Conning Inc. Trims Stock Position in Valero Energy Corporation $VLO

Key Points

• Conning Inc. reduced its Valero Energy stake by 3.7% in the fourth quarter, selling 7,576 shares and ending with 194,835 shares worth about $31.7 million.
• Valero reported stronger-than-expected quarterly results, posting $4.22 EPS versus the $3.16 consensus and revenue of $32.38 billion, up 7% year over year.
• The company also raised its dividend outlook, declaring a quarterly payout of $1.20 per share, or $4.80 annualized, for a 2.0% yield. Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and a target price around $237.94.

Conning Inc. lessened its holdings in Valero Energy Corporation (NYSE:VLO - Free Report) by 3.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 194,835 shares of the oil and gas company's stock after selling 7,576 shares during the period. Conning Inc. owned about 0.06% of Valero Energy worth $31,717,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Mesirow Financial Investment Management Inc. purchased a new position in shares of Valero Energy during the 4th quarter worth $278,000. Simmons Bank raised its holdings in Valero Energy by 9.3% in the 4th quarter. Simmons Bank now owns 5,886 shares of the oil and gas company's stock worth $958,000 after purchasing an additional 502 shares during the period. Bank Julius Baer & Co. Ltd Zurich bought a new position in Valero Energy in the 4th quarter worth $441,000. Baader Bank Aktiengesellschaft purchased a new position in Valero Energy during the fourth quarter valued at $655,000. Finally, Western Wealth Management LLC grew its holdings in Valero Energy by 17.6% during the fourth quarter. Western Wealth Management LLC now owns 4,143 shares of the oil and gas company's stock valued at $674,000 after purchasing an additional 619 shares during the period. 78.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Valero Energy 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 value of $1,892,331.59. Following the sale, the senior vice president directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.36% of the company's stock.

Valero Energy Stock Performance

NYSE VLO opened at $244.55 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.58 and a debt-to-equity ratio of 0.39. Valero Energy Corporation has a twelve month low of $125.10 and a twelve month high of $258.43. The business has a 50-day moving average price of $238.49 and a 200-day moving average price of $201.34. The firm has a market cap of $72.61 billion, a price-to-earnings ratio of 17.77, a price-to-earnings-growth ratio of 0.34 and a beta of 0.58.

Valero Energy (NYSE:VLO - Get Free Report) last posted 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 return on equity of 15.94% and a net margin of 3.37%.The company had revenue of $32.38 billion for the quarter, compared to analysts' expectations of $31.38 billion. During the same period in the previous year, the firm earned $0.89 EPS. The firm's revenue was up 7.0% compared to the same quarter last year. As a group, equities research analysts predict that Valero Energy Corporation will post 28.02 EPS for the current fiscal year.

Valero Energy Announces Dividend

The business 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. This represents a $4.80 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, May 21st. Valero Energy's dividend payout ratio (DPR) is presently 34.88%.

Analyst Ratings Changes

A number of analysts have commented on the company. UBS Group upped their price target on Valero Energy from $215.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Wall Street Zen upgraded Valero Energy from a "buy" rating to a "strong-buy" rating in a research note on Saturday, April 4th. The Goldman Sachs Group raised their target price on shares of Valero Energy from $203.00 to $237.00 and gave the stock a "buy" rating in a research note on Thursday, March 12th. Piper Sandler lifted their price target on shares of Valero Energy from $236.00 to $263.00 and gave the company an "overweight" rating in a report on Wednesday, April 8th. Finally, Weiss Ratings upgraded shares of Valero Energy from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $237.94.

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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