Covenant Asset Management LLC Sells 9,831 Shares of Valero Energy Corporation (NYSE:VLO)

Covenant Asset Management LLC decreased its position in shares of Valero Energy Corporation (NYSE:VLO - Free Report) by 79.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,590 shares of the oil and gas company's stock after selling 9,831 shares during the quarter. Covenant Asset Management LLC's holdings in Valero Energy were worth $342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of VLO. Proficio Capital Partners LLC acquired a new stake in shares of Valero Energy in the fourth quarter valued at approximately $236,000. OVERSEA CHINESE BANKING Corp Ltd raised its holdings in shares of Valero Energy by 21.2% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 4,124 shares of the oil and gas company's stock valued at $493,000 after purchasing an additional 722 shares during the last quarter. Sandy Spring Bank increased its holdings in Valero Energy by 4.1% during the fourth quarter. Sandy Spring Bank now owns 15,825 shares of the oil and gas company's stock worth $1,940,000 after buying an additional 622 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Valero Energy by 29.2% during the fourth quarter. Teacher Retirement System of Texas now owns 198,323 shares of the oil and gas company's stock worth $24,312,000 after buying an additional 44,826 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in Valero Energy by 5.1% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 80,537 shares of the oil and gas company's stock worth $9,873,000 after buying an additional 3,912 shares during the last quarter. Institutional investors own 78.69% of the company's stock.

Valero Energy Price Performance

NYSE:VLO traded up $1.49 during mid-day trading on Friday, reaching $146.16. The stock had a trading volume of 3,417,770 shares, compared to its average volume of 3,096,570. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.09 and a current ratio of 1.56. Valero Energy Corporation has a one year low of $99.00 and a one year high of $167.78. The firm has a 50 day moving average price of $136.65 and a two-hundred day moving average price of $130.13. The stock has a market capitalization of $45.78 billion, a P/E ratio of 51.65, a P/E/G ratio of 2.39 and a beta of 1.00.

Valero Energy (NYSE:VLO - Get Free Report) last posted its earnings results on Thursday, April 24th. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.27). The business had revenue of $28.76 billion for the quarter, compared to analysts' expectations of $28.54 billion. Valero Energy had a net margin of 0.72% and a return on equity of 6.30%. Valero Energy's quarterly revenue was down 4.7% on a year-over-year basis. During the same period last year, the firm posted $3.82 earnings per share. As a group, analysts expect that Valero Energy Corporation will post 7.92 earnings per share for the current year.

Valero Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Thursday, July 31st will be paid a $1.13 dividend. This represents a $4.52 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Thursday, July 31st. Valero Energy's dividend payout ratio (DPR) is currently 159.72%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on VLO. Mizuho boosted their target price on shares of Valero Energy from $158.00 to $166.00 and gave the company an "outperform" rating in a research report on Tuesday, May 13th. Wells Fargo & Company upped their price objective on Valero Energy from $151.00 to $168.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Raymond James Financial increased their target price on shares of Valero Energy from $155.00 to $172.00 and gave the company a "strong-buy" rating in a research report on Tuesday, July 15th. Morgan Stanley raised their price objective on shares of Valero Energy from $145.00 to $160.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, Piper Sandler raised their price objective on shares of Valero Energy from $142.00 to $160.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Valero Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.40.

About Valero Energy

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.