Valero Energy Corporation $VLO Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its holdings in Valero Energy Corporation by 5.9%, selling 4,694 shares in the first quarter, leaving them with 75,483 shares valued at approximately $9.97 million.
• Valero Energy reported $2.28 earnings per share for the latest quarter, beating expectations by $0.62, though revenues declined 13.3% year-over-year.
• The company announced a quarterly dividend of $1.13 per share, with an annualized yield of 3.0% and a payout ratio of 188.33%.

Corebridge Financial Inc. cut its stake in shares of Valero Energy Corporation (NYSE:VLO - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 75,483 shares of the oil and gas company's stock after selling 4,694 shares during the period. Corebridge Financial Inc.'s holdings in Valero Energy were worth $9,969,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC raised its stake in Valero Energy by 28.2% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 13,281 shares of the oil and gas company's stock valued at $1,754,000 after acquiring an additional 2,922 shares during the last quarter. Comerica Bank raised its stake in Valero Energy by 1.8% during the 1st quarter. Comerica Bank now owns 72,541 shares of the oil and gas company's stock valued at $9,581,000 after acquiring an additional 1,258 shares during the last quarter. Freedom Investment Management Inc. raised its stake in Valero Energy by 10.0% during the 1st quarter. Freedom Investment Management Inc. now owns 9,673 shares of the oil and gas company's stock valued at $1,278,000 after acquiring an additional 881 shares during the last quarter. Jump Financial LLC purchased a new stake in Valero Energy during the 1st quarter valued at approximately $1,529,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Valero Energy by 3.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 263,881 shares of the oil and gas company's stock worth $34,851,000 after buying an additional 8,803 shares in the last quarter. 78.69% of the stock is owned by hedge funds and other institutional investors.

Valero Energy Price Performance

NYSE:VLO traded up $1.11 during trading hours on Monday, reaching $152.27. 2,242,681 shares of the company traded hands, compared to its average volume of 2,158,698. The firm's 50-day moving average is $141.57 and its 200-day moving average is $131.40. The stock has a market cap of $47.30 billion, a P/E ratio of 63.44, a P/E/G ratio of 3.55 and a beta of 1.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.62 and a quick ratio of 1.11. Valero Energy Corporation has a 1-year low of $99.00 and a 1-year high of $155.12.

Valero Energy (NYSE:VLO - Get Free Report) last announced its earnings results on Thursday, July 24th. The oil and gas company reported $2.28 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.62. Valero Energy had a return on equity of 5.76% and a net margin of 0.62%.The firm had revenue of $29.89 billion for the quarter, compared to analysts' expectations of $27 billion. During the same quarter in the prior year, the firm earned $2.71 EPS. Valero Energy's quarterly revenue was down 13.3% on a year-over-year basis. Equities research analysts expect that Valero Energy Corporation will post 7.92 earnings per share for the current fiscal year.

Valero Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Thursday, July 31st will be issued a dividend of $1.13 per share. The ex-dividend date is Thursday, July 31st. This represents a $4.52 annualized dividend and a dividend yield of 3.0%. Valero Energy's dividend payout ratio (DPR) is 188.33%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on VLO. Barclays increased their target price on Valero Energy from $140.00 to $141.00 and gave the stock an "overweight" rating in a research note on Monday, May 12th. Mizuho increased their target price on Valero Energy from $158.00 to $166.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 13th. Wells Fargo & Company increased their target price on Valero Energy from $151.00 to $168.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Evercore ISI assumed coverage on Valero Energy in a research note on Wednesday, June 18th. They set an "in-line" rating and a $135.00 target price for the company. Finally, Raymond James Financial raised their price objective on Valero Energy from $155.00 to $172.00 and gave the company a "strong-buy" rating in a research note on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Valero Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $154.47.

Valero Energy Company Profile

Valero Energy Corporation manufactures, markets, and sells petroleum-based and low-carbon liquid transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, Latin America, Mexico, Peru, and internationally. It operates through three segments: Refining, Renewable Diesel, and Ethanol.