firm has a market cap of $98.29 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.23 and a beta of 0.55. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.64 and a quick ratio of 1.23.

Valero Energy (NYSE:VLO - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas company reported $12.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.11 by $2.43. The firm had revenue of $44.48 billion during the quarter, compared to the consensus estimate of $39.47 billion. Valero Energy had a return on equity of 26.74% and a net margin of 5.17%.The business's revenue for the quarter was up 48.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.28 EPS. As a group, sell-side analysts forecast that Valero Energy Corporation will post 40.62 earnings per share for the current fiscal year.

Valero Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, July 31st will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, July 31st. Valero Energy's payout ratio is currently 19.92%.

Valero Energy Company Profile

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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