Cibc World Market Inc. Sells 57,805 Shares of Valero Energy Corporation $VLO

Key Points

• CIBC World Market reduced its Valero Energy stake by 22.9% in the second quarter, selling 57,805 shares and retaining 194,227 shares valued at approximately $50.6 million. Institutional investors collectively own 78.69% of VLO.
• Valero reported strong quarterly results, with EPS of $12.54 versus expectations of $10.11 and revenue of $44.48 billion, up 48.8% year over year. The company declared a quarterly dividend of $1.20, or $4.80 annualized, yielding about 1.4%.
• VLO shares opened at $349.27, near their 52-week high of $352.70, while analysts maintain a “Moderate Buy” consensus and an average price target of $288.00. UBS raised its target to $355 and maintained a Buy rating.

Cibc World Market Inc. reduced its holdings in Valero Energy Corporation (NYSE:VLO - Free Report) by 22.9% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 194,227 shares of the oil and gas company's stock after selling 57,805 shares during the period. Cibc World Market Inc. owned approximately 0.07% of Valero Energy worth $50,584,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Sierra Summit Advisors LLC boosted its stake in Valero Energy by 2,325.2% during the fourth quarter. Sierra Summit Advisors LLC now owns 36,378 shares of the oil and gas company's stock worth $5,922,000 after buying an additional 34,878 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Valero Energy by 846.9% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 14,752 shares of the oil and gas company's stock valued at $2,401,000 after acquiring an additional 13,194 shares during the period. North Dakota State Investment Board bought a new stake in shares of Valero Energy in the 4th quarter worth about $1,743,000. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of Valero Energy by 4.2% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 192,430 shares of the oil and gas company's stock worth $47,546,000 after purchasing an additional 7,702 shares during the period. Finally, Dymon Asia Capital Singapore PTE. LTD. purchased a new position in shares of Valero Energy during the 4th quarter worth about $2,268,000. 78.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Valero Energy news, SVP Eric A. Fisher sold 7,500 shares of the firm's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $268.17, for a total transaction of $2,011,275.00. Following the transaction, the senior vice president directly owned 19,742 shares in the company, valued at $5,294,212.14. This trade represents a 27.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.36% of the stock is owned by insiders.

Valero Energy Price Performance

Valero Energy stock opened at $349.27 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.64 and a quick ratio of 1.23. The stock has a market cap of $100.57 billion, a price-to-earnings ratio of 14.49, a price-to-earnings-growth ratio of 0.23 and a beta of 0.55. The firm has a 50-day moving average of $292.93 and a two-hundred day moving average of $254.21. Valero Energy Corporation has a 1 year low of $140.13 and a 1 year high of $352.70.

Valero Energy (NYSE:VLO - Get Free Report) last issued its earnings results on Thursday, July 30th. The oil and gas company reported $12.54 EPS for the quarter, topping analysts' consensus estimates of $10.11 by $2.43. Valero Energy had a net margin of 5.17% and a return on equity of 26.74%. The business had revenue of $44.48 billion for the quarter, compared to analyst estimates of $39.47 billion. During the same period last year, the company posted $2.28 earnings per share. The company's quarterly revenue was up 48.8% compared to the same quarter last year. On average, research analysts forecast that Valero Energy Corporation will post 40.62 earnings per share for the current year.

Valero Energy Dividend Announcement

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

Wall Street Analyst Weigh In

VLO has been the subject of several recent analyst reports. Morgan Stanley boosted their target price on Valero Energy from $232.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 12th. Weiss Ratings upgraded Valero Energy from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, August 6th. UBS Group raised their price target on Valero Energy from $280.00 to $355.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Citigroup boosted their price objective on Valero Energy from $259.00 to $302.00 and gave the company a "neutral" rating in a report on Tuesday, July 14th. Finally, TD Cowen increased their target price on Valero Energy from $338.00 to $350.00 and gave the stock a "hold" rating in a research note 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 given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $288.00.

Valero Energy 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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